Why hire failed entrepreneurs ? It’s obvious – successful entrepreneurs wouldn’t want to go back to find a job in the corporate world. Failed entrepreneurs most likely would have suffered a financial loss and have got a family to support and bills to pay and hence they will explore opportunities to go back to corporate world.
Many startup founders have this question on their mind, whether a M.B.A. or a business degree is necessary to start a business. I will share my views on this subject in another post.
This post is for those who have exhausted all options, who have no longer the risk appetite to move on to another venture and would like to start earning money as soon as possible.
Entrepreneurs who wish to return to corporate world, when things do not work out well for them must keep their head high at all times. They must demonstrate high confidence even if their dream venture failed. Remember, people walk over you only when you sound like a loser.
Remember, even the most innovative organizations, like Google, with all the money power behind them have experienced failures. They move on with life. So should you.
You must remember, you will most probably have more experience of running a business than the hiring manager or the interviewer. Hence, your employer will consider your entrepreneurship experience as valuable. Also, if you worked for someone else before, that experience is always handy.
Also, there is much more acceptance for failed entrepreneurs today. There are organizations that prefer entrepreneurship experience.
For businesses who have a choice of selecting a candidate between a fresh MBA graduate or someone who is currently working or a failed entrepreneur – my choice would be a failed entrepreneur for reasons listed below.
- Let’s be honest and practical – you do not learn about business in a classroom. Neither by doing a case study of successful existing businesses.
- When they go on they own, they put to practical use what they learn in a business school. Hence, they are already ahead of the game.
- An entrepreneur chooses to start her/his own business is a proven self-starter, creative, innovative and a self learner.
- S/he is an ideal candidate for your innovation team or any new initiative.
- They are hungry for success as failed ventures are taken personally and they will be out to prove themselves once again to the world.
- An important trait s/he would have gained in the entrepreneurial journey is humility.
Businesses have a choice whom they want to select as part of their team. They cannot rely on outdated hiring selection criteria for ever. They need to move on with time. When they give a message to the world that they are willing to hire people with entrepreneurship experience, it gives a lot of encouragement to the entrepreneur community to take risks and build the next big product that can change the world.
After all, entrepreneurship is the future. Today’s entrepreneurs are building the next generation business where your children can go to work after they graduate from university.