I Turned Down Ph.D. Program for a Startup; the Company Folded Quickly

When I received an email saying I had been accepted into the university of my choice for a Ph.D. program, I cried.

Furthering my education had always been an important goal for me, but it was one I didn’t achieve easily. I battled Graves’ disease through my early college years, which meant I was in and out of the classroom. I constantly played catch-up, and never thought I’d graduate. Understandably, the thought of enrolling in a Ph.D. economics program was a dream come true.

I’m a forward thinker, so I started imagining my interactions with my professors and what kind of thesis I’d work on. Although the annual tuition fees would put a great dent in my pocket, I was determined to work for it. I would have to strike a balance between school, family, and side hustles.

But then I got an offer I couldn’t refuse.

My friend was working on an intriguing startup idea

While I was still planning for my program that was meant to begin in early fall, I met a friend who talked to me about a startup company he started and was taking off faster than he could keep up. It was exhilarating, and he thought I’d benefit from the experience.

The company wanted to disrupt financial access in underserved economies, and it was doing everything from product development and data modeling to pitching investors.

This friend had always been a dreamer and succeeded in most things he put his mind to. As he assured me, the startup wouldn’t be an exception, especially because he had channeled all his savings toward it.

However, he wanted to bring me on board because I had an analytical background in economics. To be honest, the pay he suggested wasn’t great, but the opportunity was stellar with potential for growth in skills and finances. My role would involve leveraging my skills in data analysis and understanding market dynamics.

He suggested I take some time to think about it.

I decided to take the job offer

I went back home and spent the majority of my time online looking through the company pages and comparing them to others that were thriving in the same field. It looked promising, and I wanted to be part of something great.

However, the team required someone who would work in the office full time, and logically, I wouldn’t be able to be present for classes and work at the same time.

After a lot of back and forth, I thought working for the company was a one-time opportunity, and I was leaning toward it.

I looked up deferral programs and decided to consult with my school to seek their opinion on deferring my course for a year or two and then rejoining. The department didn’t have deferrals, and the dean advised against it.

But the faculty told me that I could reapply a year later. I thought, if I was accepted once, I could be accepted again, so I started working for the startup.

The job didn’t pan out as I expected

Everything was great in the first half of my work year. We embraced a team spirit, brought a few clients on board, and were on a steady path to growth. However, somewhere in the middle, we lost the plot.

We struggled to fit some of the company’s products into a market that wasn’t ready, and, most importantly, we faced a severe lack of funding.

After a long time of trying everything we could, the startup folded.

Looking back on my decision

I had mixed feelings about turning down school. In some ways, I feel like a failure. I was depressed and sunk deep into hopelessness. I haven’t reapplied to my Ph.D. program yet, and I’m not sure I will anytime soon.

In hindsight, walking away from an opportunity to further my studies so I could join a startup was a risk, but it was also a rewarding experience in itself. I gained immense experience and made connections I wouldn’t have made in academia.

I learned what it means to build something from the ground up, even if it doesn’t work out.