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5 Tips to Reinvent Yourself After Business Failure

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Wednesday, 30 May 2018 03:30 PM Current | Bio | Archive

What happens after you’ve put everything (mentally, physically and financially) into your business, and somehow it collapsed?

Truth is, in any business, failure is an option. This is why entrepreneurs, by definition, are seen as individuals who take on financial risks in the hope of profit.

Studies have shown that 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years. Finally, 30% of small-business owners will survive their 10th year in business.

A fair percentage of business owners (in the statistics) could reinvent themselves if they had the right information.

Some of our successful entrepreneurs failed in the past before reinventing themselves, you can do same by not folding your arms.

Here are five tips to assist you get back on track after a business failure.

  1. Take Time to Rest

It’s not easy to grapple with the misery of a business collapse but it’d be cool if you’re able to keep your mind off negative thoughts. This is why you need to rest and get good sleep to become invigorated before thinking on the next crucial line of action. Apart from spending time with friends and family, you can engage in meaningful tasks like reading, online training programs, day trading, sport activities, and vacationing to ease tension and calm your nerves.

  1. Think Positively

Mistakes in business will definitely be repeated if lessons aren’t learned. Apart from unpredicted events, changing consumer tastes, financial mismanagement, unhealthy competition, negligence, and foolish business mistakes and/or decisions contribute to business failure.

However, don’t blame yourself. It’s actually a period to ponder what went wrong (problem identification), so that lessons will be learned and never be repeated. You might have failed, but your business skills and experiences can turn out to be your greatest lifeline.

  1. Don’t Resort to Drugs to Forget Worries

Many worried and depressed people are quick to resort to drugs and alcohol to calm their nerves or relieve emotional pain. Alcohol and drugs may help some people to disconnect from emotional pains but the truth is that your worries and miseries are waiting for you after you are connected back to reality.

It’s even worse when you’re addicted to drugs and alcohol. You end up spending more on medications to be well and healthy. “When you are reminded of something you don’t want to think about, just refuse to go there. Let your mind go blank rather than allowing it to make the connection. The engine of such suppression is your prefrontal cortex—the same region of the brain that puts brakes on inappropriate actions,” according to Scientific America.

  1. Seek Counsel From Successful Entrepreneurs

The kind of people you consult in days of adversity will determine how long it takes before you launch your comeback. Seek the aid of wise friends, family members, associates, advisers and successful business owners. Truth is, some successful entrepreneurs have gone through your ordeal and came out stronger. You need to be encouraged.  

  1. Don’t Wait Too Long Before Your Next Act

Reinventing yourself after a major business failure shouldn’t take too long, or other factors beyond your control may come up and make a mess of the whole situation. The period of re-inventing would have given you clues on what went wrong and what next to do.

Ensure your vital documents are at hand for stress-free business startups and accessibility to loans. For example, have all of these documents handy: proof of identity, proof of residence, income proof, license, car insurance cover, tax identification number, and tax history.

Business failure is just one of those setbacks in the world of entrepreneurship. How you respond to it is crucial. Don’t collapse when your business fails. Find a way to re-invent yourself. Don’t ever stop taking risks because if you win, you’ll be happy. If you lose, you’ll be wise.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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RichardAgu
Studies have shown that 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years. Finally, 30% of small-business owners will survive their 10th year in business.
tips, reinvent, yourself, business, failure
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2018-30-30
Wednesday, 30 May 2018 03:30 PM
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