Life After DotBomb.

Find yourself on the street after that dotcom experience? Are your stock options now worthless? We show you how to bounce back and prepare yourself for that next career move.

WE'VE ALL HEARD THE STORIES OF OVERNIGHT DOTCOM success. Venture capitalists put millions of dollars into the hands of brilliant Internet gurus, "early adopters" with absolutely no management experience. Deals were made on cocktail napkins. Ideas that could have proved lucrative had they been nurtured and allowed to mature were launched as full-fledged Internet companies.

Stories of bad business moves are now the stuff of legend: Rumors still abound about the $5 million in seed money thrown at Boo.com, a failed online fashion catalog that eventually burned through $125 million--and closed nearly 10 months after launching. Word is the deal was made on a handshake in an elevator--that must have been going down. "When executives get in front of all that money, it does strange things to them. You start believing your own hype," says Seddu Namakajo, a former business development executive at Boo.com and Urban Box Office Network (www .ubo.net). Employees who were once munching on sushi at trendy Silicon Alley and Silicon Valley eateries are now brown-bagging it or standing on the unemployment line. "The workers are the ones getting screwed," says Namakajo.

And the carnage continues. These days, you can't log on without hearing the news that yet another dotcom has bombed--or laid off a good portion of its staff. There is now a cottage industry of sites chronicling these dotcom failures. The demise of seemingly solid e-companies such as Pets.com and eToys has investors and Wall Street running for cover--not to mention the thousands of employees who were handed their walking papers.

In the case of the now-defunct UBO, holiday bonuses were replaced with pink slips. According to Namakajo, 27, approximately 320 employees, "kids," were laid off three weeks before Christmas. "A friend of mine saw 40 kids standing in the unemployment line in Brooklyn," says Namakajo. "These are kids that have limited experience and not much else on their resumes." They also had no idea that their company, which a few months before had treated them to a lavish launch party on Ellis Island--to the tune of $275,000--would quickly go belly-up.

In another instance, former account executive Bobby R. Anderson, 38, left a third-tier Internet service provider (ISP), Systems and Solutions Inc., to work for Tomco.net, another ISP. Tomco offered Anderson hefty bonuses, generous flextime, and tuition reimbursement--all options he found attractive. "I was thrilled, [especially] since this particular organization was a thriving government contractor with a history of cutting-edge solutions. It was a minority-owned firm that appeared to be prospering and honored my salary and benefits request," says Anderson. Further, he was impressed with the company's corporate culture and its retirement plan--usually a sign that a company is stable and planning for the future. "Besides, they'd been around for eight years," muses Anderson, "and had more than 80 employees."

A year later, the company folded.

LOOK OUT FOR NO. 1

Jessica Green, 31, former executive site editor for WomanHood.com at UBO.net, agrees that many dotcoms fail due to a lack of solid business strategies. Now the executive editor at BET.com, Green advises anyone contemplating working for a dotcom to ask about the company's business model. "Don't be afraid to ask them how are they going to make money," she stresses. "Be sure to keep yourself in a position of power. Ask about their severance package and push for a contract."

But the most important thing, she says, is to do a cost-benefit analysis of the company: "Try to determine whether the skills you will acquire and the contacts you will make are worth the cost--the risk of working for a potentially unstable start-up." Again, remember that any Internet venture you go to work for involves risk. The risk is that it is more likely for a start-up to have layoffs at some point--or fold--than it is for an established, brick-and-mortar company.

Namakajo and Green have something in common: Even though their companies folded, they are not soured on the dotcom experience. "This medium is not going away," says Green. "This is a time of reckoning. We've got to learn from other people's mistakes."

Namakajo recently launched his own company, Mediarology.com, a marketing firm that designs Websites and e-commerce sites. His clients include Ms. Magazine, Feminist.com, and Broadband Capital, an investment capital group in New York. "The Web is still the best place to advertise. It's just that advertisers were [initially] slow to trust the medium," he says.

Although he doesn't rule out the possibility of working for another dotcom, Anderson is a bit jaded by the experience. He is now the online enrollment advisor for Strayer University/Strayer Online, a private university specializing in information technology and business-oriented education. The university offers undergraduate and graduate programs on 14 campuses in Washington, D.C., Maryland, and Virginia but caters to a worldwide audience. "If you recognize turmoil among senior management or extreme changes in policies, take this as a sure sign of [the company's] demise," warns Anderson.

He says that if he were to work for another dotcom, the office morale would have to be positive and the company self-sufficient. And Anderson recommends asking potential employers three key questions: What is the firm's strategic plan? What is the company culture? Will you provide severance pay in the event of layoff or termination? And make sure you get your employment agreement in writing.

Green, in addition to her duties at BET, pulls double duty as editor-at-large for Stress magazine, an independent hip-hop publication. "If you decide to go to work for a dotcom, make sure that you develop a great set of skills to take with you," she says. What did Green gain from her experience at UBO? "The skills that I acquired at UBO helped me develop an overall theoretical understanding of the medium and the different niche sites and models that exist within it," she explains. "But the skills I'm acquiring at BET.com are more hands-on."

She also stresses the importance of networking. "Let folks know that you're out there. Be prepared for movement. Develop plenty of contacts. I know that I am going to continue to be valuable." Reflecting for a few seconds, Green adds, "Be prepared to assume a level of risk."

TAKING THE BIG GAMBLE

Don J. Rojas, 51, is a journalist and communicator with more than 30 years of experience in the publishing industry. Rojas was a director of communications for the NAACP and an executive editor of the Harlem-based New York Amsterdam News. In January 1996, he launched The Black World Today (www.tbwt.com), making TBTW one of the oldest black Internet publishing sites.

