Did you know…
Since the recession began in 2007, the number of Americans receiving disability benefits has risen by 1.6 million, and the number of Americans employed has fallen by 4.8 million.
Recession and Failure…Sound Familiar? Those two words rang like bells for many Americans in 2007, What happened? The Media calls it the Great Recession, I remember going crazy when I heard Recession I thought to myself, these times are different to many aspects of daily life were being negatively impacted, heck everyone I spoke too had some crazy story to share, I called it a Depression from the get go. Look failure is a word we spend our lives trying to avoid but somehow we smash into it when you least expect it. Whether big or small young or old failures are bound to happen, just think back to early childhood, now count your failures I’m guessing you had thousands, thousands just trying to roll over as a baby or learning to ride a bike . My point is “you failed” and it may happen again, what’s your plan?
But we already know the Cause
a series of Blogs this being the first, I will unearth a few questions hopefully with some of your stories. First, What are those business owners doing now? What were the deciding factors to cease operations? Was it a fast process or painfully slow? We all know the quick and easy Wall Street/Government answer I’m looking for some real life answers, ones that changed the course of so many lives. Did you know that 170,000 small Businesses failed between 2008 and 2010 and 700,000 jobs a month were lost between October 2008 and April 2009. So Was it poor Marketing? Inadequate logistics programs? Maybe misguided control polices? I’ll venture out and say businesses that fail possess at least one those traits, but was it the real cause of the overall failure? As you know so many factors play into this namely money, green, loot yes the stuff people were loosing by the billions, if money was the only roadblock could they have obtained the capital needed?
A little about the Author: My name is Darin Madrigal I’ve possessed the so called entrepreneurial spirit as far back as 8 years old, that undesirable and stereotypical 9-5 never was at the forefront of my life’s aspirations. So the previous 11 years from 2000-2011 I Co-Founded several Hair Salons and Day Spas with my wife she the brains inside the salon industry, mine in business it was a beautiful partnership that just worked. We had 120 employees across two locations and sales that exceeded 3 million a year, to say the least we were a busy family and when things headed south we were in for quit the ride..Two words heavy burden Read More about Darin
Fail and Fail Often
Ok back on track, the word failure has been tossed around way to often, to the point some accept failure as a part of doing business. For example have you heard these phrases “Fail and Fail often” how about “fail often fail fast” I believe those phrases were meant for certain industries through time became a general term relating to Startups. When less than 10% of first time entrepreneurs succeed, or 80% of startups fail, no wonder why those phrases are household names. So what does “fail and fail often mean to you? Did thoughts on failure play a roll in the way the recession was handled? Do we need to fail in order to succeed?
The Real Question
The word failure is worthy enough for it’s very own Blog, so I’ll stick to the cause and affect it had on the little people the local mom and pop shops and their journey back to prosperity or not. How many think they would still be in business today, was their business practices solid enough to overcome the staggering 80% failure rate of small businesses? Did they see the recession coming? or was it panic mode better yet survival mode. How was it handled from start to finish, did they suddenly implement those fundamental best practices, or was the white towel tossed in? Did they fail due to stereotypical reasons, or was it merrily circumstance? And what was that deciding factor to close up shop? Lot’s of questions lots of answers.
To be Continued….…
If you or someone you know was negatively affected by the Great Recession and willing to the journey I would love hear it, more importantly developing a wonderful network of like minded Entrepreneur’s is always beneficial.