How do you cope with failed business or bankruptcy?

[Artukbey]

Focus your efforts. ...
Know who to surround yourself with. ...
Create a company culture. ...
Designate your MVP. ...
Only build what is needed. ...
Sell before you build. ...
Create systems. ...
Don't run out of cash.

 

[Olubayo12]

Failure is not actually a new thing know a business but the best thing is to always remain strong and keep your head up. You always have to remember that the same business you are doing others are doing it and they want you to give up so as to give them chance

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.

 

[Blue house]

This is a bad experience and very sorrowful one that you won't be able forget or let go of easily, if your business crash or experience bankruptcy, it is not the end of the world, all you have to do is have fun and forget about it for sometimes and come back to it with a new strategy or a new idea of business

 

[Kingsley]

One should seek professional advice and also seek help from friends and family. If the person is terrible affected you can always contact a medical practitioner for medical assistance.

 

[Josh9493]

Giving up so quickly on a falling business is not the right thing to do but holding on before every success there must be a story so u keep holding on and working so hard that's really gonna go good u don't expect a child to be born as a man so he have to go through boy before been a man

 

[iamgroot]

In the beginning, before you start a business, you have anticipation of what will happen, especially in unexpected events like failing and bankruptcy so that you can prepare and you have a backup plan in place before your business finally collapses, you can lift it up.

 

[Abisola]

10 Ways to Overcome Small Business Failure and Thrive in Hard Times. 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.

 

[Donolatunji]

To save the company from bankruptcy, there are several alternatives. One is the payment of debts. For your creditors, you can agree to pay only a fraction of what you owe and get the remainder forgiven. This would require some good negotiating skills and there are debt settlement firms who will help you negotiate with your creditors if you can not manage it.

 

[Jesuyemi 08]

Well, like we all know that a failed business is a dead one.. Coping with it now depends on the maintenance and the administration. A well organized business can still be managed till it gets back on it feet.

 

[Neeta313]

It is not easy getting over such a loss. All you have to do is to stop thinking about it, pick yourself up and start-up another plan, everything happens for a reason, there is no need to beat ourselves up when things don't go as we planned. Think of all the things you might have done wrong in the previous business so you don't repeat I again.

 

[Erik4150]

You have to take a break and figure out how to salvage the business. If you can take a loan from family and friends or the bank you can rebuild the business again. But if you can't save the business then by all means count your losses and abandon it.

 

[Doradorwa]

Well the downfall of any business is never the end of it... It's the beginning of the business of you are not going to let it get to you and you can ride and do the needful... This life is a risk so take the risk and if the risk fail you... Take it as a normal thing and rise up again.

 

[Jomarie05]

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.

 

[Papikarl]

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 think you took the best initiative by giving yourself a vacation and recovering back, you handled it well unlike some that go into alcoholism because of failed businesses or indulge in all sort of crimes in order to bounce back

 

[singlej007]

Failed business is not easy to overcome, but what I know about failure is learning to re-enforce for another opportunity. Mostly just take a break and go for vacation, on you vacation think on next step and move on.

 

[Richard92]

It is very difficult and stressful to cope with a business that is already bankrupt because businesses which have gone bankrupt it's very very difficult to bring them back to life but as a good business owner you have to employ marketing factors and strategy with new innovations that will help to revive the business .

 

[FreshKaz11]

Failed business

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.

Failed business is like losing a child you believe he or she will protect and feed you when you get old and weak not be able to work again..

So when it happened likes that you will feel so much depress but you should never think of suicide ,because it is not the best option..

So the best is to get more closer to God during that try period and pray to him for more way to bless you,and am very sure our God is a merciful God,so with that he will surely out a smile on your face and my as well..

 

[Ebuka Stephen]

Well never had this kinda issue in my life but bankruptcy or failed business won't be easy for one to cope with, well my advice for you will be to try something else and see if it might work and try to take off your mind from the sad experience of losing your business.

 

[Chumzy]

Bankruptcy only means that your debt in business overwhelmed you. It in no way means that you have failed in life and can't come back up. So yes dust yourself up and see what you did wrong and learn from it.