Not all managers I've worked under have seemed sufficiently competent, and I've often had to fill the gap despite my own lack of experience. It is definitely a place where you have to pull yourself up by your own bootstraps, which can be thrilling for some, but for others it can be a difficult environment to thrive in.
The company is in growth mode and everyone must run on all cylinders all the time. Again, that could be thrilling for some, and just plain stressful for others.