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How to recover if you are bankrupt
How to recover if you are bankrupt

Entrepreneur Chris Wolfington shared his personal experience and universal rules.

How to recover if you are bankrupt
How to recover if you are bankrupt

I became an entrepreneur for a long time, and now I have several companies of my own in the fields of technology, healthcare and finance. During this time, I have encountered many difficulties and obstacles. The year 2010 turned out to be the main test of strength for me.

The Money Centers of America organization, which had been successful until that moment, suffered a serious crisis. A senior executive squandered company funds. Because of this, two large clients terminated their contract with us, which led to a series of lawsuits. Four years later, the company filed for bankruptcy, and a year later I myself became bankrupt because I was the surety for the organization's debts.

This experience taught me a lot. Here are three lessons that have helped me recover from this failure and become stronger.

1. Create guidelines for yourself and do not deviate from them

If you don't know where to start, look at hardworking and successful acquaintances. For example, I borrowed many of my guidelines from my uncle Eustace. He is a very successful businessman and philanthropist who at one time inspired me to become an entrepreneur. From him I learned the principle: "Until you ask, the answer will always be negative." From this phrase I was charged with confidence, thanks to her I tried again and again, without fear of failure to stop me.

I also follow the principle “Forget your ego”. During and after the Money Centers scandal, I faced a lot of negativity and insults in the press. At first, it put a lot of pressure on me and discouraged me from moving on.

But I realized that everything depends on me. That I can not give the negative power over me.

After all, letting your ego take over and dwelling on hearsay can make it very difficult to remain an effective leader.

2. Be open to outside advice

Even if they differ from your typical approach to business. An outside look often clarifies a situation from which you yourself did not see a way out. I understand that it is difficult to accept someone else's help when I am used to being a leader and doing everything in my own way. But I have learned from my own experience that you cannot cope with a difficult situation alone. You will need the support and advice of those around you, especially your family and colleagues.

When my business collapsed, I wanted to distance myself from everyone. And certainly not to listen to other people's opinions about what happened.

I desperately wanted to prove my independence and solve all the problems on my own. As it turned out, this is not the way to do it.

In the end, I realized that I had to admit that I needed help and support. I found a personal mentor with many years of experience and for the first time met with him once a week. I don’t think that without his wisdom and my uncle, I would have been able to recover as quickly. To this day, in all my business endeavors, I rely on the experience and advice of those I trust.

3. Don't plan far ahead

When you think too much about the future, it is difficult to discern the state of affairs in the present. You spend a lot of time weighing and planning, but you don't do much. So focus on the one step you need to complete first. Then on the next one - and so on. This helped me to cope with the difficulties after the collapse of the company.

As soon as I imagined all the obstacles in my path, I was ready to give up.

When I began to concentrate exclusively on the next necessary step, it became easier for me psychologically and emotionally, and my productivity increased.

Having dealt with the legal and financial issues, I began to think about the future and what I, as an entrepreneur, do best. I spent most of my energy trying to identify consumer problems and find solutions for them. This led me to found the company that I am currently leading.

Anyone can be successful again after a business failure. Failure is not the end, but the beginning - if only you are ready to rise again. When you believe that this is possible, even a disaster becomes just a temporary obstacle.

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