How to Rebound your Business from Bankruptcy

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.

“He told me to look at things differently,” Charfen said. “He said, ‘You had lots of choices. You could have chosen to ignore your bankruptcy and racked up more debt. You could have chosen to run away to Mexico or Europe. You could have chosen to become a shut-in and isolate from the world. Instead, you decided to face bankruptcy head on. Now own it and move forward.'”

Just as entrepreneurs have to pivot as new initiatives don’t pan out, do the same with your financial situation.

Read the full post here.