Business failed and landed heavily in debt - is a 2nd chance ever possible?
20-02-2022, 02:57 PM
(20-02-2022, 02:21 PM)pinkypanther Wrote: Business failed and landed heavily in debt - is a 2nd chance ever possible?
Possible. Such cases were reported several times in newspapers throughout the decades.
But I think there are also many who never made it after the first failure and in heavy debt but not reported in the newspaper.
So yes, possible but I think the possibility is not high.
20-02-2022, 03:02 PM
He must have taken cotton chan advice
20-02-2022, 04:42 PM
Before one even take one step to invest or start business plan carefully.
Because you are taking risk you need to plan for worst case.
When starting a business you need to make sure the failure of the business does not dig too big a hole for you that you cannot crawl out. If you need funds don't borrow... get a partner that is financially strong.
Too many businesses are started in a haphazard manner with insufficient planning and poorly funded once you get desperate and need to borrow....you enter a situation that you put your future at risk.
Because you are taking risk you need to plan for worst case.
When starting a business you need to make sure the failure of the business does not dig too big a hole for you that you cannot crawl out. If you need funds don't borrow... get a partner that is financially strong.
Too many businesses are started in a haphazard manner with insufficient planning and poorly funded once you get desperate and need to borrow....you enter a situation that you put your future at risk.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
20-02-2022, 04:44 PM
A lot will go back working as employee and tell u " better be employee " than employer.
I read before some is go back work as employee " lucky they got job that pay decent wages of course depend on individual education levels , skillset etc "
than they pay the debts and save on the same time , come back startup business and learn from the past mistakes what to avoid and " da da , successful lor " BUT of course is not everyone.
I read before some is go back work as employee " lucky they got job that pay decent wages of course depend on individual education levels , skillset etc "
than they pay the debts and save on the same time , come back startup business and learn from the past mistakes what to avoid and " da da , successful lor " BUT of course is not everyone.
20-02-2022, 04:54 PM
One person only have 1 or 2 chance in life.
20-02-2022, 04:59 PM
Anything is possible, it's just whether that possibility is high. From personal experience, that possibility is low for the majority.
20-02-2022, 05:01 PM
22-02-2022, 11:29 PM
23-02-2022, 02:54 AM
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