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Wednesday, August 10, 2016

Rebuilding after failure

Remember, storms pass and the sun will come out again!

Most entrepreneurs’ recognize their companies may not succeed and they might even fail.  Often, there is no preparation for possible failure or the horrible feelings afterward that follow.  Entrepreneurs are highly motivated and driven to do something unique and independent.    They desire to build a business and be successful rather than spend their time working for other companies.  They often have visions of wild success and believe strongly in the technology and its superiority over the technologies of all other competing companies.  It is this strong desire to succeed that leads them to drive onward when things are in a downturn in the business.

Nothing compares to the feelings of a wildly successful venture.  The feeling of having done something others could not have done.  Entrepreneurs are always striving to take the leap and build business enterprises.  These small and larger businesses contribute to at least 25-40% of the jobs in the USA today.  Entrepreneurs need all the encouragement they can get because they are essential and contribute great things for the economy.  With all the awareness of the potential for success or failure, they are never prepared for the failure or the feelings that come with the lost business.

Failure is part of a business cycle for many companies and it can happen for many reasons.  Approaching the end of the life of a company initially enhances all fears associated with failing.  No one wants to fail especially an entrepreneur.  Many have invested huge portions of their capital and time in building the business.  They began to wonder what would happen to them, their family, and the employees.  The concerns then branch to whether they would find employment after the failure.  Depending on the amount of money they invested in the company, they may need a salary to survive.  These concerns and fears are natural and start to overwhelm the entrepreneur.  They never think of that famous song from the play “Annie” and those famous words, “The sun will come out tomorrow! 

Predicting catastrophic loss like what occurred because of the storms called Katrina or Sandy was not possible for either Louisiana or New York.   It is hard to imagine the severity of such storms and therefore not easy to plan for such events.  Certainly, many of the residence never believed they would be wiped-out by the storms.  Businesses, jobs, homes, and people were lost.  The aftermaths were far worse than anyone could have imagined.  Yet, there are so many stories of an entrepreneurial spirit, kindness, and giving by others.  The devastation did not destroy the spirit of many of the communities.  They rebuilt and continue to develop as stronger communities with greater protections than were there previously. 

Entrepreneurs in that downturn of their business may benefit by the thought that they too can rise above the losses.  They can recover personally and may even desire to build a new business.  The lessons learned help to create businesses much better and stronger.  Many famous entrepreneurs (some are now billionaires) have succeeded and built strong empires.  It is possible as long as the losses do not destroy your spirit or your life.  The song by Annie is an uplifting song.  It says that there will be a tomorrow and that as time passes everything can improve.  So, when faced with those fears of failure or possible loss of business, try to remember, “The sun will come out tomorrow.”  Dig deep for strength and use your ingenuity, creativity and skill.  If you want, it is possible to rebuild and be successful with the next venture.