Recovering from the Loss of a Business: Recovery, Reversal, and Coping Strategies

These phases are based on the work of famous Swiss born psychologist, Dr. Elisabeth Kubler-Ross:

1. Denial. , and develops approaches to create defenses against the impending strain.

2. Blame happens within this phase.

3. Bargaining. That can be a”truce interval” in which a person makes”deals” in their heads if”just” things do not play out the way that they are bound to do so.

4. Depression. This is the actual grief stage, and also an individual will mostly feel frustrated and hopeless.

5. Acceptance. This is where truth is dealt with along with the practice of”going on” starts. Withdrawal from others might happen temporarily here.

Though Dr. Kubler-Ross developed the five phases primarily for use when dealing with terminal illnesses that cause death, her work can easily be applied to a lot of key life stresses, for example, reduction of an organization. Additionally, not all people go through every stage routinely in sequence, with some bypassing phases, or remaining in 1 stage longer than many others.

Business owners who suffer the devastating loss of a company must allow themselves the exact same flexibility and time for approval which other significant life stressors need. They will need to work during the five phases until the fifth stage, approval is attained.

With defeat, occasionally understanding is achieved, and when a company owner can work throughout the phases of despair successfully, and utilize the knowledge achieved for enlightenment, then maybe they could successfully begin another company in the long run and achieve much better outcomes.

The listing can include such Information like:

1. Why the company failed overall: Why was it the incorrect kind of company for the wrong kind of clientele? Can it be targeted incorrectly? Can it be too unusual to be successful? Was the promotion of this company wrong? Were the expenses too wonderful? Was the company plan and prognosis realistic or faulty?

2. What errors led up into the collapse: Can the company grow too fast or too slowly?

3. What can the company owner correct/rectify later on? This is definitely the most significant question, and a listing of methods which could possibly be utilized as a step against potential failures ought to be made.

Business owners will need to give themselves time to cure and form through their feelings, however. Any reduction is so emotionally draining so that jumping back into the”company fire” with a different company isn’t always a fantastic idea before the company owner has regained their own ability and worked through their feelings of despair completely.

Turning the”negative” of this reduction of the company to a”favorable” learning experience will likely soon discover the company owner regained and moving on the upcoming positive step in their entrepreneurial own lives!

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