So if a startup fails, what are the options available for its founders? The answer to this question depends on a couple of factors like their monetary situation, their mindset, a cost benefit analysis of the different options available and so on.
I was in a similar situation recently and after pondering about it, I arrived at the following options.
Join a Startup – The biggest earning from a startup is the experience you get. This is highly valued and will most definitely help you get a job in the same Industry you were operating in. Since the experience of a startup teaches a lot of general management as well, you can look at working in startups operating in different spaces.
Do a Course – This is what I chose and is an option if you are searching for stability. Doing a course is a strategy which in most cases has one motive – getting a corporate job after. Some entrepreneurs do look at honing their skills which may help them in their future startups. I chose to do an MBA (my second) so that I could get a regular corporate job.
Startup Again – The startup journey, though very exhausting physically and mentally, is a very exciting one. A lot of entrepreneurs, like myself, get ‘addicted’ and tend to start searching for the next idea. However, your monetary situation has a role to play. Only if you have some money in the bank to sustain yourself can you look at this option.