Are you working for a startup and don’t know when to quit?
- You are working for a start-up
- You are receiving a salary less than your market value
- You have worked for a reasonable number of years and in a dilemma of when to call it quits
- You have developed a strong bond with the management and don’t want to disappoint them by quitting.
I understand you have invested some years at your current company and have developed an attachment to the company’s success. But, this is the time for you to make a decision that is right for you and your family. Let me aid you in making the call.
If it has been more than 5 years and the company has not become profitable, quit. Take your losses. Invest your experience and time in another company. Even better, start your own company.
If the company is profitable, but still hasn’t made to the level to be bought out, then go through the following check list.
- Estimate your market value. Check out www.salary.com. Do not overestimate. Also, check the job market condition.
- Estimate the value of your options. Underestimation is good. Don’t let your emotions judge the value, checkout a competitor that got bought out recently. Make a realistic judgment.
- Calculate your income per year using the below formula:
Income = Current Salary + Options Value
If your income is greater than your market value, stay and re-evaluate in a year. Otherwise, talk to the management to increase your salary or options. If you can get an options or salary increase to make your income greater than your market value, stay. If not, quit.
Good luck with your career.