Bounce Back After an Entrepreneurial Failure

Bouncing back after an entrepreneurial failure requires a whole lot of method and a lot of concentration and courage from the entrepreneur. Above all, you must not let yourself go, how to arm yourself, make a plan of attack to get your head above water and start again!

A new opportunity for entrepreneurs

The professional recovery process allows the cancellation of debts of companies without employees and holding less than €5,000 in assets. This process will be offered to all eligible companies to promote the rebound of entrepreneurs.

  • 69% The French people believe that French society does not give enough second chances to entrepreneurs who have experienced failure.
  • two and a half years, is the average time between the opening and closing of the judicial liquidation process. During this period, an entrepreneur cannot start a new activity.

Effective January 1, 2019, deletion of the Banque de France file, code 050

1er As of October 2018, the code 050 has been removed from the Companies Banking File (FIBEN) database. from 1er January 2019, business leaders who have experienced two bankruptcies in less than five years will no longer be registered with the Banque de France. The news was greeted with enthusiasm. This right of banking oblivion, in fact, was waited for many years by several associations to help entrepreneurs in difficulty (60,000 Rebond, Second Souffle, SOS Entrepreneur, etc.).

Deletion of the Banque de France file from September 9, 2013, code 040

remove pointer FIBEN (Company Bank File) 040 Banque de France recognizes the “right to a second chance”, He Filed those leaders who have been the subject of liquidation decisions over the past three years. More than 144,000 officers were affected by this new measure.

What information is contained in this file?

According to the CNIL, they may relate to the marital status and domicile, identity of the spouse, name, date of creation and activity of the companies, number of businesses, workforce, partners in the activity, of company managers and individual entrepreneurs. Unlimited and joint liability, accounting and financial documents, principal holdings, banking relationships, outstanding debts, payment events and decisions in commercial matters.

The Banque de France assigns a “rating” to companies that includes an activity rating and a credit rating:

  1. The activity rating is determined according to the last known turnover (letters from A to M or N if the activity level is not significant and X if the turnover is unknown or very old),
  2. The credit rating is established on an analysis of the company’s financial position and its ability to honor its 3-year financial commitments (a number from 1 to 8 or 0 in the absence of available information or material data, and P in the case of an ongoing class action) Has been. ,

The Banque de France also assigns a “BDF score” (corresponding to the company’s exposure to risk of default) as well as a managerial indicator for natural persons exercising the function of manager of legal persons or who have a freelance quality provides. The leading indicator is expressed by a series of 000 and 060. 000 indicator is neutral.

List your mistakes.

There is a whole list of questions to ask yourself after an entrepreneurial failure to understand your mistakes because the main thing is to make it an experience that will enrich you. Here are some of them: Have I followed all the steps to create a business? Have I started the right project? What was the reason for my failure? What were the reasons that caused me to make mistakes? Was I really inspired? Did I use the right tools? Were my goals achievable?

What are the different types of errors?

Entrepreneurial mistakes can be classified in a variety of ways: silly mistakes, simple mistakes, complex mistakes, and complex mistakes. They respond to a different level of difficulty but all are solvable. The first two bring nothing to the entrepreneur unlike the second two. You need to focus on the mistakes that can make you progress and help you bounce back. Resilience and optimism are the keys to the problem.

Avoid repeating your mistakes.

you have failed. Who hasn’t done this before? The main thing is to clearly recognize your mistakes and learn from them. It is clearly necessary to avoid at all costs to reproduce them. Sit still and write down what went wrong. Analyze in detail and find solutions to these problems. Understanding what went wrong is essential to moving forward. Often, it is a question of correcting the errors of the “savior-entrepreneur”, so of behavior.

You are not born an entrepreneur, you become one. Maybe you were too optimistic or didn’t listen to your colleagues enough? So many clues that will help you identify your errors and find the origin of the problem. Remember that attitude issue is the most difficult thing to fix, so equip yourself with courage and patience. be optimistic ! Your failure may have given birth to a new project in your mind. Get involved and believe in yourself!

Don’t be inactive.

An entrepreneurial failure can demoralize a person. Then he should consider the salary. And again, this position is not accessible to everyone! You will have to struggle to regain your confidence. If you haven’t let yourself down, you will be eligible for the job market. It is recommended to follow a training program to fill in your gaps. Thus you will strengthen your knowledge in your field. If you’re not planning on getting back into entrepreneurship right away, it’s a great springboard! Then you project a favorable image of yourself to the employer. And if you want to stay in entrepreneurship, don’t hesitate to get on your feet quickly!

Strike while the iron is still hot. Get involved and start a new project, whatever it is. Above all, remember to leave your home and go to trade fairs and conferences to gain a foothold in the professional world. Be prepared to talk about it with your family and friends, but above all, keep an open mind!

Show liveliness

It’s all in practice. Adopting a positive attitude after failure is one of the key elements that should not be overlooked. Otherwise, you’ll never be able to restart. The aim is obviously to replicate the experience. You shouldn’t be disappointed. Show liveliness Every entrepreneur has this quality. Only, after an entrepreneurial failure, it remains dormant within you. It is imperative to take things in hand quickly and get all your energy back. How to run a business without mobility? You would be a poor manager. Too bad You run the risk of failing a second time. Don’t forget that you are an entrepreneur and you have this ability to bounce back. Quickly overcome your emotions, gain the upper hand and overcome obstacles.

Don’t isolate yourself.

While being well surrounded is important when setting up a business, an entrepreneur also needs to be well supported to be able to bounce back. Having the support of loved ones makes recovery easier. We feel strong. So above all don’t take the wrong measures and don’t isolate yourself. Being alone is the best way to worry. You will not be able to regain your vitality and bounce back!

Banks are withdrawing their trust from you.

In France, entrepreneurs do not enjoy the same benefits as in the United States. After an entrepreneurial failure, the business creator often ends up with all of his or her financial credit exhausted. Sometimes he is also burdened by the debt of his old company. He may have to face many financial difficulties. Don’t rely on banks to help you. After failure, they are not ready to trust you again, which is not the case with our American friends, where banks are far less cautious. We talk about accumulated experience and not failed experience. It would be easy to excuse this unfortunate adventure. The American entrepreneur still has to show his credentials and demonstrate that he has learned from his mistakes, and will not repeat them again.

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