The start for most Bouncepreneurs is a business failure. After the champagne and photos of the start up the day of failure is entirely different. Alone, harassed and grieving.
Life is tough for failed entrepreneurs.
I often get asked what type of people join or approach Bouncepreneurs. Well there is a broad group. Sometimes men, sometimes women and sometimes couples. No matter which country they come from the message is basically the same. THEY DO NOT KNOW WHERE TO TURN.
In this blog I thought I would share some examples of the types of people who join Bouncepreneurs and the reason that they fail.
Janeta was an immigrant from Hungary who settled in Amsterdam. She opened a coffee bar in the City and invested all her savings. Not familiar with Dutch property law and reluctant to invest in a lawyer, she signed a punitive lease. For the first three months business looked good until she was hit with a significant tax bill, which wiped out all her profit. In the...
Top 10 Tips for Surviving Business Failure
By Michael Allen Master of Disaster at Bouncepreneurs
At Bouncepreneurs we see lots of people who have lost their business. Reactions to this happening vary tremendously. But here are Bouncepreneurs Top 10 Tips.
1. You are not a Failure
Just because your project failed it does not mean you yourself are a failure. It is vital that you split this into two different views.
You cannot keep the news of a business failure quiet. Somebody you know will take a delight in shaming you to your face or in public. Don't let it upset you. This will make you stronger and allow you to dump some relationships that do not serve you well.
2. Admit You Have Failed
There is nothing worse for entrepreneurs in crisis to ignore the fact the business has failed. I have done this myself, staying in a radically changed market for two years. It was like trying to revive a long gone patient.
Not every business failure ends with a big crash or bankruptcy, in fact...