In today’s world quitting jobs for startups by mid-level managers is becoming a common trend. This number is increasing rapidly which is not preferred by the corporations. Different factors affecting the decision of mid managers to establish startup.

Motivation behind Start Ups

A research of Harvard Business Review shows that the leading reason behind this trend is to maintain work life balance. Most of the former managers addressed that working at the management does not give so time and space for personal life. They do not want to spend all their time in corporations. Thus, getting into startups gives the flexibility for maintaining their personal lives. Another important reason is at some point of their career these people want to focus on their niche abilities and want to do something to develop those particular skill set. They want to use their superiority on certain skill and get something out of it.

Money is also a big factor for anyone especially for those who are at a very important position in a corporation with a set of targets. Some of the managers were not happy with delayed and uncertain paychecks. Therefore managers were willing to leave corporations and establish startups where they can have larger expected returns. Another important reason for the top level managers for quitting jobs is autonomy. Even though they operate in the management of corporations, they have certain limitations for everything. Mid-level managers look for autonomy to explore their capabilities and capacities. Thus managers are often dissatisfied to work in a corporation because they can’t work independently. Beside managers work hard to meet the target set by corporate, which in some point make these people feel think that the effort they put into the corporation is enough to start their own venture.

Global Startup Trend

According to a recent study by MIT, the average age of a successful company founder is much older than you might think. The study, which was conducted by MIT Sloan professor Pierre Azoulay and PhD student Daniel Kim, analyzed 2.7 million people who founded companies between 2007 and 2014. According to the results, the average age of entrepreneurs who started a company was 41.9, and the average age of founders who started a high-growth company is even older, at 45 years old.

The idea that most successful startup founders are 20-something entrepreneurs is more of a persistent Silicon Valley myth. Though in reality those entrepreneur exists, but statistically it’s rare. The study also examined the age of entrepreneurs in sectors like specialized tech employment, venture capital investing, and patent firms, which yielded similar results: The average age of these people, too, was somewhere in their early-to-mid forties. A key finding is that successful entrepreneurs globally are middle-aged, not young. Founders in their early 20s have the lowest likelihood of successful exit or creating a 1 in 1,000 top growth firm- according to a study.

India Moving Forward with Startup Ecosystem

India is making history in creating startups. Last year itself there 3000+ new startups has evolved in their Startup Ecosystem. The society was not once ready to take entrepreneurship positively in past but now the situation is totally different. Indian Society was conservative on leaving a settled job and start a venture, and funding was huge issue in India. But now, funding is easier than before as funding have become more accessible. Beside creativity is actively encouraged and more people are getting into the startup culture. Entrepreneurial ambition among the workforce is highest in India.

Around 86 per cent of the survey respondents indicated that the ecosystem to run a startup was favorable in India and 84 per cent said the Indian Government actively supports new startups in the country and provides a favorable entrepreneurial climate.

Tough Road of Startup

Startup marketing is not like traditional marketing of established companies. Because, established companies are already familiar to them. But for startups it is totally different. Startups need to make their place among people with their marketing strategy. Another trouble startup problem is funding. Though there are many options of financing available for the startups bust still those option might not be enough for them. Qualified person is not available for the startups to join. Management of startup might be week and may lack leadership skill. Sometimes the founder who was successful in the corporate environment fail to grab the flow of startup.

What does it mean for Us

Although the start-up ecosystem in Bangladesh is still at its nascent stage, many of those that have been established here conform to the trend. There is light at the end of the tunnel of Bangladesh’s start-up ecosystem, and there is immense scope to nurture this. As both public and private sectors have been showing interest in supporting the entrepreneurs in recent years, it is high time to establish a national level collaboration to foster the spirit of entrepreneurship. People jump to the assumption that funding is what the start-ups need most, but in reality they need a wide-range of support including access to facilities or resources, advice from sector-experts, mentorship and office space. As different players from diverse industries are working in this sector, it is important to leverage each other’s networks for greater synergy.

Added to this, in the start-up ecosystem, our expat community can contribute with expertise and knowledge. Their support may include offering investment, providing mentorship, and sharing technologies, best practices, and partnership opportunities in their respective countries. These expat communities can also bring many incubators, accelerators and VCs from around the world to Bangladesh boosting the local start-up ecosystem.

Many of the mid-level managers have started their own ventures in Bangladesh. Bijon Islam, Cofounder and CEO of LightCastle Partners; Mustafizur Rahman Khan, cofounder & CEO, Startup Dhaka and Ashiqur Rahman, founder and CEO of Homechef are from the successful ones who left started their own venture to pursue their dream. Bijon Islam and Mustafizur Rahman Khan left their job from very renowned multinational organization to pursue their dream. We have covered their story in our Exclusive Interview section to highlight their success story, struggles and motivation to keep going for their dream.