Small Business Matters: The Second Time Around
By Vernalee
OhioMBE – June 1, 2014
When a business fails, its accompaniments include devastation, pain, humiliation, wasted time / energies, and lost financial investments. In some cases, life savings go down the drain. Depending upon a number of circumstances (age and finances included), many life survival decisions have to be made expediently. Among them are: What are your next steps; how do you make a living? How do and will you pick up the pieces?
The same intestinal fortitude that drove you to establish entrepreneurial self-sufficiency will once again surface to help you survive the traumas of failure. The unsuccessful outcomes won’t evaporate into thin air, but they may refine your skills, and reboot you to higher levels of success. There is opportunity in adversity and redemption in failure.
During your examination to crystallize why your business failed, it may be wise to strategize with trusted experts. Was it undercapitalized / insufficient cash flow? Was it a lack of technical expertise / poor staffing? Was it sabotage? Do you rekindle the entrepreneurial path or do you forego the risks and enter the corporate world for gainful employment?
If the entrepreneurial track is your decision, what will you do differently to avoid the mistakes of the past? For a healthy restart and to recalculate your next moves, it is crucial that you:
- Fully comprehend and acknowledge the reasons for your failure;
- Unpack the emotional baggage before proceeding;
- Regroup personally, spiritually, and professionally;
- Develop a strategic go forward / reentry action plan.
The answers are often found in the questions. Thus, my last question unleashes the floodgates.
Did you know that the following successful businessmen / business women were fired, failed before they found their true calling, or before they realized phenomenal success? An excerpt from Business Insider provides a complete listing of those who once failed, but who are now successful individuals. http://read.bi/1nu5HlL
The second time around may be better than the first! It certainly establishes one very important fact about those who succeeded: None were or are quitters! They persevered! “Don’t let today’s disappointment cast a shadow on tomorrow’s dream” – Unknown
Vernalee is a respected entrepreneur in Cleveland and Columbus, Ohio. As President of Lee Enterprises Ltd., she helps her clients achieve success in the areas of human resources, supplier diversity, marketing, business development, and communications. Lee is also a freelance writer for a number of publications. She is the published author of “I’m Doing Me” and “Stuff we talk about.” Follow Vernalee at www.vernalee.com and www.stuffwetalkabout.com. She can be reached at verna@vernalee.com.
