what will be your reaction once your business fails?

[Patrik]

we all know that failures can't be predicted most of the times, that's why people should be careful and put their plans before starting a business so they don't feel shocked when something bad happens, what's the first thing you do once you find out that your business is about to fail or failed already, what would you do?

 

[Noah2gud]

Once a business fails
I will fell very bad, but I will have to see and know why it happened and what I can learn from that sorrowful experience in other for me to prepare for the nearest future and become better in life

 

[tuna89]

One should not forget to always save money from the company profits at intervals and if possible get an insurance for your business, whenever a business fails, I would make sure to analyse the extent of failure, work on rectifying the issues and if possible begin a new business plan on how to start over in a smaller way.

 

[Josemendez]

we all know that failures can't be predicted most of the times, that's why people should be careful and put their plans before starting a business so they don't feel shocked when something bad happens, what's the first thing you do once you find out that your business is about to fail or failed already, what would you do?

First is that , I won't allow my business to fail before I start to act , whenever I notice that my business is about to fail , I will start to work towards working on a means to revive the business .

 

[kaychiz]

You have asked about something that happened to me almost 2 years ago. My business as at then actually crashed. Generally speaking, it was totally devastating, the shock was just too much for me to bear because I lost all. However, my family supported me and helped me get back on my feet again. Most importantly God just had mercy on me.

What I would advise if it ever happens to anyone that your business fails, is to surrounds yourself with people that love you and hold on to God. Also, try to have spare cash saved up for such contingencies even though you don't wish for that to happen. I didn't have anything like that and that was one of the reasons why I was badly affected. Thank God it's all in the past now.

 

[btaliat]

we all know that failures can't be predicted most of the times, that's why people should be careful and put their plans before starting a business so they don't feel shocked when something bad happens, what's the first thing you do once you find out that your business is about to fail or failed already, what would you do?

I have never seen failure as a bad thing. If my business fails, I will feel bad but I won't be dejected. I will go back to the drawing board and right what led to the failure.

 

[salman Royy]

Even if you start with a fantastic idea, have a dedicated team to make that idea a reality, and plan for most contingencies, external factors beyond your control and a lack of overall experience can cause your business to collapse.

 

[Mary]

The first thing I will do is to analyze the failure, I'll spend some time looking at the business history and see if I can recognize the main cause of the failure and the decisions that led to the failure so as to prevent such against the future

 

[Sariana23]

Hope this doesn't happen, but as you say everything is unpredictable. For this case I must learn from my mistakes and the most important thing is to continue. Many people are disappointed and do not try again. I am one of the people that I learn and I continue to insist until I reach my goals.

 

[Sincerem]

Every one feels disheartened whenever their income stream is broke down, shut down totally. Every one's dream is to make steady profit in his or her business initiative, no one wants downfall, likewise me, I wouldn't want such.

 

[Holluwaphemmy]

The first thing I will do is to analyze the failure. I will list out the causes for my failures and possible ways to counter those causes.
In addition, I will also make another business plan to start afresh if I still want to venture into the business

 

[Ridorz]

Firstly, I won't allow my business to be a failure. Once I feel any sign of failure I would start make a action to prevent the failure, that is how I run my business. But no matter how it may be any time I fell that my business's about to fail, I may fell little sad but I would come my self dawn and figure out the causes of the problems and find the solution.

 

[Maliha]

There are alot of emotions and expectations are attached with our business.so when it grows our emotions also grows along wi5h expectations but when it fails suddenly a persons world become changes it puts a diverse effects on persons life

 

[Tariq Shehzad]

The reaction to busienss failure shoud't be negaive. There should be an analayis and thinking about the business failure, rahther than getting worried and sad.
Findout your weakensess caused, the buainess failure and fix with a suitable solution.

 

[Damismiling]

We all know that business failure will at first saddened one's heart, yes it is normal but a failure is a greater lesson and opportunity to re-strategize, when we fail we must sit down and analyse the causes of the failure then in the future we make provision to overcome that failure that is risk management

 

[Alexandoy]

The death of my business was due to the underground motives of my business partner. When I learned of it I was really devastated because I did not only lose my business but also my high school best friend. It took me a week of isolation to cool me down. Yes, I was shocked by what my business partner did in stealing our major customers for his own business that I did not know. Fortunately I was able to recover when I joined a writing workshop to at least give me a breath of fresh air.

 

[Nurudeen]

Business failure is not always a good experience for entrepreneur but as the case maybe, one just need to accept his or her faith and move on. Business is all about profit and loss, so I believe the entrepreneur must have factored that in into his or her plan before setting up the business. If it's me I will just look for other strategy

 

[MizzLala]

I strongly believe it's not about the fall but rather how we recover from that fall. Were that to happen, I'd focus on reviewing what went wrong and what I could have done better and try to learn from those lessons. I don't see it as failure but rather valuable learning curves.

 

[Naz Noshin]

we all know that failures can't be predicted most of the times, that's why people should be careful and put their plans before starting a business so they don't feel shocked when something bad happens, what's the first thing you do once you find out that your business is about to fail or failed already, what would you do?

Yes you are Right, if a person accepts this thing that in business which he is going to start ,he can face failure then he doesn't feel shocked or disheart if the business fails.
Failure in any project or business gives us experience to be careful in next time,and we don't repeat mistakes which lead us towards failure.

 

[WhiteHouse]

Try and think of it as temporary defeat.

Not failure. Sometimes our plans fail, that’s just temporary defeat, not permanent failure. It may only mean that the plan (your business) wasn’t as sound as you thought. The great thing is you had a go, you tried! That’s a victory in itself!

Napoleon Hill, in his old school book “Think & Grow Rich” has a good chapter on this. See through the old fashioned writing and examples, and heed the lesson. He says, when our plans fail, it’s not permanent failure - it temporary defeat. I love that!