Perhaps ABBA said it best when they sang, “I work all night, I work all day, to pay the bills I have to pay … And still there never seems to be a single penny left for me.” Sure, the realities of personal finance can’t be summed up mid-1970’s disco music, but their hit “Money, Money, Money” really resonated with people.
When you own and operate a business, you have to be ready to bear the brunt of responsibility for your success or failure. Businesses start up and close down every day, which means you need to be comfortable with risk and willing to work your way back up when you get knocked down. Bankruptcy and insolvency are two very possible outcomes of your efforts, which is why you should know where to go when you need financial support.
Out of all the things to consider regarding insolvency services for business, just being aware that you can turn to financial professionals like Licensed Insolvency Trustees (or, as they’re also known, bankruptcy trustees) or credit counsellors for help can be a huge comfort. If your business is dealing with a debt issues, it’s possible to recover. Here are some inspirational quotes from successful entrepreneurs to keep you motivated as you continue to push your business further.
On Failure
You need to have thick skin in order to make it in the competitive world of business. And for many, the path to success is paved with plenty of failures and learning opportunities. Even a major setback like declaring bankruptcy in Ontario (or Osaka or Ohio or anywhere, really) shouldn’t keep you from bouncing back. Here’s what some successful businesspeople have had to say on the topic of failure.
“You have to see failure as the beginning and the middle, but never entertain it as an end.” – Founder and CEO of Stella & Dot, Jessica Herrin
“You have to get good at ceding control and not taking things personally. Even seasoned entrepreneurs have struggled with that. I think it’s about not taking failures personally and also not taking successes personally.” – Founder of Samasource and LXMI, Leila Janah
“If you tune it so that you have zero chance of failure, you usually also have zero chance of success. The key is to look at ways for when you get to your failure checkpoint, you know how to stop.” – Cofounder of LinkedIn, Reid Hoffman
On People
Small business owners often rely heavily on a solid team to wear different hats and roll up their sleeves during the tough times of a company. Having the right team can be the deciding factor between whether your business thrives or if it fades away. Consider the following wisdom when deciding how to make up your team.
“It’s very important for entrepreneurs to look for people in the company who are not afraid of failures, for example, intrapreneurs. They make a business more successful by thinking like an entrepreneur – but within a company.” – Founder of Taco, Chirag Kulkarni
“People are the most important thing. Business model and product will follow if you have the right people.” – Adam Neumann, Co-founder of WeWork
About Carson Derrow
