Daily Post #473 Study bankruptcies

We almost only talk about the start, the growth, the pivot and the success.

We might talk about the failure, the decline, the miss.

But we never talk about the consequences of failure. The bankruptcy.

Losing everything, seeing your dream crash and burn.

We talk about “going all in” and “fully committing to what we are passionate about” which is good since your idea needs your full focus and attention.

However, that doesn’t mean you should be stupid or take foolish risks.

I think it’s a sobering and important aspect of all entrepreneurship to understand what can happen if everything goes wrong. It might not even be your fault, but you are still the one left holding the hot potato when the music stops.

Take time to follow bankruptcies, if you live in a country where there are open bankruptcy courts, visit them. It is a grounding experience and will hopefully make you respect what can happen if you don’t make sure to take what you are doing seriously and give it your best effort, but without putting your house down as collateral.

For every successful entrepreneur who tells a story about “I was inches away from losing everything”, there’s another 100 out there that actually did lose everything.

Sober up, find balance, make it work but make sure you won’t lose everything when (yes when, 9 out of 10 fail after all) it crashes and burns.