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[Reznov]

You spent a lot of time,effort and energy doing a business, but there comes a part where it fails, you can't move back and get back what you spent, but also if you continue, you'd lose more and more .
what's the first thing to do after realizing that your business failed ?

 

[Balint098]

Look for a way to fix it, and if you can't, ditch/sell that business (if still possible) and start a new one. Hope you can learn from the mistakes and experience you gained from the failure of the first one.

 

[SCAMEXPOSER]

I agree with @Emoney , the first step is to revalidate every of your steps in the business, if they are adjustable you adjust and give it a shot again and you will succeed, if eventually you don't try another business that could work.

 

[1FALCON]

Look for a way to fix it, and if you can't, ditch/sell that business (if still possible) and start a new one. Hope you can learn from the mistakes and experience you gained from the failure of the first one.

im inspired by that words thanks

 

[adventurer]

when I try something and it fail I just look back to my plans and see where is the problem or the action that caused me this bad result so I change it for a better action and find other result

 

[Reznov]

The first thing to do after experiencing failure in a business is to identify the mistakes made earlier, learn from from the mistake and try and make corrections and if this is not possible. One can abandon the business

well, expecting failures and issues should be something that people have to expect and put solutions for even before launching a business

 

[Josemendez]

You spent a lot of time,effort and energy doing a business, but there comes a part where it fails, you can't move back and get back what you spent, but also if you continue, you'd lose more and more .
what's the first thing to do after realizing that your business failed ?

I think this is a difficult decision to make .
However , you can't be fully sure that going further will result to more loss . but assuming that is the case , it is better to stop a d endure the money lost already instead of losing new ones .

 

[Reznov]

I think this is a difficult decision to make .
However , you can't be fully sure that going further will result to more loss . but assuming that is the case , it is better to stop a d endure the money lost already instead of losing new ones .

Yes, that's what i exactly meant, because when you are still trying you lose money doing that, so stopping at an earlier stage would be even a better solution

 

[Josemendez]

Yes, that's what i exactly meant, because when you are still trying you lose money doing that, so stopping at an earlier stage would be even a better solution

Yea , like I said it is also a difficult decision to make as well .
I think the cause of such situation will be an unplanned business . A business that was started without a feasibility study .

 

[microunit]

I guess the first thing to do is reflect and think about what went wrong on your business if it's something that you think you can fix then you should keep doing it or restart it

 

[Josemendez]

I guess the first thing to do is reflect and think about what went wrong on your business if it's something that you think you can fix then you should keep doing it or restart it

Restarting a business which has proved not to be feasible after the start ups seems a bit odd . unless one was able to understand what went wrong , and the only solution to correcting it , is starting afresh .

 

[Josemendez]

The first thing to do after realizing failure is to check what went wrong when with the business at first, where you've made mistakes. Learn from the mistakes and retrace your steps by putting correctives measures in place to correct your errors and put the business back on track. I wouldn't advise anyone to quit a business because of failing, you can always get back on track, it's just a matter of time.

Is like you didn't get the question . he was trying to ask for our opinion on a business which one has started , and which has not progress , and the factors surrounding the business shows that the business can't progress in future. So he is asking whether to stop the business and forget about the money lost already or to keep doing the business hoping that things might change .

 

[anisbouanaka]

the first step is to take rest, calm down (sleep or do something better for yourself) like avoid the overthinking and the sadness.
after few days you will feel more better and you start analyse what happened and the reasons of your failure and benefit from the lesson that's the important point

 

[Reznov]

the first step is to take rest, calm down (sleep or do something better for yourself) like avoid the overthinking and the sadness.
after few days you will feel more better and you start analyse what happened and the reasons of your failure and benefit from the lesson that's the important point

I don't think that someone who has a huge issue in his business would be able to sleep xD, but you are right, panicing isn't going to solve it either, relaxing sometimes can bring into better results

 

[anisbouanaka]

I don't think that someone who has a huge issue in his business would be able to sleep xD, but you are right, panicing isn't going to solve it either, relaxing sometimes can bring into better results

yeah, it's hard and maybe impossible for some people but this is the right thing, if he will do any activity he will lose another amount of money easily so he needs to take a rest and think smart.
that's happened for me on the gambling sites in the past, I lose 100$ in a game so I was nervous and replayed again and I lost again 25$
it was a bad memory that I had lived.

 

[Wisdom01]

I suggest you create new strategies and plan ,then implement it also check your former mistakes and know your faulty side then use it make a success

 

[Wisdom01]

Firstly cool your temper, clear your mind and check where your mistakes and failures come from look into and find a way to fix it before moving on

Yeah that's the best thing to do , only that most people find it hard to forget such thing and give up in the process , because they believe their mistake in which they need to correct might be too expensive

 

[Blessed15]

You should review the situation and try and pinpoint the sources of the mistakes. Be honest to yourself and and also seek help from others if necessary. Failure is one of the greatest teachers and there are many successful business people today who experienced a lot of failures before they got it right.

 

[Wisdom01]

You should review the situation and try and pinpoint the sources of the mistakes. Be honest to yourself and and also seek help from others if necessary. Failure is one of the greatest teachers and there are many successful business people today who experienced a lot of failures before they got it right.

You are right ,only that most people find it hard to get the source of their failure,and give up in the process i think they also need a proper mentor for guidance

 

[a_jerobon]

You spent a lot of time,effort and energy doing a business, but there comes a part where it fails, you can't move back and get back what you spent, but also if you continue, you'd lose more and more .
what's the first thing to do after realizing that your business failed ?

If the business is failing and there is a possibility that you will continue loosing if you go on with it, then stop doing it and accept the losses that have already occurred. If it is something that can be fixed, then fix it and go on.