What decision and action will you choose when your business has failed and failed miserably? Business can be extremely profitable and can also have extreme losses. There are many factors which can contribute to business failure as it could be product failure, service failure, market changes, partner failure, staff sabotage, and even personal failure. Some business already pre doomed even before the start of business as the people in your team could have planned to stop your business by participate in your business. Chim right? When your business fail, what action will you do? 1. Face the problem and take the responsibility and even absorb the losses? 2. Do a blame game to shred off responsibility and claim its not your problem? 3. Run away? 4. Suicide? (Oops. Means u Wont read this if you succeeded. ) I had people thrown me no. 2 where I become the scapegoat. I had people spread rumors that I ran away. I have numerous time taken the steps 1. Take responsibility and absorb the losses. Some tell me my action is stupid for absorbing losses as every business has risk. As a TRUE BUSINESS LEADER, no matter how bad a situation turns out, even you are not the major shareholder and not the main director, I took step 1 because of the value of the team outpace any monetary losses. (However, I wont take the losses and responsibility if the losses are done with the evidence of fraud and cheating.) One very important aspect of business is your personal reputation in business. Money lost can earn again. Reputation and trust once it is lost, its very hard to regain again. I managed to cleared off the losses and restored the confident of people in my team again and again for my past few business losses. When you do this, you will discover the people will support you more than ever and help you in shaping your next business or venture. Unfortunately for the people that run away or choose the no. 2, those people are still tick face to try to gain more business when their tarnished reputation is spreading in the business community widely. It can be hard, it can be devastating when business fail. But I trusted in God and put the faith in the rescue. Many people even become bankruptcy but it is not the end of your life. When u take responsibility, the future outcome will be enormous blessing than the suffering.
Posted on: Sun, 19 Jan 2014 06:05:34 +0000
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