“Are you a business owner who has filed for bankruptcy? Don’t let it dampen your spirit. Read this blog to know how you can rebound from bankruptcy.”
No matter how small or big your business is, as a business owner you will always want your venture to thrive and work in the competitive realm. But sometimes things might not work according to your plans and aspirations. A failed business may compel you to file for bankruptcy. But this does not mean that you should end your entrepreneurial road. Though bankruptcy can demoralize and dampen your spirit, remember it is not the end of your journey as an entrepreneur. Think about Late Steve Jobs who was the CEO of the world renowned company Apple or Ed Whit care CEO of AT&T who turned their companies around after major bankruptcy and government bailout. We have something to learn from these inspirational leaders.
Go through this blog to know the strong steps these resilient entrepreneurs take to rebound from bankruptcy. So draw upon your entrepreneurial strength and use the following tips to put your business on track.
1.Face it bravely
Declaring bankruptcy does not mean it is your ultimate failure. It was your conscious decision so face it bravely. This is because you had lots of choices like ignoring bankruptcy and building up more debts. You could have chosen to run away to Mexico or become a shut-in and isolate from the world instead. You decided to face bankruptcy and now it’s your turn to move forward.
2. Take a financial inventory
It’s time to look into your situation in the realistic term. Think where you stand at the moment, how much money you have lost and how much you owe. This will clarify your position and limit your fears.’
3. Plan a budget to move on
No business can thrive without plan and money. So, create a budget with the bare amount of money you will need to survive. Make sure to stick to it religiously. Calculate your net worth and begin tracking your way to get out from the situation. You can create 30 –day, 90 – day or yearlong financial goals and targets.
4. Be transparent
This is a very vital step that you should take. Don’t hide your problems. Take help from family and friends or those who won’t judge you. Bankruptcy is a fact of life for many so don’t be ashamed of it or try to hide it. Ask for help when you need it and communicate transparently to others around you.
5. Stay focused
Great entrepreneurs have one thing in common. They stay focused on their goals. Take the cue from them and practice this in your life and profession too. Get rid of everything in your life that is distracting your focus. Cancel your membership to professional organizations and your commitment to volunteer temporarily. Be aware of relationships in your life that are not supportive and hinders you from moving forward. Bankruptcy requires a different lifestyle and you have to be ready to accept many changes emotionally and most importantly financially. You have to make sacrifices and make your life simpler to focus on the things that matter.
Don’t let bankruptcy ruin your wishes and ambition as an entrepreneur. Always remember that it is not an ultimate failure but a clean slate that you need to move forward. With the help of these tips rebuild your fortune and rebound as entrepreneurs in a big way. Bankruptcy is a journey which involves highs and lows. Don’t let it hold you back and act on your instincts to turn it around.