What to do after startup fails? Advice?
To make a long story short, I cofounded a startup soon after I graduated from college last year. The startup is corporate vc funded. (think one of the well known brands like Google, Intel...etc). Unfortunately things haven't turned out the way we hoped and it's possible that by next year the startup might not work out.
What are my options if I decide to go back to a corporate position? Can I still get a decent mid-level position or would I have to start at entry level? I would have at least a year of startup experience in a product management role.
product management is not what you do in IB though.
you'll probably start out at the level of a recent graduate for jobs that aren't directly related to your start up or roles that you didn't get through your start up connections.
The corporate world doesn't care much for entrepreneurs.
assumptions - you have an above average GPA from a top 40 UG program.
suggestions 1: connect with professionals in related start-ups - they might consider you. take your failure, analyze it into the ground why it failed - make notes and always convey what you've learned if people ask. It's not OK to fail if you don't learn from it. Agree with the above posts - corporate world gives 2 s***ts about entrepreneurs - especially failed ones, no matter what the reason.
If you decide corporate - you'll definitely be coming in at entry level. Though you learned a lot I'm sure with product management - no one will care. They will build you to be what they want you to be and that starts with you entering at ground zero.
Suggestion 2: study/crush gmat, quickly apply to MBA program using your still not legally failed venture as your spin. Schools love self made start-ups - as long as it doesn't fail. So as long as it's kicking, spin it and give it a shot. Top programs may give you the auto reject (need more work experience + don't know if you're candidacy is in place i.e. leadership, extracurriculars, the good-do'ER experience, network etc...) but you may have a shot at some mid-levels.
Or pick yourself up - if you have an idea, start something else. You obviously had a good enough idea to get funding from some of the big boys. Not every idea is a winner - keep plugging if that's the type of person you are.
Ask the VC fund if you can go work for them.
Apply for a managerial position. You already have experience working on start-ups so you already have ideas how to become one. Learn from it and apply it on your new business venture. You have already experienced running a business so I'm sure you will never appreciate being a subordinate.
That's not good advice.... If you were in a company, spent 5+ years getting to mid-ranks, you're telling me... you would be OK with a much younger guy coming in... either at your level or above and having a failed business venture... and you and all your buddies would be OK with it? Doubt it bro... corporate doesn't work like that. To many egos and office politics at play.
If the OP applies for a manager position - better be careful where he applies not to come off looking entitled or over-confident, especially given the failed business. Yes he has the skill sets at some level - but at the end of the day you're dealing with people (humans), they will scrutinize you to the core based on behavioral psychology - probably wouldn't want you entering a managerial position at such a young age - unless you're the exception to the rule.
Just my two cents - do as you please...
I know that's not how it works in the big companies. But you can start working for small companies with less demands as well. You don't actually aim to be in the top position in that big jungle. You just need to have more experience and apply it in your upcoming venture. Working and experiencing start-ups I believe is not the end of the world when it fails. You just need more experience and more exposure to various fields related to your interest for you to be able to study and learn how you will be able to deal with it once you go back working on another start-ups. This is just the common concept of all successful people in the world - TO NEVER GIVE UP!
The #1 reason startups fail: people give up.
Couldn't be more wrong. #1 reason they fail is because people/VCs stop funding them
..
Could I also try applying for vc analyst positions?
join a startup or found another one. I think you would be miserable in the corporate environment but that's my two cents.
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