How to recover if you bust
His Work / / December 26, 2019
Vulfington Chris (Chris Wolfington)
CEO FinPay, which helps people to understand the payments for medical services. More than 29 years in the consumer and financial services.
Many entrepreneurs and ambitious people do more than anything else are afraid of failure. It is very hard to see the collapse of the ideas that you put so much energy in their implementation. But failures - is an inevitable part of life. If you learn to look at them in another way, one can learn lessons.
I have long been an entrepreneur, and now I'm behind some of their own companies in the technology, healthcare and finance. During that time I met a lot of difficulties and obstacles. The main test of strength for me turned out to be 2010.
In a successful organization until the Money Centers of America suffered a serious crisis. One of the senior executives embezzled company funds. Because of this, two major customer broke a contract with us, which has led to a series of lawsuits. Four years later the company It filed for bankruptcy
, And a year later I became bankrupt because it was a surety for the debts of the organization.This experience taught me a lot. Here are three lessons that have helped me recover from this failure and to become stronger.
1. Work out for yourself guidelines and do not deviate from them
If you do not know where to start, look for a hard-working and successful friends. For example, many of my guidelines, I borrowed from his uncle Eustace. He is a very successful businessman and philanthropist, at one time inspired me to entrepreneurship. From him I learned the principle: "As long as you do not ask, the answer will always be negative." From this sentence I charge safely through it tried again and again, without giving fear of failure stop me.
I also follow the principle of "Forget about your ego." During and after the scandal with Money Centers I was faced with a large flow of negativity and insults in the press. First it weighed heavily on me, and discourage the desire to move on.
But I realized that it all depends on me. I can not give negativity power over him.
After all, if you let your ego take over and get stuck on the words of others, it will be very difficult to be an effective leader.
2. Be open to advice from
Even if they differ from your typical approach to business. Outside perspective often clarifies the situation, from which you do not see a way out. I understand that it is difficult to accept foreign assistance when used to be leader and do everything on his own. But I have experienced firsthand that alone can not cope with a difficult situation. You will need the support and advice of others, especially your family and colleagues.
When collapsed my business, I wanted to move away from everyone. And certainly not to listen to other people's opinions about what happened.
I desperately wanted to prove his independence and resolve all the problems alone. As it turned out, that's what not to do.
In the end, I realized I have to admit that I need help and support. I found a personal tutor with years of experience and the first time met with him once a week. I do not think that without his wisdom and my uncle I would have managed to recover just as quickly. Until today, I in all business endeavors rely on the experience and advice of those who trust him.
3. Do not plan far in advance
When thinking too much about the future, it is difficult to see the situation in the present. Spend a lot of time weighing and planning, but little is done. So focus on one step that you need to accomplish in the first place. Then on the next - and so on. It has helped me to cope with difficulties after the collapse of the company.
As soon as I imagined all obstacles in my way, I was ready to give up.
When I began to concentrate exclusively on the next necessary step, I felt better mentally and emotionally, and my productivity grew.
Having dealt with the legal and financial issues, I began to think about the future and that I, as an entrepreneur, do best. Most of the energy I spent trying to identify the problems of consumers and to find a solution for them. This led me to the creation of the company, which I chair today.
Anyone can become successful again after a failure in business. Failure - this is not the end but the beginning - unless you are willing to get up again. When you believe that it is possible, even a disaster gets only a temporary obstacle.
see also🧐
- 5 people who have achieved success in spite of everything
- What history teaches fraudsters Elizabeth Holmes, who 15 years deceiving investors and politicians
- 8 of stupid ways to invest money and lose everything