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Help Should I trade my secure job at a bank for a startup?
Ok, so I'm a Sr Developer at the bank where I have been working for two and a half years, and I'm getting really sick of the corporate culture and how long it takes to get anything done. My team is great, my manager is great, the product is alright, and I am paid alright considering that it's a conservative bank (and region). I just wish I were doing more hacking and less meetings/requirements proofreading/blah blah blah.
So I got a job offer from a local startup that has a product out there and some paying customers (although they aren't breaking even yet). This startup has made me an offer for only a little more then I am currently making, and the location change will add about 30 or 40 minutes to my daily commute.
On the plus side, I would be the second developer to join the team, so I'm getting in pretty early, and they have plans for a strong bonus program, once they break even (which probably won't be this year). I would have a lot of freedom, and a lot of input into the direction of the product and the development process.
My brother works for another smaller company who's founder is also one of the partners on this startup, and he has strongly suggested that I take the job. From what he's seen at his company (with a common founder) has been great and he really enjoys the culture and effectiveness of the organization. I am really excited about the opportunity but because it's not a very large salary jump (money being one of the main factors in my job search) I am having a difficult time convincing myself and my wife that this is a good move for us. We lose the known security and face the unknown.
I feel like I can get in there and help them get more of their product up to speed and get things really rocking that I could really see a possibility for some big returns, both monetarily and in my career, but it's scary to leave the security of a bank for a startup.
I've put together a list of pros and cons, but can you guys give me any additional insight, for or against?
Pros:
Quarterly Bonuses (possible)
Work from home more
Startup culture and opportunities
Ground floor, one of the first employees
Launching board for my own ideas
Cons
Only a little more money then I am making now
Small/unstable
What if they don't pan out?
30 to 40 more minutes to the daily commute
Thoughts? Other pros/cons?
Thanks!
- brk 17y agoI mostly skimmed your long post. Take the job, or do not take the job. The answer lies in your sense of adventure, not in the details.
- larsberg 17y agoIt sounds like a no-brainer: already has paying customers, has enough cash to be offering a Real Salary, and the founders have prior successes. But the family one is a huge issue. You're probably looking at longer hours, with more uncertainty, and possibly a drop in quality of the health care plan/general benefits. If the home front can't buy into that for the potential upside of a happier + possible bonus-enhanced you, then it's going to be a very stressful situation. Also, be sure it's a product / technology you like to work on. Every hiring manager I know will tell you you're going to have a lot of "freedom, input into the direction of the product, and the process" - even the several I know at IBM & Microsoft. The caveat to that is, "within the bounds of what we feel are appropriate." If you're making this change just for the freedom, look for something where you're a founder and the technical lead. If you're doing this for a change of pace from the bank and the potential upside/startup experience, then I'd say consider it strongly :-)
- megamark16 17y agoWow, my pros and cons lists didn't format well at all! Sorry about that, and sorry for the long post, but I appreciate the comments so far and any other thoughts anyone has. Thanks!
- philwelch 17y agoYou didn't mention any equity, which adds a lot to the possible upside. I was always under the impression that equity was important for early-stage startup employees.
- megamark16 17y agoI don't get any equity in this venture, although there is a certain amount of employee ownership via the company goals and bonus structure. On the other hand, I have some exciting startup ideas of my own and this may be an opportunity to be a launchpad for them, in which case I would retain an appropriate amount of ownership/equity in those circumstances, of course.