How do get over a business failure?

[Seun4luv]

Adopt a Forward-Thinking Attitude. Conduct Frequent SWOT Analyses of Your business System. Manage Cash Flow Efficiently. Believe In Yourself and Prepare for the (Inevitable) Bad Times. Perseverance, Determination, and a Positive Mindset Reign Supreme.

 

[Janita]

1. Adopt a Forward-Thinking Attitude.
2. Conduct Frequent SWOT Analyses of Your Business System.
3. Manage Cash Flow Efficiently.
4. Believe In Yourself and Prepare for the (Inevitable) Bad Times.
5. Perseverance, Determination, and a Positive Mindset Reign Supreme.

 

[GIFTMICHAEL]

It is quite unfortunate that your friend experienced such set back without back up.
It is very important to plan even for failure in business. People only focus on planning how to be successful in business without planning for possible failure in future.
We need to prepare in case of any set back and how we can bounce back to business.

 

[Dowenship]

Sorry to the Loss of your friend business! But fact is their is ups and down in human race, he should stand firm and pray for turn around. We don't actually know wat happens to his business if it crashed accidentally or through management, but he must av learn one two lesson. And I think with prayer he can start again.

 

[gammarays]

To be sincere, it's a very bad experience which can lead to depression. I've faced it personally and I feel for your friend. Setting up and running a business takes time,energy and resources so when it fails,it looks like a failed investment. I'll advise your friend to note the reason why his business failed so as to take proactive measures. He can also try to start from scratch.

 

[tuna89]

Before starting any business, do make sure to make a business plan that outlines your budgets as regards your resources and projected profits and must be followed with discipline to prevent a future failure, whenever there is failure, you restrategize by re branding and taking your adverts higher, you can take your business online via digital marketing, review your business plan again and spend within limit.

 

[Adam13]

The feelings you get when you fail in a seemingly promising business can be really overwhelming. Business failures are not a new thing however one should try as much as possible to get over it though this mag be difficult especially if you've invested enough capital, time and effort in such. But life goes on anyways, just start one more time and you will succeed.
Many established great businesses have once failed. No great business empire was built in a day. It takes a lot of consistency, effort and patience to get where you dream of getting.

 

[Peppul]

Mentally is not easy to over come losses in a business, but you should always be mentally prepared about it. So the best way is to keep moving forward and that way you learn from your mistakes, you can't build rome in a day. If you are still interested in the same business look for capital and start all over again and learn from your mistakes.

 

[Farrukh Riaz]

He needs to b determined in his ambitions. The failure comes in our life but we should do our best to recover them.
He need to b make good policies to recover all losses. I would prefer to make agreement with a company to work with them to fulfill all loss. But we should Strong enough.

I have a friend whom recently lost a business that he had suffered to build for about 3 years, and right now it is affecting his health.
I want to know if there's anybody that has experienced something similar and how the person was able to cope and survive.

 

[Pirate]

For one to fail in a business, there must have been a fault somewhere, either there was a flaw in the business plan or a downside to the strategy.
That's why experience is needed to run any business, you either get such experience by working or learning from an experienced professional. So if the flaw can be identified, the business can easily bounce back.

 

[Patrik]

by patience and considering that failure as a first step of success, otherwise you'll keep stuck in the same losing point which will destroy your business completely and you won't be able to step up and get on your feet again

 

[Josemendez]

I have a friend whom recently lost a business that he had suffered to build for about 3 years, and right now it is affecting his health.
I want to know if there's anybody that has experienced something similar and how the person was able to cope and survive.

Well , it depends on why the loss of the business is affecting him , if he was the cause of the loss , then surely he should be affected psychological and emotional ,because he was the cause of his downfall .if this is the case , then he needs the help of a psychologist ,and love and concern in this trying period .

 

[Emma Aneni]

I’m really sorry about your friend and what he’s passing through now, this kind of things lead to depression and it’s very bad once one is depressed. I feel when someone is down due to business failure he should trust in God because the reason he is still alive God has a great purpose for him. He should try and look for money to start up again not easy it definitely worth it he’ll rise again.

 

[Ojonuyo]

That's really a terrible stage to find yourself as a business person. The moment your business crash it is often difficult to stand up strong, many give up but i want you to know that failure is not the end of your business plans it is only a part of it. Failure become a thing of the past if you learn from your mistakes and avoid such happening in the future.

 

[Afeefah]

He could get a loan from a bank or friends and start over again.
Failing doesn't mean we should stop but rather learn from our past failures, try to avoid it and begin again.

Even the rich people we see and aim to be like one day had failures and challenges along the way.

 

[Azeem Qadir]

I think you should be calm and not t think much about that failure and you should focus on next plans rather than previous plans.

Because doing this will make you feel relax and it will be good for your next buissness.
But if you will think too much about that then you cant ivercme that.

 

[joy101]

Business can be failed due to wrong decision or poor management, business requires a good planning before thinking about to start up, business without planing can be failed at anytime.

 

[eenya001]

The past is not for him to change or their is nothing he can practically do as at now to change the past.
What he should do is to take stock of why the business crumble, what he did wrong and how he would make sure that he does not repeat that same mistake again.

 

[Nurudeen]

The best way to overcome a business failure is to make a good strategy and start all over again. N investor have not lost one or tow things in the investment journey in their life but as an investor the best way to recoup a fund lost in business is to restrategize and be consistent with what you are about to enter into.

 

[Adebayonle7]

Do you mean handling failure when you're still in business or when out of business. Either ways, failure is better extinguished before it ends the business. Most importantly, review and follow up on little financial issues as they happen. Tackle them immediately and prevent future or further happenings. Incompetence from management or workers should also be dealt with immediately they appear. Do not think that one is special or relative or friend. Business should be kept simply business. Face what's important and posses or can pose a threat to your business and leave what's not important.