It is a pleasure to start a business. And to be an entrepreneur when the business is going well. The independence is great and you have the chance to earn a good income with it.
That’s why you want to do business. But what if it goes less? First you work harder. It must succeed. Then you adjust the company to cope with the lower turnover. If it still does not work, then you will substantially renew or cut back.
Difficult interventions, but you do not give up. If the disappointment continues, you will use your savings and you will incur a loss for a number of months. But what if it doesn’t even get better, then what?
It remains too quiet and the view is not good. No matter what you do, no matter what you do, no matter what you think of, it doesn’t want to. Due to an economic downturn, because the product or your service is not attractive enough and / or because of fierce competition. The end of your buffer is in sight. Or worse: you already borrow to keep your head above water.
Doing business is starting a business at the right time. Entrepreneurship is hard work and perseverance where others give up. But doing business is also stopping on time. If it does not want, if it really does not want, then you must stop. Before it surrounds you. And that applies both financially and to your energy. It is very difficult to attract a company that makes too little turnover.
You get up with it and you go to bed with it. It controls your entire life. Stopping your company feels like giving up, as a defeat. And it’s also miserable. But look at it as an entrepreneur. You continue what you deliver, what you don’t deliver, you stop. That is also entrepreneurship. The economic recession is affecting the whole world. Also on Bonaire quite a few entrepreneurs will ponder around Christmas how things are going. And what the chances are for 2016.
If you are on the edge of your money and your plan for 2016 does not give you the feeling in your stomach that it will work out, consider the option of stopping yourself. And so before others apply for your bankruptcy. It is a difficult decision in your head, but otherwise quite easy to implement.
How does it apply to file for bankruptcy yourself? You go to court and apply for bankruptcy. That is a matter of requesting, completing and returning the form. The walk to the court is difficult, the feeling when you have submitted the form is liberating.
A few weeks later you have a session of the court and there the bankruptcy is discussed. It is usually a session of a few minutes. The court finds that the business is no longer doing well, declares bankruptcy and appoints a trustee. The curator will contact you within a few days and he or she will handle everything further. You only have to provide information. Not fun, but better than muddy.
Make sure you inform your customers properly. After all, there is a chance that you will like them again in a new company as a customer. It is often also possible to purchase your own inventory from the bankruptcy in order to take a new initiative.
From the moment the receiver is appointed, you can start business again. New plan, new opportunities. Stop with a smile.
That is also entrepreneurship.