A failure in business or finance is not a failure if you will learn the lessons that are available. Thomas Edison obtained patents on over 1000 inventions. In describing the nature of his work inventing the light bulb, he said, "I didn't have failures, I just discovered 1000 things that didn't work".
To fail in business and find that we are broke or bankrupt is a very difficult experience. It often causes a person to withdraw...avoid people or even go into major depression. I don't pretend to have all the answers for bringing one out of depression, but I have had enough such events in my life, I believe I have learned something of how to deal with it in a positive manner. The first time this occurred in my life, I spent a few days just thinking about what had caused me to fail in business after working so hard fpr several years. I found that two factors were a slumping economy and trying to survive in a very small town with a limited market.
In taking a close look at what I had actually done, I could identify positive things that I had accomplished. For example, I had built a business from nothing and had numerous clients which were happy with my service. I had learned about management and how to build a good relationship with customers. I had learned some sales skills. In short, I had been successful in many aspects of my enterprise.
Some of what I learned was that I needed to operate in a larger market. Also I determined that more operating capital was needed to build a business.
My next step was to find another means of supporting my family. So I mentally "packaged" all the things that I felt I had to offer a prospective employer, traveled to the nearest big city and began searching for a position that would use my skills. It was wintertime, cold, and Christmas holidays just ahead but I went day after day with a very upbeat attitude, feeling good and very optimistic about the future. It was a three month process and there were some days of discouragement, but I continued until I found a position that was to serve me well for seven years.
This is why I say a "failure" is not always a failure. The decline of my business forced me to look for something better, to assess my skills and use them in another market to greatly increase my income. I also had the benefit of a company car and expense account with my new position.
Seven years later another change in the economic conditions resulted in my being laid off from that position. I looked for a similar job but it was not to be found. The sudden layoff didn't bother me because now I'd been through this type of experience before. This time I started a new business and within 2 years I had doubled my previous income.
Maybe you can relate to some of my experiences and you find yourself in a difficult situation right now. Perhaps you are trying to figure out which way to go next. Here are 7 tips to help:
1. Spend some time sorting out the causes of failure. Some will be factors beyond your control. Those you just accept as the hazards of any worthwhile endeavor and then move on. Don't beat yourself down over them. Look at any factors for which you can take responsibility and determine how you can improve your own skills.
2. Review all that you've done that is positive and focus on that. Don't imagine that everyone is looking at you as a failure. Others will be able to see good in you even when you can't.
3. Focus on the positives that you have to offer and look for a place to apply those skills that would be of value to someone.
4. Find some successful people to talk to. A truly successful person will be willing to listen to you and offer some encouragement and suggestions. It's unlikely that they became successful without some struggles of their own.
5. In today's world you can use the internet to research for a new opportunity. Also you can obtain extensive education in many fields, often with little or no cost. Open your mind to finding something new.
6. During this whole process give yourself some time for physical exercise and leisure type activities to provide a break in the intensity of the situation. It will help clear your head for clear thinking.
7. Read some stories of successful people who have arrived only by persevering through multiple setbacks and disappointments. You may be surprised at how many there are. The inspiration you find will be a tremendous help to get you through a difficult time.
This is a time when many are having to find a new way to go in life. Large corporations and small companies alike are being challenged. I look at the cup as "half full". I hope you do too and that you will press on to success.
copyright 2011 Phil V Thomas
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