Success After Business Failure: You Can Bounce Back
Com Mirza, CEO of Mirza Holdings and owner of a nine-figure empire with over 600 employees, wasn’t always ‘at the top of the heap’. He failed in eight companies back to back before hitting it big, admitting to having reached “a state of financial, mental, and spiritual meltdown.” Mirza was at ‘less than zero’ financially when he managed to sell his vision to two partners on a new business idea. Using a small amount of money, he grew his business slowly, putting the knowledge he had gained from previous failures to use. This forward looking mentality is exactly what you need if you have failed at business. You certainly aren’t the first and you certainly won’t be the last to enjoy the taste of success once again.
 
 
Obtaining Clarity
It is very hard to work on new ideas or even market yourself for a new job if your mind is muddled by debts and pressure from creditors. Declaring bankruptcy is always tough but doing so at the right time can actually help the assets you have left. As noted by Scottsdale bankruptcy attorneys who specialize in this field, “bankruptcy should be considered early enough to be a viable strategy to preserve the business’s assets and help it continue as a going concern.” Once a payment plan is set up and creditor stop demanding payment, you will have a big mental load off your shoulders and you can define new strategies for business success.
 
 
Sourcing Funding from Partners
As noted by Com Mirza, receiving new backing from partners is key to the process of rebuilding. The amount you obtain may be small, but if you believe in it and you have sound business plan that shows what you can expect to make from the idea, you should be able to convince visionary investors. You have to be creative in order to find someone who believes in you. One way to do so is through mentorship. An experienced mentor will be able to identify potential flaws in your plan and possibly back you financially if they see potential in your business idea. Other sources of funding can include crowdfunding or angel investment, which will involve relinquishing a percentage of your business to investors.
 
 
Putting in the Hard Work
If you are starting a completely new business, you will have to conducts studies into the demand for your proposed product or service. You should have a strong idea of demographic purchasing habits and create customer profiles based on demographic and psychographic studies. The latter is complex and includes studying attitudes, behaviors, and lifestyle preferences. A thorough business plan will also reveal the extent to which you need to rely on investors. It is important to consider the seasonal growth of your business, and the need for a potentially larger supply in the festive season or during summer. Run your plan by colleagues and mentors. If you can, hire a reputable, recommended consultant.
 
It is rare to find a successful entrepreneur who has not faced setbacks along the way. Bankruptcy can be overcome, and indeed, one should view a bankruptcy declaration as an opportunity to put a failing business to rest and start a new one; or to focus on a new speciality for your business. Take the time you need to conduct thorough research, build a business plan, and find investors who truly believe in your vision and who understand that ups and downs in business are simply part of the game.
 
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