How do you cope with failed business or bankruptcy?

[Hasan Raza]

Dear there is probability in every work or business and it takes time too.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. but failure of one business doesn't mean you skip it all time.

 

[Bart Simpson]

Ohh, 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.

 

[Ridorz]

There is one that will losose a his or her business or job that will not get sadness. Though, I do not get my business/job before, but I have some people that have the same problem and I know how there were feeling. Even, in my experience I have in my business, if I do not make my target in a day I Know how I usually feel.

 

[Presido]

A business failure is caused by either poor management or performing below competitors. Once your business fails, try and check your mistakes that lead to the failure and plan ahead of your competitors

 

[Yewande]

I've really been enlightened from the post. This platform has really given me the opportunity to learn and know people's views on matters like this. Much appreciation to the person behind the idea of this platform.

 

[Chumzy]

The summary of it will be to pick yourself up and move on from that failure. One thing which is important is to try to learn as much as possible from the failed business and move on. At some point in life and as we go on I think that having failed businesses will be something that won't be new.

 

[idhans]

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.

I always tell people to anticipate failures and setbacks whenever they go into business because it will surely happen. It is only strong determination that can keeps you in business irrespective of how many times you might have fail.

 

[Bilal0087]

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.

If my business fail Totaly I'll simply go for a job and start earning money by giving extra time to my job, then after saving enough money I'll again try to stabilize my business with that saved money. Then with my backup plan I'll start hard working for successful business.

 

[Adebayonle7]

Although the thought and pains of a failed business can be sometime unbearable and some time just simply saddening and devastating. End of a business is not the end of the world or one's life. I am grateful to God that you're able to have people around help you get back up and begin life again. With proper planning and putting all vital things in consideration, you will go places. Welcome back!

 

[Tariq Shehzad]

To with business failure, it is necessary to take into deep analysis for you business failure and make some precautions against them for further failure. secondly you should have a second business that can be run after the failure of first one.

 

[Nicklas22]

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.

 

[Seyesystem]

When we fail in business or whatever it is life is teaching us a lesson. What’s the difference between those who are successful in life and those who are not? The successful ones learn from their failures and follow those lessons, while the losers end up doing the exact same thing, or nothing at all. This can be related to anything that you do in your life. So in business you have to learn from the decision you made that lead to the failure of the business and to put it in mind not to make the same mistake.most successful business in the world has failed in one way or the other but what makes them to be great is the ability to learn from the mistakes.

 

[Abbas ali]

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.
This is my view.

 

[Thosynho]

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.

After a business failed or when one go bankrupt as a result of the failed business, one should not rush into another business like immediately. 1st thing one need to do is to analyze the cause of the failed business, re-strategies on how better to access the market again and learn from your mistakes.

 

[LaylaG]

A lot of people who do not have the ability to cope with business or not even having any money in your account usually lead to stress which might even trigger what we call suicidal thought,which I think this is not really the best option anyone that experience fail business should try as much as possible to move on because you cannot do well in things that does not work you should rather focus on how you can improve your life and start up a business that will be profitable for you.

 

[Kehinde]

Analyze the failure. ...
Get your finances in order. ...
Work with other entrepreneurs. ...
Take time for yourself. ...
Start thinking about a new business plan

 

[Chizfab]

It can be very depressing but at the same be a blessing in disguise. Having a practical experience in business is an added advantage and will give the exposure to be better tomorrow. So, don't give up, learn from your mistakes and improve.

 

[Kelly5]

You

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.

You got to cope like any other person should that has gone that lane in life. You can't undo what that already kicked or set. You can only make good of the circumstances you find yourself.

 

[kayode10]

I have never file for bankruptcy in my life, but I have experienced a business failure. This happened when I was running a chicken grill business. I moved a certain area in my city and i discovered that chicken grill business will move in that area. I approached some friends o this business idea and they all came to my aid. I have purchased all the material needed for the business only for government to issue that everyone should vacate the area. I felt bad but thank God for preserving my life to overcome everything.

 

[Nurudeen]

As a business owner or Investor the best way to deal with a failed Business or Investment is to restrategize. If you think you have failed and you give up then you can't make it or move high in life. You need to restrategize and know what caused your downfall in the first part, refocus and be determined to storm the Business again with a new method