Navigating Career Gaps: How to Handle Job Offers and Salary Concerns After Entrepreneurship?

Hello Respected Folks,

Firstly, I have the utmost respect and regard for all the HR professionals who work in an organization, as I have had numerous interactions with them in the past, and they were always pleasant. I am in a state of tension and need your judicious advice regarding my current situation. I apologize for the long-winded post (inclusive of queries) that's about to follow.

I am a Computer Science engineer with around five years of work experience in the software industry with a reputable firm (in fact, two firms - the first one being where I worked as a consultant). Later, I resigned. During my college days, I won a prize in a Business Plan competition and received some initial capital funding from a nationally important school. However, desiring real-world experience and knowledge, I chose a career in the software industry.

Back then, amidst the effects of a recession, as a fresher, I had to work hard to secure a job and subsequent employment, managing to sustain for about five years.

My Current Position:

I left my job about 3.5 years ago to focus on my venture, aspiring to become an entrepreneur with a promising idea. With the initial funds (prize money), my own investments, and invitations to pitch at prestigious business conferences, I believed I could secure the necessary capital. Unfortunately, due to resource constraints and other factors, I was unable to obtain the required funding, leading me to abandon the plan entirely.

The past three and a half years have been a valuable learning experience in entrepreneurship, enhancing my confidence and sophistication. However, looking back, I feel I "failed" in my venture and find myself back at square one.

I have been attending interviews, though the calls have reduced due to the employment gap. Despite stating my current position as an Entrepreneur, technical interviews are going well, but the recurring HR question is, "What were you doing during the gap?" This has hindered my progress towards receiving job offers, possibly due to the gap issue.

Queries:

(Q1) I am contemplating seeking a role in my previous company. However, I am concerned about the time it may take and the potential lower salary offer compared to my skill level. My family suggests taking any available job to prevent further employment gaps, but I worry that accepting a lower salary could reflect negatively on my resume and hinder future salary negotiations. Is it true that early in one's career, career and salary progression are crucial factors?

In practical terms, would my salary five years from now be equivalent to what I earned three years ago, considering potential pay cuts now? Taking a pay cut at a young age may signify a lack of career or salary advancement, impacting future negotiations. While I could accept a lower salary and focus on upskilling, demonstrating relevant projects for a salary increase poses a challenge.

Can anyone in this esteemed forum offer advice on this situation and the questions posed in (Q1)?

(Q2) I have also applied for a Central Government job and plan to pursue an MBA if that doesn't materialize. Will an MBA enhance future job prospects due to the additional business skills acquired, complementing my prior experience and entrepreneurial background for career and salary progression? Is pursuing an MBA a wise decision?

(Q3) Alternatively, should I undertake a course on the latest IT trends, upgrade my skills, and then apply for positions? Although I would be unemployed temporarily, obtaining certification for skill enhancement aligned with market demands could be valuable. Subsequently, pursuing an MBA or considering a faculty position at a coaching institute for MBA/GMAT/GRE preparation before attending a reputable school could be options. Given my relatively young age and lack of commitments, age is not a significant barrier.

I would appreciate your insights on these questions to guide me in a pragmatic approach and ease my current anxieties. I apologize for the lengthy post.

Thanks and Regards,
Gladiator.

Understanding the Job Market in India

First of all, understand that India has a problem with jobs, and unless highly qualified, one may find it difficult to get jobs quickly due to severe competition. However, never lose heart over problems. Your problems will get sorted out by positive efforts.

"My family was telling me that I should join any job that comes up (otherwise the gap will increase), but my main worry is if I take a pay cut and join some XYZ company, then it will surely reflect negatively on my resume, credentials, and skills."

There are positives to what your family is telling you. It is better to have a job than remain jobless. Use your waiting period to add qualifications in your area of strength. From which university or institute are you planning to do an MBA? There are far too many MBA institutes. What is your basic qualification? In your place, I would make getting a job the priority even if it does not suit me, as the flow of income will give confidence, contacts, and exposure. Your strengths must be developed, and everyone cannot be an entrepreneur. Your entrepreneurial ability is a plus point, and if projected well, can impress potential employers.

To sum up my post: Be bold and confident. Try to add a topical qualification while job hunting, in line with sunshine industries and your educational background.

Thanks, Nathrao. Yes, what you said is true. When I was working, I was much more confident and self-assured, but over time, during my entrepreneurial journey, I lost some of the confidence associated with being a confident person.

I plan to do well on entrance examinations and put in my best efforts to convert interview calls from good to very good MBA institutes. (Not the best, because I know they might filter me due to the excess work experience and the gap.) My basic qualification is a Computer Science engineering degree from a very good private college. I attended multiple renowned business plan conferences and pitched my business idea/concept—this gave me a lot of confidence and exposure. Of course, I mentioned this in the interview and put a positive spin on it too.

But the overwhelming fact that bothers me is the notion among the people interviewing me, or who have interviewed me, that this "chap may be a flight risk again to entrepreneurship." I have steadfastly decided not to pursue entrepreneurship again because it involves crucial functions of time and money. I have already identified a sunshine industry and am working on it. I am planning to take up a planned 12-month course interspersed with practical projects geared towards implementing the same. I am also thinking of teaching part-time in an institute to gradually instill the work ethic again.

Yes, I understand that getting a job is of prime importance. My only concern is that I don't want to take a drastic pay cut and join a firm because it will, I am sure, expose me to further reductions in pay from an absolute standpoint (considering my future age, degree, and skills). I am aware that prospective employers (I have some HR friends) view a potential candidate based on the skills they bring and also if the person's income is within their level of experience.

Actually, the "perceived" gap among people who have interviewed me was not really a gap—I worked on my start-up conception and tried to implement it. Not all ideas succeed, and in the process, I was unable to substantially scale it up. It can be seen as a gap to a certain extent.

If I take up a course of study in a sunshine industry, work on some projects, do some part-time work for income purposes, and later opt for an MBA, would it help in the future?

Any further advice or suggestions?

Thanks and Regards.

Pursuing an MBA for Career Growth

Yes, I agree with you. That's why I am seeking a quality MBA degree. I have observed that many people in upper management or middle-level management have a Master's degree from a good university, so I feel a quality MBA does indeed foster career growth and consequently growth in pay too.

I am focusing on an MBA because my earlier role had a heavy emphasis on client interaction and was akin to a business analyst role. In comparison with my technical knowledge, my business knowledge and understanding of various business functions within an enterprise are far better. Thus, an MBA degree will complement this knowledge and expertise of mine, and I can exploit it to a better degree.

I am okay with technical things but have lost some touch in the last few years. Still, I can explain things and know programming and testing concepts (Agile, Scrum, etc.).

Considering Specialization in Business or Data Analytics

I am thinking of an MBA with a business or data analytics specialization—do you feel that's perfectly apt? I did research on the net, and it was indeed good.

My ultimate aims are: Knowledge, Money, and Growth in Career. I do know a Master's in CS also helps or a Master's in Data Analytics too, but due to my previous experience, I am under the impression an MBA with Business Analytics might be the perfect combination.

Thanks and Regards