Michael Allen Founder of Bouncepreneurs the movement that helps entrepreneurs recover from business failure speaks about the role of public sector economic development agencies in 2nd phase entrepreneurship.
I am calling on economic development agencies to add a new element to their economic development work. Bounce Backs or Second Phase Entrepreneurship.
In the 1990's and early noughties I worked with many government economic development agencies and investment promotion agencies in around 20 countries. That experience gave me a strong insight into the way in which these agencies operate.
I know that within this sector there are innovators that are prepared to make changes to the norm and breakaway from convention. Now is the time to do just that.
Bouncepreneurs have a 5 point plan for economic development agencies
1. Acknowledge that most entrepreneurial ventures fail!
Current Practice - ignore the problem and claim artificially high success rates because it is politically...
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...