{"id":5650,"date":"2018-11-01T13:28:32","date_gmt":"2018-11-01T13:28:32","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=5650"},"modified":"2018-11-01T13:28:32","modified_gmt":"2018-11-01T13:28:32","slug":"dealing-corporate-insolvency","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/dealing-corporate-insolvency\/","title":{"rendered":"Dealing With Corporate Insolvency"},"content":{"rendered":"
\"Dealing<\/a>
Dealing With Corporate Insolvency<\/figcaption><\/figure>\n

It can be challenging to give up on a business, indeed, as so many people hold onto relationships that are no longer nourishing<\/a> or providing value, many entrepreneurs hold onto business that are costing them a lot of emotional energy and financial resources.<\/p>\n

We all know of people that have built a business, investing their blood, sweat and tears into the process – only to find, at some point, it all comes crashing down and they need to \u201clet go\u201d but they hold on, clinging for dear life – but losing a lot in the process, as a a result.<\/p>\n

In some ways this can be likened to trying to resuscitate a dead business, which if we look at this in the metaphor of resuscitating a dead person – we can see there is little value in keeping on administering CPR if the person has already died. \u00a0Yet, as a result of our emotional attachments to our business, we cling on, and struggle to let go of the dream we built.<\/p>\n

However, in holding on so tight, we are not free to rise up again like the true phoenix spirit of an entrepreneur; choosing instead to get consumed by the fallacy of sunk cost, which is where we find so many business owners throwing money at a problem, only to find it\u2019s a bottomless pit.<\/p>\n

In this sense, dealing with insolvency<\/a> is a highly emotional process, that is much more than a legal and administrative process. \u00a0Of course, being supported by a professional team such as Neil Davies & Partners Solicitors will certainly help ease the administrative burden and navigate through the potential pitfalls of corporate insolvency – but the one thing you\u2019re going to need more than anything else is perspective.<\/p>\n

In that vein, here are three ways to help shift your perspective and remain positive despite the adversity you might be facing in your business and personal life.<\/p>\n

    \n
  1. SHIFT THE MEANING<\/strong><\/li>\n<\/ol>\n

    No event has any true meaning other than the meaning we attach to it; thus, there are no \u201cgood\u201d or \u201cbad\u201d things in life, it\u2019s only how we perceive them, that makes them how they are. \u00a0Understandably, if you\u2019re going through an insolvency process it can be heard to attach a positive meaning – but if you see this as a chance to restart and rise up again, you will feel a lot better about the situation.<\/p>\n

      \n
    1. \u00a0SHIFT YOUR FOCUS<\/strong><\/li>\n<\/ol>\n

      So many times, when encountering tough times people walk around with their head down, focused on what has gone wrong. \u00a0This is understandable, but it\u2019s important to shift your focus to the future rather than the past.<\/p>\n

        \n
      1. \u00a0LEARN FROM THE EXPERIENCE<\/strong><\/li>\n<\/ol>\n

        Life tends to give us a lot of lessons<\/a>, indeed, it can come and thump us over the head with some life lessons, but it\u2019s usually only through experiencing such tough times that we learn and grow – meaning, this experience, albeit unpleasant, has value in the sense that it can teach you a lot if you are open to using the experience – rather than letting the experience use you.<\/p>\n

        This is an article provided by our partners network. It might not necessarily reflect the views or opinions of our editorial team and management.<\/strong><\/em>
        \nContributed content<\/strong><\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

        It can be challenging to give up on a business, indeed, as so many people hold onto relationships that are no longer nourishing or providing value, many entrepreneurs hold onto business that are costing them a lot of emotional energy and financial resources. 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