Hello
Admissionado (Seth),
Thank you for the important suggestions and valuable feedback.
I co-founded the startups during my undergraduate studies (2013 to 2017) with the support of Entrepreneurship Cell in our college.
First Startup-> Started in July 2014 and finally concluded to exit in March 2016 as we failed to get funding as well as technical support.
Second -> Started at end of 2015 while the first was on the brink of shut down and operations were halted gradually by March 2017. The startup's main backbone i.e. Social Media page got blocked in November 2016 but we tried to recreate it again and failed as we were unable to scale easily.
Third -> Started in June 2016 and I was working parallel with the second one as both were somewhat coupled. Exited just after my graduation in July 2017 as our finances worsened and soon we dissolved it as most of the team had to take up job opportunities to fulfill their financial needs.
Fourth -> Founded in December 2017, alongside I was working in an MNC (my current employer). Even other members were working in parallel, it became hectic to scale up further as we couldn't find the additional time and resource, but leaving the current work was not a better option to grow our startup as we carried a burden of education loan taken for Undergrad studies which would put us in great risk if we failed to scale up or if the process went slow. Eventually, we were left with the option of either scaling up or sell it off. We chose the latter option and had a very small percent of profit.
And regarding my long term goal, I feel the startups failed not just because of the concept or the solution it was providing or the obstacles, but execution and immature handling of the situation too. Pursuing MBA at a better school and knowledge attained may help ascertain things that should have not been done or should be done in a better way. Also, the exposure, the network, and the experience gained from the school and my short-term goal will surely contribute and play a key role if I try to resurrect one of them or even to start a new one with proper insights and resources.
I am planning to apply for Fall 2022 and meanwhile wanted to get things aligned so that I could have an admit to a better school with decent scholarship.
Hope this gives a more clear picture and answer certain unclear things.
Open to suggestions. Looking forward to hear back.
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03 Jan 2021, 02:36
