How do you cope with failed business or bankruptcy?

[Alexandoy]

My business was closed due to other reasons not exactly bankruptcy, it was not earning good anymore. I had to take a vacation to forget everything. My friends said that it may be traumatic to lose a business due to a bad business partner. To ease the pain my wife gave me a cassette tape recorder to play with. Fortunately, that recorder taught me how to write songs and it made me feel better. After some time I applied for a job in the bank and I was employed again and could have a new start forgetting the traumatic events.

 

[Sincerem]

My business was closed due to other reasons not exactly bankruptcy, it was not earning good anymore. I had to take a vacation to forget everything. My friends said that it may be traumatic to lose a business due to a bad business partner. To ease the pain my wife gave me a cassette tape recorder to play with. Fortunately, that recorder taught me how to write songs and it made me feel better. After some time I applied for a job in the bank and I was employed again and could have a new start forgetting the traumatic events.

Interesting you got a new job to work in the bank. It's always a bad feeling when you lost your job, or failed at some point during your business course.

 

[Trexxxy]

I think it is best to unwind, just as you have said you took a vacation. It is a terrible feeling when one lose a job or business due to different circumstances. It best to take some alone time from it all and then begin to focus your energy on the next chapter of the story.

 

[Ralphjoe]

My friend business collapsed and I watched him turned from a very jovial and happy man to a very moody, overtly agressive and sorrowful person for over a month, it was so devastating for him.

I did my possible best to try and help him back to his normal self again and he took him a while to get back on his feet to start another business that is currently flourishing.
Failure in Business can be so traumatising to deal with, my friend told me he was a failure in life but I countered every negative word with positive word. I don't know how I will feel if I experience that though.

 

[Sariana23]

It is not easy to recover from the closing of a business, after having given so much effort and capital. My brother had a similar experience, he had to close the business due to personal situations. But he is very proactive and after overcoming adversity he started a new one in which he is more than 20 years old. Do not let adverse circumstances prevent a successful future.

 

[Kamon c4]

So sad! This hasn’t happened to me before but I have people go through this a lot. My best friend’ Business closed due to bankruptcy. He lost his collateral and had to start over. Though at first he was always depressed and turning to an alcoholic but with time he moved on. He went for therapies and fortunately for him he was able to get another loan to start up and he’s doing fine no work

 

[WhiteHouse]

Attempt and consider it impermanent annihilation.

Don't regard it as a permanent disappointment. Here and there our arrangements come up short, that is simply impermanent destruction, not lasting disappointment. It might just imply that the arrangement (your business) wasn't as strong as you suspected. The extraordinary thing is you had a go, you attempted! That is a triumph in itself!

Napoleon Hill, in his old fashioned book "Think and Grow Rich" has a decent part on this. Transparent the good old composition and models, and notice the exercise. He says, when our arrangements come up short, it's not perpetual disappointment - it impermanent annihilation. I love that!

 

[Niftyyem]

You did the right thing by taking time to go away and getting your mind off it. The best is to not dwell so much on it and quickly find things to engage and occupy one's time. At such times, support from family can be of great help.

 

[Dubai]

One of the ways to come with a failed business is to actually know what caused why it failed. Learn to see the reason whys it happened as this will make you plan better and avoid future occurrence. You could also take a break from the business and talk to a counselor or mentor who has done the same business successfully before you.

 

[vest1992]

My business was closed due to other reasons not exactly bankruptcy, it was not earning good anymore. I had to take a vacation to forget everything. My friends said that it may be traumatic to lose a business due to a bad business partner. To ease the pain my wife gave me a cassette tape recorder to play with. Fortunately, that recorder taught me how to write songs and it made me feel better. After some time I applied for a job in the bank and I was employed again and could have a new start forgetting the traumatic events.

It is a lesson to be learned, at the moment you choose to see everything as your teacher you are on the road to self success, trust that you were doing exactly what you needed to grow into a better version.

 

[Sammyesx]

Business is not for the fainthearted, good thing you have gotten a job to keep your mind off the failed business, most often there are setback in business, if whenever you decide to go back to business ( you definitely can't work for someone all your life), first analyze the reason for your failed business and learn from it, you will surely be better next time.

 

[GIFTMICHAEL]

It is not easy to cope with a failed business. When your business collapse it is very difficult to cope with it. Setback in business will completely bring about backwardness and difficulty. How to cope in day to day activities becomes very hard.
I knew how difficult it was for me to cope with series of disappointment in the past.

 

[Dowenship]

My business failure then was nothing to write home about, I was devastated. Although I never have anything to regret because the money I used to stat the business was the type I can give someone in need the only painful part is assuming the business yielded according to plan, I could gain close to $300 even though I started with just $45 but I got nothing at the end.

 

[joy101]

It will not be easy to cope with failure business, at time you will feel discouraged to start again, when your business failed it will be very difficult to cope with it, setback of business will completely bring you backwardness,

 

[Hammad1245]

I think it is best to unwind, just as you have said you took a vacation. It is a terrible feeling when one lose a job or business due to different circumstances. It best to take some alone time from it all and then begin to focus your energy on the next chapter of the story.

Yes this rest time will work as a power nap and he will regain his energy. After a large lose man's brain stops working and he do wrong investments. But a rest duration returns him his energy.

 

[Adeyoola7]

A fundamental part of overcoming business failure is rooted in the mindset you have. It begins with a flexible and positive attitude and a willingness to change. Winston Churchill stressed this vital factor, saying, “To improve is to change; to be perfect is to change often.” Failure is a part of life, and that includes business failures. How we deal with failure determines whether or not it ultimately leads to success.

 

[Eyiteepraise]

Whenever situations like this happen, the business owner needs to motivate and encourage himself. He should not feel like a failure. He should not be downhearted but rather meet those with such experience before and seek advice from them.

 

[EMMANUEL]

However, despite the success of the business today, Garg had to overcome significant obstacles, mostly notably bankruptcy.

Some of his low moments during these times include having his wife sleep in the car because he couldn’t afford to fix their generator, and it was the only place she could access air conditioning.

But perhaps the lowest moment for him was being placed in jail for not being able to pay his debts.

“In this environment, when you owe people money, it’s not a civil thing, it’s a criminal offence. And everybody tries to shake you down,” he explained, adding that it goes beyond just personal visits demanding repayment.

Garg recalled how he had to put on prison clothes and was then shoved into the cell where he met someone who considered himself “president of the cell”, and went by the title “His Excellency”.

“And I had to go meet His Excellency and introduce myself to him. And then he said to me – and I still remember it very clearly today – welcome to [the land of] suffering.”

 

[Oliver 20]

Speaking with banks

Another significant partner that should be overseen during seasons of business emergency is the banks and leasers. "The system which I utilized, and I would prescribe to anyone in a circumstance like that, is to ensure one over-speaks with them

 

[Shivay]

By god sake's my business is running really well. But if it ever happens , initially i will see my availability of capital which i can use to stand my business again but if it is also not there, i will use my savings or some loan to do it.