Returning to the corporate world after a failed stint of entrepreneurship

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While several fresh graduates look to take the risk of starting a company, a lesser talked fact is stories of folks returning back to the corporate fold after failing at their start-up. Most start-ups fail and having been in that situation myself, I can vouch for the fact that entrepreneurs often blunder while making their next career move. Here is my list of the top 5 mistakes to watch out for

1.       Taking up a fancy designation in yet another start-up: Joining a start-up in a senior management role often seems like a logical move after failing in your own start-up. Start-ups around the world have trouble recruiting talent and view failed entrepreneurs as a hot talent pool to be tapped into. Several start-ups often over promise and under deliver to hire talent given that there is a huge mismatch between resources and aspirations of entrepreneurs. If you do decide to join one, prioritise those backed by credible VCs. Look at the opportunity as a stepping stone to your next role and not one to amass a huge personal fortune from e-sops.

2.       Underestimating the professional experience from your Entrepreneurial stint: As an entrepreneur you would have worn many professional hats. You would have raised capital, liaised with PR agencies, set up inside sales teams, recruited talent, managed accounts and done sales. These are skills you can easily list on your resume. However be honest to yourself about the skills that were most used by you and areas where you did achieve success. Raising USD 10,000 as seed capital is not relevant experience to be a venture capitalist and closing USD 5000 annually in sales is not going to land you the sales head role in a listed company. Network with your peers in the same age group and list down possible skill sets you may have to pick up on for you to be ready for a role back in the corporate world.

3.       Looking to catch up on lost time too quickly: Depending on the number of years you spent on your start-up you would have a gap on your resume. Do not be afraid to start over from scratch and be patient with your career growth. Companies aren’t going to promote you out of turn just because of your entrepreneurial stint. However given the experience and maturity, you are likely to do better than your peers over a period of time. One common mistake is to jump roles within a year of joining a firm.  Use at least 2 years in the new company to settle down and learn the nuances of surviving the corporate world.

4.       Working for managers who ignore your entrepreneurial nature: Never join a team where your unique skills are irrelevant. As an Entrepreneur you are likely to be a risk taker, a self-motivated aggressive networker, a salesman and a creative thinker. Actively seek out teams where these skills are recognised.

5.       Having an ambiguous career plan:  When starting a career all over again develop a unique insight about yourself. Which function would you excel in? Is sales your real forte or is it product marketing? Entrepreneurs are often unable to distinguish between roles given they spent most of their time wearing multiple hats. The natural tendency is to look for general management roles which may not always exist. Develop an inner conviction about your career.

Lastly be proud of your failure and do not be afraid to talk about it. You never know when it may strike the right chord with the right people. 

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