With so many sites going belly-up, Rojas finds himself in a unique position: He's hiring. Given the recent closures of dotcoms, one might surmise that Rojas is having difficulties finding people willing to commit to the risky medium. He concedes, "Yes, there is some justifiable apprehension; however, smart employees will be more discriminating when choosing a dotcom to work for. They will be looking at the company's track record, its business model, and the depth of experience of its management team."

While Rojas requires maximum productivity and dedication to his company's mission, he assures potential employees that they will be treated fairly, that their work will be respected and appreciated, and that they will be adequately rewarded as the company grows and thrives.

The site averages 600,000 hits per day, and Rojas does not anticipate it folding anytime soon. "We are optimistic that our current healthy growth will be sustained and accelerated in the months ahead. In fact, we just concluded strategic partnership agreements with The Tom Joyner Show and the National Newspaper Publishers Association," he says. But like his colleagues, Rojas, who recently opened an office in Harlem, advises job seekers to proceed with caution. "Ask about who comprises the executive leadership team and investigate their competency and experience, and also ask if the company is on a path to profitability and the timeline for that to occur," he advises.

Make the Most Of Your Next Job Search

Despite the downsizing in the e-commerce industry, there are still plenty of online as well as brick-and-mortar companies that value dotcom experience. But making the transition will require new job-search techniques. The Five O'Clock Club (www.fiveoclockclub.com), a career counseling network based in New York, offers nine tips for a successful transition.

* First, adjust your attitude. After the high-flying excitement of working for a dotcom, you might be tempted to adopt a superior attitude toward colleagues.

* Don't talk about the jeans atmosphere. Or the music in the background or that people brought their dogs to work.

* Identify your transferable skills. Don't say you did "everything." Focus on the kind of job you want to have next and what you did that fits the future.

* Focus on what you have gained professionally. If you had 10 years in financial services before heading to the dotcom, be sure to say, "I have 10 years of financial services sales experience and hands-on dotcom experience."

* Don't talk about the long hours you put in. The rest of us have been working hard, too. You were only there for a short time. We've been doing it for years without expecting to make millions.

* Don't complain about the shakeout. To those outside the bubble, the bust seemed inevitable. So, don't sound shocked. Instead say, "I wanted to learn all I could while it lasted. Now I have some insights to bring to my next job."

* Don't rely solely on Internet job postings. According to Forrester Research, only 4% of those who went online got their last jobs through the Internet. Consider networking and contacting companies directly.

* Consider consulting or freelancing. But keep looking for a permanent position.

* Dress professionally for your interview. Show potential employers you understand the new game--which, if you think about it, is really the old one.

Source: The Five O'Clock Club

Handling The Stress

Losing a job, or seeing others lose theirs, can be an emotional nightmare. The following tips may help you cope with the unsettling situation.

* Prepare for change. Volatility is the nature of the game. Be prepared for the possibility of a layoff and have other options available.

* Express yourself. No one likes to lose a job. It's a form of rejection. Don't pretend everything is fine if it isn't.

* Get respect. If a company starts to downsize, a natural fear is to think that you're next. This fear may make you vulnerable to exploitation. Don't be afraid to ask tough questions about company policy.

* Recognize the stress. When others are dropping like flies, naturally there is going to be added stress around the office. Acknowledge these pressures to yourself and your coworkers.

* Keep your focus. In the grand scheme of things, it's your spouse or significant other who is going to stand by you in the long run. Do your best to keep the important things in perspective.

* Don't substitute alcohol, drugs, or food for good old-fashioned therapy. The stress of a layoff (or impending layoff) may cause headaches, nervousness, and sleep disturbances. Give exercise, communication, and relaxation a shot. If these prove unsuccessful, contact a healthcare professional for advice.

* Rise to the challenge. Reframe your situation; view it as an exciting challenge rather than as an insurmountable obstacle. Although change is inevitable, being stressed by change is not. Perception and response are things you can control.

--H.A.

Where To Start

before you start pounding the pavement--real or virtual--it's a good idea to do some research about the companies you want to work for, as well as the industry. Also, check industry publications (both online and off) and message boards, find out what salary and benefits you can expect, and get tips on getting the most out of the dotcom experience--for however long it lasts. Here are a few places to start:

F***edCompany.com. This site usually finds out about layoffs and company closings before employees do. Check it periodically to find out if your company's next. Also, check the job board for your next gig, and hit the message board to make contacts, gossip, or just vent.

HotJobs.com. Despite the shakeout, companies--both brick-and-mortar and Internet-based---are still hiring. And HotJobs is the hot spot for job seekers and the companies that want them. Check out the job tools for resources such as advice on negotiating benefits.

WorkplaceDiversity.com. This site helps minority job seekers find spots at companies that support diversity. Partnered with Vault.com, the site lets visitors research companies they're interested in working for, post resumes, and read articles on diversity issues in the workplace.

Monster.com. The granddaddy of all job-search sites, Monster.com provides a host of resources and features a global network of sites that extends from Australia to the United States---and all points in between. You can even join the Monster Talent Market as a free agent, should you decide to head out on your own.

Salary.com. Is that your final answer? Your potential employer is offering one salary, but this Website has the going rate. Find out how much you should be making before you start negotiating.

TheStandard.com. The online arm of The Industry Standard, a magazine that covers the Internet economy, this site is packed with information to help job seekers evaluate the dotcom terrain. Check out the Layoff Tracker, Ex-Exec Tracker, and the Flop Tracker before you accept that job offer.

UrbanExpose.com. Who's in? Which site is about to fold? Which exec is jumping ship? Find out what's going on in the urban dotcom space and engage in conversation that is loud, energetic, and informative.

WetFeet.com. Get the scoop on more than 1,600 companies---culture, benefits, salary, and more. The site is well organized and lists information for both Fortune 1000 companies and dotcoms. --H.A.