What will be your next move if your business falls?

[Kirubel]

There will be some time when things go bad and we starts to lose money and when our business starts to fall, even if we tried our best things will not change and the future of that business is to fall, and if we are strong we change our business field and start a new business with new idea and with fresh start, but if we are weak we will withdraw from business world and never look back to any business.
If you were in this place what would you do?

 

[eLdavis]

I am really hoping my business does not fail though, but to prevent a situation where I won't have something to fall back to something I can use in sustaining myself till I am able to get up on my feet again, I am trying to invest in multiple sources things so I can have multiple sources of income.

 

[Kirubel]

I am really hoping my business does not fail though, but to prevent a situation where I won't have something to fall back to something I can use in sustaining myself till I am able to get up on my feet again, I am trying to invest in multiple sources things so I can have multiple sources of income.

That is a good thing, ever business owners should do the same thing that you said, we can't be sure about any thing that will happen in the future so having a plan B is a good thing, and yeah having multiple source of income will make our life easy even if our business falls, and we can get right back to where we were even if the business falls.

 

[Suba]

I have experienced business failure or bankruptcy twice, so the business had to be closed. The first time I had to go on holiday while visiting relatives who lived in another city, because at that time it was impossible for us to think clearly, so it was impossible for us to make a decision immediately. . It's better to calm the mind and make the heart happy.

 

[Kirubel]

Yeah we all faced this thing when we are running a business, and most of the times when we are new to the business world this thing have higher chance to happen, and the first thing we need to do is to calm our self, then try to find other business ideas.

 

[mrki444]

Changes in school system will take half of my work hours and salary. So I have two choices. Change my job or work in two schools again.

 

[Kirubel]

Changes in school system will take half of my work hours and salary. So I have two choices. Change my job or work in two schools again.

Having a second choice is a god thing, since we can't be 100% sure on a business having additional income source will help us to stay in good condition when one business falls.