"I am in my third startup in the past six months. At the first company, no one out there had a clue what they wanted to do on the web (but managed to create a lot of hype); the second was (then) about to go bankrupt, and the third seems viable (although this is only my 4th day here)." Ouch! That could scare the hell out of most of you. There are a lot of red flags before joining a Dot Com. Finding answers to these red flags will help make better Dot Com career decisions.

The best time to join a Cot Com is at the time of founding. Better still, if you found it yourself! This is where the action and excitement is. You can learn more in the right start-up in 18 months than in a large company in 10 years. These must seem like good enough reasons to be with a web company, but hang on. If you thought the web business is easy…. IT'S NOT!

Out of 10 Dot Coms who get funded, 5 become total write-off's, 3 will succeed modestly and 1 will be a winner.

OK. When To Join An Internet Company?
First of all, be prepared to take a lot of risk as the recent Dot Com shakeup has shown. If you choose to make a career in Dot Com companies, you should also be prepared to make a lot of personal sacrifices for an extended period of time because that is what it takes to succeed.

*The best time to join a web startup is in the initial few months during it's the building stage – great for learning fast! Further, joining a Dot Com with funding yet to be spent offers an opportune time to negotiate better packages.

*A Dot Com that has completed its IPO is out of its real growing stages, hence the opportunity for you to take a real stab at steep knowledge growth and skill development are much lessened.

*As for a pre-IPO, think hard before you make up your mind. The decision to work in a pre-IPO start-up is a huge risk. It is difficult to assess beforehand if a company is going to do well. However, you get your hands dirty right off the bat and gain incredible skills. Further, if a company completes a successful IPO, you will see a windfall.

Considerations
Here are a few broad factors that should help pick the right Dot Com for yourself.

Founders and management
Are they reliable leaders and what is their track record? Have they been successful in founding companies? Do they have a business vision and focus? If the answer is no, then you are taking a huge risk. Your management team should have the good mix of vision, strategy and ability to execution. This is why most start ups' young CEOs with the great ideas hire seasoned management leaders to manage the business.

It is really important to understand the capabilities and motivation of the management team to gauge their commitment and ability to do what it takes to succeed. So do your research on the team before hand.

Technology, Services and Products
How good are the company's products, services and technology? It is important to know about the technology vision and infrastructure of the company. Most start ups riding the Dot Com hype excitedly put up their web site only to forget about it. Pick a company that understands the importance of using good technology to deliver a product the customer wants and is able to keep them coming back.

Market and Business focus
Even with a great product/idea, unless the management team can focus their business on a large enough market it is all irrelevant.

Ask yourself what the size of the company's potential market is. Is it large or a niche? If large, then the company has to either be the first player or have potential to be among the leaders of that industry.

Based on your subjective assessment of the markets, you should have confidence that the company can achieve either of these positions before you plunge. So, it's vital for you to do the research to understand the space you are venturing into. Gain this information from the company's website, media information and from the management team themselves at interviews.

Funding
Who are the company's investors? If they are top-tier Venture Capitalists (VC), odds of succeeding go up since these VCs do their research before cashing up. But, still, it is far from guaranteed. It helps to know how much money the company plans to spend before it begins to make money.

The good thing since the NASDAQ Dot Com crash is that VCs are more critical in selecting companies - demanding profitable business plans and casting aside the "lose now, profit later" models of past. So the Dot Coms getting funding now are a little more reliable.

Here are a few thumb rules:

• Look away from companies that call themselves Incubators. This is an idea that sells well with the investors and not a place for a career.

• Do not join a web company that plans to put their fingers too many pies. This shows a lack of focus.

• Think hard about a company whose business model is based on advertising revenue.

• Remember that anyone who tells you they are about to conclude a deal for financing has no money yet. They might never get the financing.

The real pain is….
Although I have made some very practical suggestions about how one should go about entering a career in a Dot Com company. Let me admit that it is extremely difficult to know about a start-up. Most of them - good or bad- operate in stealth mode. Media is of little help and the people you talk to might not tell you the "whole" truth. So, the best way to find out about a Dot Com is to do what research you can and then take a calculated leap into it.

Dot Com companies are not averse to hiring people who hop jobs by the season. The best talent tend to hop more! So, if you meet a bump and leave your job, find a better company and join them. In any case, you will definitely end up learning a lot more than if you had stayed at a "safe" yet staid job. Knowledge, as they say, is everything these days.