Quitting from corporate to small business start-up started for Victoria Stuart when she got a call about her son who wasn’t breathing properly. She was traveling to Melbourne then to work. His son ended up having to go to the hospital. She felt she wasn’t there for him. She felt sick guilt and thought there had to be a better way than the situation.
It’s More Than Just Money When It Comes To Corporate To Small Business Start-Ups
Stuart began her transition from corporate to small business start-ups when she quit her job at Google. She paired up with her friend Stephanie Reuss and they built the online marketplace Beam that launched this year.
Reuss also had her own catalyst for getting into the start-up business ideas and changing her career. She was struggling to get pregnant because of the high-stress levels in her job in a business advisory giant Corporate Executive Board.
Both Stuart and Reuss gave up their six-figure salaries to develop their start-up business they started operating with their own $200,000. Their start-up company idea is to create a destination for individuals to find a part-time work.
Stuart added that it is an online marketplace that links any professional with more than seven years of professional experience and wants to work part-time with other employers. Their company Beam examines both the employers and the job seekers to guarantee the right fit. They take 10 percent fee from the employers on employment.
How They Build The Small Business Start-Up Idea
Both women claimed that their own professional experiences are the indicators of a wider workplace trend where money is not the “key motivator” for the majority of the employees. So, what are these employees looking for?
According to Reuss, these employees are looking for three things. They are looking for permanent part-time adaptability, career worthy job descriptions that mean jobs that respect their professional experience and time invested in their careers, and the majority of them are also looking to companies that have missions and values similar to their own personal values.
Reuss added that these three things ranked even higher than salary. Both women said that the small businesses are directing the outlook beyond just the monetary compensation. Stuart also added that she thinks there could be a brain drain from the corporate to the smaller and the medium businesses. Because they are able to welcome flexibility more quickly. And that there’s this sincere desire to be there.
Is Remote Working The Creative Business Idea?
The co-founder of Car Next Door, a peer to peer car sharing network. Will Davies said that setting up systems to make it easy for people to work at home has been able to attract and also retain a great team. After an investment by Caltex of $2.7 million, the peer to peer car sharing network was valued last year at $12.5 million.
Davies added that their whole team is on Trello and on Slack which catches stuff off the email and allows you to obtain a really good picture of what is going on in different aspects. So, they team can get a good view of what’s happening in the business without the requirement to be in the office.
He also believes and advocates on empowering the employees with information. According to him, they share the full financials with the whole team at the same level of detail as their investors. The trust they provide to the team with the information creates also a wider trust in both ways. Moreover, when there are times in the business when they financially tight, it won’t come as a surprise for the team anymore as they have already seen it coming.
Furthermore, Davies said that also in Car Next Door employees, salary is not the key driver but of course the businesses still require to pay market rate “at least”. The issue is the feeling that everyone is treated properly and that everything is fair. He believes that once you’re at market and the employees are satisfied that the salary is fair then just keep them engaged, provide them lots of ownership and the ability to also make decisions.
Start-Up Business’ Values
Zoe Pointon and Marta Higuera, the co-founders of OpenAgent, emphasized on their values as part of the secret of drawing attention top staff to the independent platform that gives rankings and reviews of agents. And in three years, the strong business of 45 people raised $8 million in funding.
Pointon stated that having the committed and talented leaders who make the right things, develop the team, and who have the clear vision that gets everyone working towards the values are the real people to be proud of. In their company, they have the “be a customer hero, dare to be a little weird, no BS and be the A-team”.
And for the co-founder and chief executive of “Airbnb for storage start-up Spacer” Mike Rosebaum that the fun and the sense of purpose motivate the employees beyond money. Rosebaum said that because they spend most of their waking hours at work, they offer a fun and vibrant culture that motivate people beyond money.
Having a real sense of purpose adds to the motivation. Like sharing the economy attracts employees who are aware that they have a career journey in an emerging sector. This also empowers those who are in their community to earn more income from their idle assets.
For those business founders, who left corporate to small business start-ups, money was not their key driver for their entrepreneurial journey. They’ve found the significance of other factors to motivate their staff. It is about developing a sustainable long-term business and that also means making short-term sacrifices. They’ve found out the huge difference between working for a corporate and working for the business that they are passionate about. And these business founders know it’s been worth it.