Should I escape the matrix
Incoming intern at a MM bank in the Midwest. Worked hard to get it, I’m excited about it, and I’m aware of how good the opportunity is.
However, I’ve been building a business on the side for the last 5 years, and it’s now at the point where I am making ~50k/year while still being a full time student. Obviously, that’s not banking money. But who knows what could happen if I dedicate my full effort. I would be testing how far I can scale right now to see the potential, but with future obligations I’m not in a position to do that.
I love the work. I create something tangible, I get to be a people person and make important decisions, and I get to embrace my love of entrepreneurship and use skills that I love practicing. Really feels like the cliche of “if you love what you do, you’ll never work a day in your life.”
I am going to do the internship, and I will almost certainly return full time (if I’ve earned a RO, of course). I am not going to throw away an opportunity I worked so hard for, and I’m sure that the learning will be highly valuable for my future.
But, for those of you who had entrepreneurial aspirations going into IB, how did things end up? I worry I’ll get too comfortable in banking and never leave to pursue my dreams. And if I think that, why not pursue it now? I am telling myself that I’ll be a better entrepreneur after banking, but I don’t know if I’m lying to myself.
While I am genuinely interested in the work, I initially pursued banking for the money. I am finding myself torn between pursuing security or fulfillment. I’m sure I’m about the billionth 20 something year old who’s debated between these ideas, but oh well. If anyone has any thoughts, I’m all ears. Thanks.
Can't really give you advice if you don't give us more info on the business you've built. What do you want it to become? Is it something that can scale to get you compounding income?
If your business is making $50k a year in net income, and it could benefit from more investment / funding, do investment banking for a year, then pour the money you earn from your salary and bonus into the business. Try to walk a line between being a good analyst and still running your business. This will be hard but the money you can save up to grow the business will be worth it. Is the business service based / product based?
If product based, start training someone to run it, today. Tell them exactly what your plan is. Give them the opportunity of becoming a part of the business after you’re in banking, if they do a good job during your analyst year(s). If not, can them once you bounce back to your business.
If service based (and you provide the service) this is harder to swing… good luck!
One piece of advice is to not stay in banking too long. The mentality that succeeds in banking is generally risk averse, which is likely not who you are. You’ll pick up more skills during your analyst year(s) than most would in 10 MBA programs, so take advantage of the knowledge too
Also on your last point, I’m assuming the Analyst -> exiting IB % is something like 90%, unless you love IB (which you might!) don’t get too concerned about getting enticed to stay
I agree. Banking or finance should be a way to fund your pursuits and hobbies and eventually escape/exit if possible. On your question of entrepreneurial aspirations and entering IB, I too recruited for IB purely because everyone around me was / the exit opps and prestige it allured from being sophomore in college. However, thats how they trap you into the cycle. I worked at a solid MM shop after graduation (Blair, Baird, Piper) for a few years and then lateralled to a small bank two months ago to a team in a T3 city that is 2 days in office. Im coasting at this bank and clipping paychecks thinking about my side endeavors now since I have the capacity to. When you go to a EB/BB, its amazing pay, prestige exit opps at the cost of taking away all your time but going to a small shop has ok/decent pay, ok/decent exits, but freedom/flexibility. Everyone has their own priorities but at the end of the day, you should choose what you're okay with. Personally, after doing a few years at a great shop, I dont care as much about the company as long as I can focus on the things that matter to me: health, spending time with friends/family/relationship, travelling, working on a side project that can hopefully make enough income to help me leave corporate.
take the summer. 10 weeks keeps every door open, and a return offer is leverage whether you end up in banking or scaling your own thing. quitting on the business after the internship is reversible, skipping the internship for a 50k business mostly isn't. and honestly 50k while a full time student is real traction - that part isn't the risky leg of this decision
I think one year of IB is extremely valuable, if anything for the qualitative aspects. The business will always be there
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