How to Handle Failed Startup?

Question

Hi all, I'm applying to business school late (round 3, racing to meet the deadlines) after my startup went bust. I'm not sure how to handle two parts:
 
1) The Essays:  After the startup didn't work, I realized I needed more business skills and training, especially marketing and business strategy, and so am applying to business school now. Is that a message that adcoms will accept and be eager to hear? I want to make sure I don't sound like I'm only applying because I don't have anything else to do.

2) Resume:  Since the company shutdown, I've been doing a bit of part-time consulting work for a few other companies. Should I list that on my resume, even though it's only been a couple months? If so, is there a best way to list it?

stonecold · Answer

ARLeeConsulting · Answer

Hi  msrnyc ,

1) Essays:  start-up experience is really appreciated in MBA Admissions. Plus, it will give you lots of good stories to tell, including a failure story and what you learned from it. However, be careful how you explain it. It seems like your start-up just failed and therefore you are applying to b-school, right? This could be a bit to sudden. B-schools like applicants with a well-thought-out plan. You might want to explain that b-school was something you always had in mind but after the failure of your start-up you realized now is the right time to apply.

2) Resume:  of course you should list your most recent part-time experience on your resume. As to how to list it, it depends on the type of consulting work you're doing and how much you can share on your resume.

I hope this helps.

Good luck!
Alex

msrnyc · Answer

Thanks for the tips!

StratusDonna · Answer

I would list it on resume -- both the company and the now consulting work. It verifies your story. If you want some quick advice on how to best construct your resume-- reach out to us here for a consult and information on how we can help you hourly to do that: https://stratusadmissionscounseling.com ... b-visitor/

VeritasPrepDozie · Answer

One other note it is important to position your interest in business school as you running towards something (skills, professional development, future career opptys) as opposed to running away from something (failed startup). It's a small nuance but this can help your failed start up feel like a lesson learned and not just you being unsuccessful and a failure

ABatExpertsGlobal · Answer

Hi msrnyc , Thanks for your query. Start-up experience is highly preferred by business schools. However, it needs to be presented in a way that it a) looks like a part of the larger plan and b) comes with a set of crucial learning (even if the start-up was a failure). Hence, you must focus on building a story, wherein the start-up fits in as a deliberate decision for you to get hold of skills that would be valuable at business school and in the future (in the pursuit of your career goals). Speak about the skills you garnered, the work you did, and the learning that came with failure. Let us ensure that the tone is a positive one

Yes, of course, you must speak about the consulting work, especially if there is relevant information to include such as tangible achievements, leadership experience, and hands-on exposure

Should you need to discuss either your essays, career goals, Resume or anything pertaining to the entire applications process in greater detail, feel free to reach out to us

Hope this helps! All the best!

Admissionado · Answer

MBAbot :

This is another great topic that we see frequently with our clients. Similarly, we have dealt with the matter of having lost a job in this pandemic.

Neither a failed startup nor the loss of a job (particularly in a layoff in a recession) is a big deal. As is often said, "failure isn't fatal, but failure to change might be." Therefore, it's important in your resume and especially in your essays to not host the pity party but instead show how you have gained from the experience. In communicating this career "experience," it's important to adequately explain the context of your departure/failure, what steps or actions you took to overcome it or make a move, and finally what you learned from the entire situation.

MBA program are not expecting its candidates to be perfect in every way, shape, or form. Everyone experience setbacks and failure. The key in a successful application is to repurposing those professional (or life) events into learning and growth opportunities. You will be highly respected if you can show to an AdCom that you are resilient and responsive to change and, as a future business leader, can weather the inevitable ups and downs of running a business unit, 
project team, company, etc.

-Admissionado

MBAbot · Answer

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