What happens to your life when you are broke in business
Monday April 10, 2017,
5 min Read
Life after broke is actually perplexing and traumatizing. Worried mind continuously thinks if the company could have been handled differently. The period of struggle fills the mind with lots of chaos and uncertainty.
Cash Trapped life
When you are broke, you get to realize your financial boundaries and limitations. You will be short of finances, but you still have to manage the day to day expenses of you and yours’ family. Every day you need to make some choices, even for smaller expenses such as going to a party or dinner, to ensure that you pay your bills on time. However, it is an opportunity to learn a lesson that you will not have learned otherwise. It makes you willing to do anything to make sure that you are not broke again.
Reinventing yourself after losing everything
During hard days, the mind is filled with uncertainties and doesn’t allow to see the roadway to success. In the process of running a business, you would have gained various skill sets like how to start selling (you can learn to build Shopify stores), how to manage a team, or how to bring the best in whatever you do. A taste of running a business changes your outlook to your life.
You will always look for an opportunity to start a new venture or add value in whatever you pursue. You might look sad and unsatisfied to outsiders, but you were once in charge of your own business, so you will make some drastic changes in near future to improve your current financial situation. It takes the time to get restored to former glory.
Playing victim role by blaming the company, economy, or lack of resources does not solve the problem. Sooner or later, you may realize that no one wants to be broke or to struggle. Every successful person goes through this process as it tests their ability, faith, and determination. Focusing on changing yourself and taking corrective action can help you to get rid of your mess and help you to pass your time with more clarity.
Learn during difficult times
The ultimate aim of every business is to make a profit. It is better to move on if the company is not making a profit then running the business in the loss. Many large enterprises have withdrawn products or shut down the business while incurring losses like Yahoo or Nokia. There will be insecurities as your give any every moment of your life to make it a successful. It is a test of ability to make thing happen. If you continue to show growth in your struggle period and perform better than yesterday, you will soon accomplish what you were looking for. If you do not have confidence in what you are doing, you will always find a reason to lose.
How to put yourself in a better way?
It is a heartbreaking to realize when failure happens. However, over a period, you will realize that it is not the end of life. You might need to work somewhere to gain some money. No one expects a failure to happen, and therefore usually people are not is prepared for it. This experience teaches to address failure, adapt to new changes and recover by reinventing yourself.
You may be in exhausted or in shock stage to accept that you are broke. It is better to accept the failure as soon as possible so that one can plan the future course of action. Accept breakdown. Learn from your mistake and grow for a better life. You never know something bigger might be waiting for you on the way.
Decide to change
Thinking about change will not happen unless action is taken to accomplish it. Don’t use the word ‘I cannot, or it will not work”, simply start doing it to lift yourself out of the current financial state.
Test your skills
It is hard to step out from your comfort zone. Probably you can join a new company or experiment your coding skills or help other company to run its show. It is a way to use time better and think about the real business problem solved in a better way.
Connecting with right Influencers
There is saying, if you hang around with confident people, you will become confident and if you hang with millionaires, you will become millionaires sooner or later, but the same time, if you hang with broke people, you will soon become broken. You will become whom you choose to be around. Their belief, their thought process, and their ways of living will affect your life. So find a right mentor and join a group that has a lot to do with your area of interest.
Follow up and reflect
Go through a transformation phase and take the time to understand your pitfalls in your business. Use this time to understand new opportunities and relationships to develop your future career. Use your accomplishment as your motivation and have the courage to move ahead. There is no need to justify your actions or listen to any negative comments.
Be with positive people who talk about new ideas, new direction, and support.
Not everything in life goes as planned. Everybody life is different from others, but it is a journey for everyone to realize it is not an end in itself. You are here to discover something new about yourself. Be in Pixar, Tesla or Disney; each faced a struggled time; it makes a big difference how you look yourself during difficult times. Don’t let the bitterness steal your sweetness. If you change your thoughts; you change your life!