As difficult and just basically sad is a shutdown, there are ways to not make it worse. Below are listed some suggestions that may be helpful. My hope for you during the process of shutting down Is that you carry away suggestions contributing to your future. You will have a future and one of the purposes for this book is for you to have a personal plan bringing hope and reestablished confidence.
Sometimes the dragon wins. The knight in shining armor ends up as lunch. His enemies cheer, family and friends weep.
After a while, life goes on. A shutdown may be a constructive opportunity for you. You might decide to change careers, go back to school, work for a paycheck and a big company and so on. Experiencing bad or good helps us make decisions for future life.
That may sound harsh and negative, but it’s reality: most new enterprises close their doors within three to five years. The records show that around 85 percent of venture backed startups shut down. The chances are high that your fledging business is going to stop and your dreams with it.
In spite of the odds against success, there is nothing wrong with trying to be an entrepreneur and “having a go at it.” You can learn from what your predecessors have experienced and get prepared for the inevitable encounters you are going to run into along the startup trail.
When prepared, you’ll boost your odds of not being part of the bunch that closes its doors. And if you are ready to fight your inner personal challenges that will accompany life-threating battles to save your business, then you have a super chance to emerge personally stronger and able to manage the most violent of encounters that could seriously damage your soul, truly a better person. Even if the business ends.
If You Must Stop the Business
There are things you can do to be successful when stopping a startup.
Those are business things that must be done, things that have to be done.
There will be emotional consequences to everyone.
Everyone will feel intense, negative emotions, no one will be immune. Leaders will feel very exposed, responsible. I’ve listened to founder CEOs express how bad they feel, knowing employees are going to be struggling to pay the mortgage or rent. Battle-scared , veterans will tell first-timers they have to overcome those powerful personal forces and get on with ending the startup.
During the shutdown process, your best business friend will be your attorney. He’ll keep you legal, and knows how to avoid being taken advantage of by other corporations or people. Stay close to him.
In my blog tomorrow, I'll help you prepare your shutdown plan:
"Good Shutdown Actions to Take"
Hang in there, it's not the end of the world -- it just feels that way!
I wish you The Best on your Adventure!