If you’re over your head, ask someone for help.
Why is it that small business owners facing some crisis in their business or even insolvency do something dangerous to their health?
I remember a small publisher ran into financial difficulties and put a gun to his head… and pulled the trigger.
Mick Jaggers’girlfriend L’Wren Scott was found hanging in her New York apartment. It emerged that her fashion company was millions of pounds in debt.
Only a psychologist will probably be able to give an opinion on what really drove someone like her to take her life. Or can they? Sometimes these deep issues and their root causes even ellude top psychologists.
What would you do if your business were to face a crisis? How would you control your emotions? How would you find the resilience in you to brave it through your own “Valley of death”, pick yourself up and get through to the other side?
Entrepreneurs are passionate people. They use their passion as the energy or fuel that drives them to achieve what many others don’t achieve in their lives. When things don’t turn out as expected and they go pearshaped often the last thing that they do is ask someone for help.
There are no guarantees that a new product or service will be successful. New product failure is high not only for small businesses but for larger commercial enterprises. But they have the development funds to absorb losses. Some business people work the way through several business failures before they eventually make one of their ventures successful. We’ve all heard the platitudes about the courage required in starting and running a small business but people often forget that courage and persistence is the carbon in the steel … the necessary ingredients that enable us to carry on when we tell ourselves that things are hopeless.
Coming up with new ideas for products and services is a risky business. Some people may be lucky first time and hit on a winner but for most getting something off the ground, starting something from scratch is not easy. This is why it’s important to know where your risks lie in a new venture and to think of every way possible to mitigate those risks as best as you can.
It also important to be wary of the pitch men and pitch women who have instant success formulas that claim to help you take your idea and turn it into an overnight success where you will be able to live on a tropical island with your laptop with money pouring into your banking account as you sleep. Anyone who promises such fast success especially in this economy is a fraudster. Almost any business, product or service idea that is worth pursuing as a commercial venture takes time and money and hard work
If you find that you’re just not making headway with your business or your business is failing and you are over your head, talk to someone whether it be a business coach or adviser or any other associated expert whose walked the same path. Apply for business recovery. Extricate yourself mentally from your crisis. See a psychologist. Do whatever it takes.
When we identify ourselves too closely with our business, seeing that one thing is the most important factor in our lives, that’s when we get into trouble. Learn the lesson, turn the page or corner and move onto the next thing. Make the most of your life. We are here only for a short time. We all need to make the most of it.