I woke up today with a strange feeling. I woke up this morning asking myself the following questions: What if I file for bankruptcy today? What happens if I lose everything? What if my business fails today? How will I handle the failure ? These are the questions I am asking myself now, as I write these lines.
A close friend came to see me last night with sad news. He had just lost his business and unfortunately it was his third business to fail. This friend of mine failed in telecommunications, retail and transportation.
But instead of comforting him, I shook his hand and congratulated him. I congratulated him on the fact that despite his third failure, he still wants to start a new business.
Honestly, I admire his courage. I know nobody likes to fail. In fact, fear of failure is the number one reason most people hesitate to start a business or invest. Now, for those who are growing their business with the associated issues, I’ll share a thumbs up with you.
If you read this corporate blog regularly, you must remember that I love writing about my failures and problems; not my successes, because I believe failure teaches you more than success. My personal goal is to become a billionaire in my life; and in achieving this goal I encountered several issues and issues.
Some of them that I have shared with you, and some not yet. But this morning, I want to share with you my step-by-step emergency plan; just in case I lose my business.
I have failed in several things that I have undertaken. I failed as a web marketer; I have lost several businesses online and failed as a distributor. I have lost 100% of many of my investments and I am part of the sales team of some startups that never saw the light of day.
Now how did I deal with such problems? And what will I do if my business goes down today? And if I lose everything, how do I face it? Well, you will find out below.
5 things I will do if my business fails today
1. I will feel bad
Everyone feels bad about a negative or dire situation; it’s natural. The reason I am writing this is for you to understand that people are the same in terms of emotional responses. I’m not a great person; I have had sleepless nights and misery because of the lost investments. But after that, I gave up. I have seen and heard people kill themselves just because they lost their business or their investment.
During the global recession, the media were inundated with news of the suicide of millionaires and billionaires. From my experience, I can tell you that it is not very pleasant to see your investments in life run out, but you have to be courageous in such situations. This is where the need for emotional intelligence and control comes in.
2. I will have access to the damage level
After I cried, swore and wanted, I took no specific action; I will have access to the level of damage caused. I will note the debts that have arisen; mistakes, responsibilities and bad situation. Where am I wrong? What did I do wrong? I will try to answer these questions in such situations.
3.I will pick up my most important assets
After accessing the damage level, I will get my most important assets back. My most important assets here are my sales team, my strategic people and my important documents. Most importantly, I will learn from failure. If I leave without lessons learned, I’ll be a jerk on the road to financial ruin.
4. I will brainstorm with my team to find the best way forward
The next thing I’ll do is sit down with my team and think about a way forward. We will analyze the situation to find out where we went wrong and a possible solution.
5. I will rebuild the business or start a new one.
Finally, I will rebuild a failed business or I will let the sleeping dog lie; and start a new business. The choice to rebuild or start a business depends on the decision I make based on my team’s analysis. Recovering or starting a business after every business failure is what keeps my entrepreneurial spirit alive; that’s what makes me an experienced entrepreneur.
So when your next business hits rock bottom, stick with the entrepreneurial process. Rather, let each failure lead to a strong determination to succeed. This is how I overcame business failures, problems and setbacks. This is how I will continue until I reach my goal of becoming a billionaire.