I've been working at 'startup' for 3.5 years, and I'm starting to get extremely frustrated with the work environment.
There is no process in place for development of features or support. For the last 4 months, we've adding major features to a branch that split off from the development branch a year ago, because people didn't want to risk the possibility of instability on the new version, and have ended up porting those very same features to the older version (besides adding additional features). They're even illegally using an open source library that's part of the core of the application. We've lost many clients due to management forcing early releases and things being incomplete when deployed.
The 'personal' aspects (flexible hours, friendly relations with most people in the office) are good.
At the moment, I'm in the process of applying for my Masters degree next year, and am likely to get a part time job if I do quit. They're also planning on moving the development team to another country in the next couple of months because of the government incentives there.
How frustrated should I be before I quit? Can this affect my university applications or future career?