Getting Back Up After Insolvency

We all know that once we start a business there’s a good chance that it will end in failure. It’s a fear which paralyses millions of potential business owners every single day, but something which must be overcome if you’re going to get anywhere in life. To strive into the world of business and come up short on occasion is infinitely more honourable than sitting on the side lines and watching as others attempt to make it in the world of business. Sadly, oftentimes a business just can’t stand up to the cut-throat world it enters and, across the world, tens of thousands of businesses are liquidated each quarter. It’s a sad fact of life, but though your business may have reached the end of the line, the same doesn’t apply for you personally.

Getting back up after a blow is the truest measure of a businessperson, though many are held back by fundamental misunderstandings of how liquidation affects you as a person. Though in the eyes of the law your business no longer exists, your ability to act as a director of a company is not affected at all. Common knowledge would have it otherwise, but it’s really not the case that you can’t be a director of another business. It’s also not the case that you cannot start a new business once your old one has been liquidated. The only thing you have to keep in mind is that you cannot start a new business with the same or a similar name to your prior, liquidated business; doing so can result in prosecution.

So, legally, there’s nothing at all stopping you from jumping back on the horse. The issues are often primarily mental. After all, the act of running a business is oftentimes incredibly stressful, but consider for a moment the knowledge that you’ve accrued over the course of your experience. At that beginning of your business career, you’d have killed for that knowledge. Now, at the start of a new adventure you come equipped with a fantastic amount of knowledge that can be applied to a lightweight, adaptable business idea.

Standing up after what seems like a failure can be difficult, but when observed from an objective standpoint it’s clear that you’re currently in the best position you could find yourself in. Without the burden of shareholders and customers, you’re free to experiment and build something truly incredible. Everyone from Bill Gates to Colonel Sanders has suffered the loss of their business, but what marks them out as special was their willingness to submit themselves once again to the world of business.

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