| "How am I going to break this news to my | | | | Limit your risk - Determine how much your risk is |
| family? Er.. well, sorry family... today I became | | | | and how much you can afford to take on. Do not |
| another victim of the recession. My Boss says | | | | expose yourself to more than necessary. There |
| that the Company is being restructured and that | | | | is always a measure of risk in business and for |
| my role is now... well... redundant." | | | | this reason you will need to consider an exit |
| What happens now? What will become of us? | | | | strategy. What risks can you afford to take, how |
| What am I going to do? | | | | much, and how will you extract yourself with the |
| Oh yes, I know just how crushing it can be to | | | | least damage to you and your family? If you are |
| face a layoff. The initial fear is replaced by | | | | working with a partner then be frank and honest |
| feelings of disappointment, betrayal and anger. | | | | with each other. Do not get swept away with the |
| Next are feelings of failure and humiliation, and | | | | idea that discussing risk is pessimistic and that to |
| then fear all over again, and... | | | | succeed you need to be positive all the time. |
| I've been through it all, no, not once, but three | | | | Frankly that is totally unsound reasoning. Discuss |
| times. However, despite my worst expectations, I | | | | all the risks together and in every case have a |
| am still here; there is life after redundancy! | | | | clear exit strategy. Nothing can destroy a |
| Do not panic! | | | | business as quickly as when a partner whom you |
| Granted, I am making it sound so easy. "Don't | | | | are depending on pulls out unexpectedly. |
| panic!" Instead you may be thinking like this: | | | | Have a clear business strategy - No, a strategy is |
| "Listen here, my friend, you've got no idea how | | | | not simply about what you are going to do with |
| big my problems are. There's just no ways that I | | | | the business. That is a plan, a modus-operandi. |
| can make it." If that is how you feel then please | | | | When a politician announces that he or she is |
| do not loose heart; allow your fears to make you | | | | going to sort out the traffic problems in a |
| cautious, but do not panic. The worst mistakes | | | | particular city this is a policy not a strategy. The |
| which I have made when in circumstances like this | | | | strategy is about how this is going to be done, |
| were when I panicked and acted recklessly. | | | | what the challenges are, what the opposition have |
| Why not consider a career change. Indeed, a | | | | in mind, and why the strategy provides a better |
| career change can be very refreshing. Afterall, | | | | solution. It is here where you will need to consider |
| over the years you have gathered a wealth of | | | | 'what-if'. What if I do not achieve a particular |
| knowledge an experience. You have also | | | | milestone? What if the market shifts? For every |
| discovered a lot about yourself; you know your | | | | 'what if' answer provide a contingency plan or a |
| strengths, your weaknesses, the things that | | | | way out. This could also include the notion: What if |
| interest you and those around you, and you | | | | I do better than expected by a particular date or |
| developed many unique talents, skills and ideas. | | | | time? |
| Perhaps you are also finding that many businesses | | | | Do not be afraid of failure - Whenever you are |
| are not taking on new employees while others | | | | faced with a set back do not give up. Learn from |
| are simply surviving. It is likely that these factors | | | | your mistakes and get back up again. You will |
| are making your particular skills and talents less | | | | quickly discover that no matter how great your |
| attractive for the time-being. Nevertheless, | | | | successes are, failure is often just around the |
| nothing prevents you from getting into business. | | | | corner. No, I am not saying this to frighten you. |
| So, if you are considering your own business then | | | | Simply so that you will accept that failure is often |
| here are a few tips and suggestions which I have | | | | just a part of learning. Some of the world's |
| found useful, particularly at a time like this. | | | | wealthiest and most successful people have failed |
| Read and Research - No matter how much you | | | | many times. Often their failures have gone |
| already know continue to read all you can - learn | | | | unnoticed because we are so overwhelmed by |
| more, and more. It is particularly important to | | | | their successes. As your successes mount up you |
| read information about setting up and managing a | | | | will find that your failures become less harrowing. |
| new business. Yes, and even if you have been in | | | | As a final suggestion I would like to encourage |
| business before, you will find it beneficial to get | | | | you to surround yourself with people who |
| ideas from others. Try to learn from other | | | | encourage and support you. You may find that |
| peoples' failures. | | | | close friends and family are feeling anxious and |
| Maximise your market - You will want to consider | | | | may therefore discourage you in your quest. |
| everything possible to maximize your market. | | | | Don't forsake them. They probably have your |
| Today the Internet has a global reach, enabling | | | | best interest at heart. However, when you do |
| you to find potential customers in the far-flung | | | | find people who are willing to help and encourage |
| corners of the earth. Having a web-based | | | | you, appreciate them. |
| business, or a web-based division to your | | | | I wish you ever success with your business and in |
| business, certainly makes perfectly good sense. | | | | accomplishing your goals. |