How to Deal When Start up Business is Failing
There are a lot of managers who are panicking when they only have a small amount of capital in the company's bank account. They are sometimes scared because of the economic turmoil that has been happening recently.
Many entrepreneurs especially start up companies are losing faith in the present economic situation.
The question is how a business owner deals with it. There are two kinds of entrepreneurs - the ones that are considered real and other who plays the role. Sometimes they can’t be differentiated but tough situation can tell who is who. The fake entrepreneur runs for cover when certain problems arise. The real ones are those who find solutions to the problem and clearing the mess.
In this economic situation, we are bound to know who the real entrepreneurs are. They will be spending a year to clean the mess. They need to make the decision if they will be facing harsh times. There are different ways to handle the fall. It involves laying off staff, renegotiating contracts, being yelled by investors, facing law suits, attending meeting and facing media. If you can’t face this, then you are out.
The real entrepreneur is there to take risks and attending meeting. False entrepreneur create noise in order to distract investor. They won’t be involved in risk taking activity. False entrepreneur create base for real ones. It is not easy to stand out but fake businessman can pave the way for real ones to emergence.
Did you know that people’s reputation is made during tough times? You will realize that you can learn a lot by staying with the company compared to running away. You can able to get the respect of your friends. You can analyze and learn when people break down during tough times. The best thing about falling is the fact that you will know who your friends are. In this situation, you need to know how much time that you have in terms of money. Your accountant can do this for you. If you know how many months you got, you need to create a plan. This means doing necessary things like negotiating and cutting down the bills. There is also a need to check recurring cost. You need to change your business style.
If your company is undergoing economic crisis, you should understand that you are getting stronger. Understand which aspect of your business is stronger and which are working well. You need to know these things when you start cutting. It is a sad process but the key here is to know what you are doing.
When your business is falling, you need to put your employees to test. As we know, you need to cut down on your staff. You probably don’t have a choice. There will also come a time that you need to cut down on salary. There is no better way to do this. It is important to prepare yourself on this matter. Starts up businesses are prone to fail especially in these tough times. Make sure you stand out to be real entrepreneur.
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