Your failed business is a blessing in disguise.
Your failed business is a blessing in disguise. Yeah, it's disguised really well. At first you'll think I'm nuts for suggesting the black cloud over your head has a silver lining. Bear with me... I've been there and know what I'm talking about. Here's some advice about coping with stress from your
“Whew- it's finally over!”
Once your business has gone under, along with the pain of loss is a sense of liberation. Face it- it's been coming for quite a while now- most businesses don't die over night. My business failed after years of life support. (I'm still paying for that foolishness.) You've probably been losing sleep. You've been a pain to your friends & family. You've been under enormous pressure. Well, the biz is gone... what you've been avoiding is over. Admit it... you're probably relieved.
You're a survivor!
Now that the worst thing has happened and your business failed... so what? You survived it- you're tougher than you thought! You're still here- you didn't disappear with your business. Each day will bring its share of possibly-ugly details you'll have to deal with, but they're not infinite. You'll work thru them too. Take the next few months after closing your failed business one day at a time.
That feeling of failure is very humbling. And humility is good. The biz didn't just “poof” disappear by itself. Be honest- you made mistakes. I sure did! My business was B&M retail- when I did dumb things, people saw them. I was embarassed. Go ahead, eat some 'humble pie." Admit that you screwed up in more ways than one. Then move on. You have to learn from your mistakes. Because if you're at all like me, you'll start another business... but hopefully we'll be smarter this time.
"Pride goeth before a fall"
The flip side of humble is pride. My pride was being conned into thinking that I was different... and that for me, failure was not an option. A common problem is believing the rules don't apply to you, so you take shortcuts planning and setting up your business. I was proud of my ability to make my own decisions. See where that got me? Yes, pride was one thing that led to my failed business... how about you?
Take the crash course on “You-101”
Start and crash a business to learn what your strengths and weaknesses really are. I learned a lot of things about myself. Some good, some I'd rather not know. But knowledge is power. My next business will work to my strengths and avoid my weaker areas.
“Do unto others...”
Compassion for other business owners. Now I've seen first hand just how fragile small businesses are. (Business bankers should be required to run their own small business before handling the public's business accounts. JMHO, but wouldn't that open their eyes to how business really works.) I'm trying to help people pick up the pieces after their business has failed. And I'm trying to give would-be entrepreneurs the tools they need to start their own successful businesses.
How about you? Will you let your failed business hold you back? Or will you rise like a Phoenix from the ashes? (very poetic, don't you think?) I'm serious- your next business will benefit from the troubles you've gone through- making your failed business truly a blessing in disguise.
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