I am acutely aware that I have not updated my blogsite since November 2009 but an article in small business section of The Sunday Times (18th April 2010) helped me come to terms with a situation I had been dealing with for quite a while...
The article entitled "Failure - it's the million dollar MBA" was very apt in my situation. Having to close a business down is probably one of the most painful things I have ever done in my lifetime (to date anyway). Anyone who knows me; friends, relatives and even customers will understand the passion with which I ran my business and those closest to me will have seen the real agony I shared with them and the support they had to provide day and night.
The fact is that in March this year, I was forced to close down my beloved company PhotoArtistry. The details are not relevant now but what is supremely important; and a point that was highlighted in the article '...think about what you have learnt. You may have lost a business but you have gained a lot of knowledge...' resonates deeply with me.
I'd like to share the highlights because I feel there are many who will have some empathy with my situation and doubtless many who will judge me. I cannot help the latter and can only thank the former but anyway here goes...
- Take the time to mourn the loss of your business. It was your dream and now it has gone, it is healthy to grieve that.
- Reconnect with the network of people you know, both business and personal. You may find a lot of warmth and support.
- Analyse in detail what went wrong so you can avoid making the same mistake next time.
- Don't get obsessed with finding someone to blame. It is pointless and destructive.
- Think about what you have learnt. You may have lost a business but you have gained a lot of knowledge
I had to tell this story as I felt unable to move on unless I did. We have to accept the mistakes we make and ultimately the buck stops with us. Now it is time to move on.