Bankruptcy is about having no skills

[Starmix]

When we hear people saying that a business goes bankrupt, their reason is that the owner has no skills in managing their business. The truth is that bankruptcy is not solely about lacking skills; it often results from a combination of factors. Unexpected events like medical emergencies, job loss, or economic downturns can lead to bankruptcy, regardless of one's skill set.

Also, skilled professionals, such as doctors or lawyers, can still face bankruptcy due to poor financial decisions or unforeseen circumstances. Bankruptcy can also stem from a lack of financial literacy, rather than a lack of vocational skills.

Further, even with valuable skills, individuals may struggle to compete in a rapidly changing job market, leading to financial difficulties. Bankruptcy can be a consequence of predatory lending practices or unfair business deals, regardless of the borrower’s abilities.

Furthermore, small business owners, despite their entrepreneurial skills, can face bankruptcy due to market fluctuations or unforeseen expenses. Many individuals who experience bankruptcy possess valuable skills but lack the resources or support overcome financial hardships.

Moreover, bankruptcy can be a result of systemic issues, such as wage stagnation or lack of access to affordable healthcare, not solely individual deficiencies. Ultimately, bankruptcy is a complex issue influenced by various factors, and attributing it solely to a lack of skills is an oversimplification.

 

[eLdavis]

True, bankruptcy is not always about lacking the skills to manage the money. Even the most skilled person could experience this. The money market can be pretty unpredictable.

 

[Fidelia]

Only one bad incident and a person or business would go bankrupt. Not all bankruptcy are self inflicted.

 

[Starmix]

Bankruptcy is a complex issue. It does not correlate with the lack of skills by the business owner; there might be reasons that trigger his business to sink.

 

[Min George]

I have seen someone that got diagnosed with cancer and she ended up spending all her money even when she was very wealthy.

 

[Starmix]

A case like a dreadful disease could be one factor for a business to fail. Saving a life is one important thing and the business could be revived once the health problem of a family member will be resolved positively.

 

[Kross]

That's the reason that we should be careful with our lives. We can have good business ideas but some bad occurrence like persistent ill health doesn't allow us to express that business idea to make money.