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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

How to Recover After Financial Collapse

Written By: Catherine Morgan | Comments Off on How to Recover After Financial Collapse

bankruptcySmall businesses will have their financial ups and downs. Unfortunately, they also may crash and burn. But this doesn’t have to be the end for an entrepreneur.

Carol’s latest post on entrepreneur.com, “6 Steps Resilient Entrepreneurs Take to Rebound From Bankruptcy,” gives some sound advice for moving forward after a personal financial meltdown. She begins:

“Bankruptcy has affected millions of Americans. As an entrepreneur, having personal or professional issues — or even a failed venture — that creates a situation where you are put into bankruptcy can be demoralizing, create emotional stress and overwhelm and dampen your entrepreneurial spirit.

But you don’t have to let bankruptcy be the end of the entrepreneurial road for you.

Take serial entrepreneur Alex Charfen. After selling businesses at ages 16 and 21, running a consultancy for Fortune 500 and global 100 companies focused on opening new markets and authoring the ebook, The Entrepreneurial Personality Type, Charfen’s next milestone wasn’t one he wanted to put on a CV —  going bankrupt.

Charfen was extremely disheartened to find himself one of many whose real estate exploits put them into bankruptcy during the 2008 financial crisis, but he has bounced back. He recommends that you draw upon your entrepreneurial strengths, and use the following tips to put you back on the road to doing what you love.

1. Face it head on.

Charfen said the initial kick in the pants that got him back on the road to clean financial health — and re-entry into entrepreneurship — came via some straight talk from a friend.”

You can read the rest of the post here.

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.