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...
Michael Allen presents his core ideas for Bouncepreneurs -right at the beginning of the movement in early 2017.
He went on to write the book Bouncepreneurs. He initially and unsuccessfully took his ideas to Welsh, Scottish, Northern Irish and English economic development agencies and several banks and corporate recovery agencies. All the leading book-keeping software suppliers said no to backing the project.
But support from MP Susan Elan Jones, Paul and Paula Misipeka in Australia and in 2018 from world renowned trainer Blair Singer convinced Michael to keep going.
After personally coaching over 180 individuals and clearly seeing the very real need to help large numbers of entrepreneurs in trouble things are taking off.
December sees the launch of the Bounce Back 90 and Bounce Back 365 recovery training courses for entrepreneurs looking to restart smart and Bounce Back.
If you are an entrepreneur in trouble get involved, restart now. And remember
Entrepreneur - it ain't...
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...