Nananap’s Daily Question #7 …… Who hurts the most when a biz fails?
” … how did this happen? …”
Nananap’s Daily Question #7 …… Who hurts the most when a biz fails?
I hope this doesn’t sound negative – but I think we bleeding edge founders need to ask and remember who will really REALLY hurt if the biz fails……….
Sadly I have come to realise that no one really hurts like the founders. And I am not just talking money. Its respect………….. its a bunch of intangibles ….what your parents or kids think…..or worse what you think they think!
When an investor loses money they lose money and perhaps gain a scapegoat…….. but they move on (usually)
Founders losing the business generally will drag down friends and family, and themselves. People who trusted you – who believed in you will never forget. Investors will regret the day. Your business will become a dinner party joke.
Personally _ You will have to learn to deal with a pain there is no medication for. You will probably recover somewhat but the pain will be there as a warning in the future. The joy of entrepreneurship will be weaker forever – a little dimmed by failure. It will be easier if you are 25 but terrible if you are 55 years old
Acquaintances and distant relatives who for years have politely asked “hows that XYZ business of yours going ?* will now have been proved right………..
So take care! – spend carefully – nurture a team- get sales quickly – celebrate – focus – refocus – don’t throw away equity
(PS if I had known this!)
Nuf
Simon
