One of the biggest advantages of working at a bootstrapped company is because they can’t afford to make costly hiring mistakes, expert says.iStockPhoto / Getty Images
This is the weekly Work Life newsletter. If you are interested in more careers-related content, sign up to receive it in your inbox. Sent every Monday afternoon.
When people set out on a job search, they often focus on factors like salary, title and benefits. What they might overlook, however, is the type of company they’re joining – whether it’s venture-backed or bootstrapped.
Last week I wrote about why bootstrapping a business can be beneficial from a founder perspective, but it’s something for workers to consider, too.
According to Jaime Minerson, vice-president of operations at Calgary-based bootstrapped URL redirection company Urllo, this distinction can significantly affect job security, work environment and long-term growth opportunities.
“I’m not someone who jumps from place to place, contrary to the more modern approach to careers. I find that when I really immerse myself in the business and spend some time is when I can add the most value – but you need an organization that’s willing to invest that time in you as well,” she says.
Ms. Minerson has worked in a variety of industries, from oil and gas to venture-backed tech and biotech consulting. With this breadth of experience, she was able to reflect on the differences between these environments and what she truly valued in a workplace.
For Ms. Minerson, one of the biggest draws of a bootstrapped company is the ability to invest in long-term success without the pressure of external inventors that are more focused on short-term gains.
“As a leader, I’m able to make decisions that are in the long-term interests of the business. We have the chance to just do it right and not be so worried about doing it on time or for the biggest return,” Ms. Minerson says.
She says employees can also be more involved in decision making, which affects company culture.
“We really try to engage the team so that everyone has that empowerment and autonomy, and when they are given the chance to work on something they feel is the right thing to do, they have the context to make sure that that’s aligned with the company’s objectives,” she says.
She also says that one of the biggest advantages of working at a bootstrapped company is the hiring philosophy. Because these companies can’t afford to make costly hiring mistakes, they take their time to find the right people.
“We really bring in quality people. We take our time. Sometimes it takes us six months to find who we’re looking for, but it’s worth it when they are such a great contributor and somebody that’s so great to work with,” Ms. Minerson says.
Positives aside, joining a bootstrapped company isn’t for everyone.
If you’re looking for high-risk, high-reward opportunities with a potential for a lucrative exit, a venture-backed organization might be a better fit.
But for those prioritizing stability, meaningful impact and long-term sustainability, bootstrapped businesses with a stable headcount and a track record of profitability, offer a compelling alternative.
Fast fact
Retirement regret
23 per cent
That’s how many Canadians have tried to re-enter the job market after retiring. With more people pushing to retire early or reach financial freedom, this article looks at the implications and regrets they face in the process.
Career guidance
Red flag
When you’re starting a business, every hire counts. This article outlines nine red flags founders should look out for including employees who put an overemphasis on job titles and hierarchy, those who lack initiative and people who job hop often and may be better suited to climbing the corporate ladder than investing in the company’s growth.
Quoted
Social surveillance
“Privacy experts and advocates say there’s a broad acceptance – or rather, resignation – that our personal data is going to be collected online without our permission. Every time we check Instagram, buy toilet paper off Amazon or Google a restaurant’s hours, we make a Faustian bargain with tech companies: we get to use these entertaining, life-improving and free apps, and they get to collect and sell our personal data to third parties who use it for their own purposes and profit, no matter the consequences for us,” writes Samantha Edawrds in this piece that looks at how outdated laws have left Canadians to their own devices when trying to protect their data privacy.
On our radar
Rising rates
Canada’s inflation rate jumped to 2.6 per cent last month, up from 1.9 per cent in January and above analyst predictions of 2.2 per cent. It’s the biggest spike in eight months and the first time in half a year that inflation has gone over the Bank of Canada’s 2 per cent target.
