Today I woke up with very strange imaginations about what would happen if my any bad luck my business collapsed today. I asked myself questions like: What if I run bankrupt today? What if my small business collapses? What if I lose all I have? How will i handle the failure? These are the questions that have been bothering me since morning.
A close friend of mine gave me a call last night and broke to me the news of how his only business had collapsed due to the effects of COVID-19. Sadly, this happens to be his third business that has failed. This friend of mine has failed in agriculture, retail and now ecommerce industry.
When he told me the news of his failed business, rather than consoling him, I instead congratulated him. The reason I congratulated him was because despite failing at three businesses, he had not lost hope, and wants to start another business.
I admired his guts to move on despite his failures. I understand nobody likes failing. In fact the fear of failing is the biggest reason many young people shy away from starting businesses. For those of you who are building your businesses amidst several tough challenges involved, thumps up for you.
If you have been following my blog, you will realize that I love writing about my challenges and failures. I have set a goal to become a billionaire before reaching 40years of age, and in my pursuit of this goal, I will encounter several challenges which I must overcome to hit the jackpot.
Personally, I have failed in several business ventures I have undertaken. I have failed as a network marketer, distributor, reseller and I have tried several online businesses that have failed. In all the businesses that failed, I lost 100% of my investments. I have also been part of some tech startups that never saw the light of the day.
Now how did I handle such failures or what will I do if my business collapses today? Well you are going to find out all this.
Today I would like to share with you my contingency plan just in case I wake up one day and my business is no more.
5 Things I Will Do If My Business Fails Today
1. I will feel bad
Everybody feels bad in the eventuality of a bad situation. All humans are the same to emotional reactions. I’m not an exception. Losing my business will give me sleepless nights and heartaches, but after sometime, I will let it go. I will not be like fellows who commit suicide just because they lost their investments. It would not be a pleasant thing seeing my life investments going down the drain but I will have to be courageous in such a situation. This is the point where my emotional intelligence and control will come in.
2. I will assess the level of damage done
After crying, weeping, cursing and wishing I could not have taken some steps, I will assess the level of damage done. I will note the debts incurred, mistakes made, the liabilities I have and how bad the situation is. I will ask myself; what went wrong? Where did go wrong? and what did I do the wrong way? I will try to answer these questions during such a situation.
3. I will pick up my most important assets
After assessing the level of damage done, the next thing would be picking up my most important assets. In this case, my most important assets would be my business documents, my business team and strategic employees. But most importantly, I will pick up the lessons I will have learned from the failure. If I just move on without taking lessons, then I would be a fool on my way to financial doom.
4. I will brainstorm the best way forward
The next thing I will do is converge a meeting with my team and we will brainstorm on the possible way forward. We will together analyze the situation to ascertain where we went wrong and find possible solutions to our mistakes.
5. Rebuild the business or start a new one
Lastly, I will choose either to rebuild the failed business or let the sleeping dog lie; and start a brand new business. Starting a new business or rebuilding the failed one will depend the on the analysis done together with my team. Rebuilding or starting a new business after a business failure is what keeps entrepreneurship spirit strong. It is what has made me an experienced small business entrepreneur.
When your business hits the bottom, don’t withdraw the entrepreneurial process but instead learn from your past mistakes and lead a resolve to succeed. This is how I plan to handle my business crash, problems and failure…and it is exactly how I intent to keep going until I hit my goal of becoming a billionaire and retiring before the age of 40.
What will you do if your business failed today? Share with me your ideas in the comments below.