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The largest known bankruptcy was in 2008 when the world economy hit a depression. While many founders saw the period of bankruptcy as a time to call it a quit, resilient founders saw such a period as a time to go to the drawing board and start afresh, this time wiser. While many businesses parked up, others survived the storm. In this article, I draw lessons from founders who lifted their startups successfully. Many of these founders suggest that founders undergoing bankruptcy, especially in this present time, should draw upon their entrepreneurial strengths and use the following tips to put themselves back on the path to doing what they love.
Remain Steadfast And Strong
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Rather than isolate yourself, reach out to experts, friends, peers, and associates to get their opinions on what to do next.
Take A Financial Stock.
Review Your Budget
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Finally, founders facing bankruptcy must exhibit a deep level of transparency to essential stakeholders and financial advisors who can help draft a strategy to avoid future recurrence.
Remain Focused, Passionate And Driven
A Final WordBankruptcy is not the end of the world. Founders must know that bankruptcy means only one thing is temporarily missing in your business: money. Other indexes such as your vision, passion, creativity, network and support system are enough resources to rely on to get you out of bankruptcy. Never face bankruptcy alone. Get help, especially from those who are interested in your growth. Never forget that bankruptcy is just a phase – and you’ll be fine. Featured Image Source: Generis Global Legal Services
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