By Bizna Brand Analyst
If you are a regular reader of this business blog, then you should be aware of the fact that we love writing about failures and challenges too; other than successes because we believe that failure teaches you more than success. If it’s your personal goal to become a millionaire in your lifetime; you will encounter several challenges and problems in pursuit of this goal.
1. Mourn – You are allowed to feel bad about it for a while
It’s okay to feel bad and mourn. Everyone feels bad in the eventuality of a negative or terrible situation; it’s natural. The reason I am writing this is to make you understand that humans are the same with respect to emotional reactions. No one is super human; You will have sleepless nights and heartaches due to investments lost. Such emotions will help you work harder in your next venture. You won’t ever want to be in a similar situation again. But after that, you let it go. I have seen and heard of individuals committing suicide just because they lost their business or investment. Don’t do that.
During the global recession a few years back, the media was awash with news of millionaires and billionaires committing suicide. It’s never a pleasant thing to see your life investments going down the drain but you have to be courageous in such situations. This is where the need for emotional intelligence and control comes in.
2. Analyse – Keenly assess the level of damage done
After crying, cursing and wishing you had not taken certain steps; you have to assess the level of damage done. You should note the debts incurred; the mistakes made, the liabilities on hand and how bad the situation is. Where did you go wrong? What did you do wrong? These are the questions you should try to answer in such situations.
READ: Millionaire Tonnie Mello: You don’t always have to quit your job and start a business to make it
3. Recover – Pick up my most important assets
After accessing the level of damage done, you should pick up your most important assets. Your most important assets here are your business team, strategic employees (in case they don’t abandon you) and vital documents. Most importantly, you should pick up the lessons learned from the failure. If you move on without the lessons learned, then you are a fool on the way to financial doom.
4. Brainstorm – Discuss with trusted people the best way forward
The next thing you should do is to sit with your team or trusted friends and brainstorm on the possible way forward. Together with them, determine the next steps, milestones and make commitments to achieve desired goals.