South Africa: Starting Again, Rule #1 - There Is No Shame

opinion

Many entrepreneurs will have no option but to close down their businesses. With the ravaging effects Covid-19 has had on the economy, formal employment may not be an alternative for many. Starting again is the only choice available for these entrepreneurs. In this series of articles, Allon Raiz draws on his more than 20 years of experience in business and in supporting more than 13,000 entrepreneurial businesses to offer insights on the considerations and steps needed to start again and achieve the highest likelihood of success.

No one likes to fail and I include myself in that statement. Failure usually has financial, emotional and other consequences and costs. A failed business, more often than not, results in employees not being paid, creditors not being paid and a sense that years' worth of effort, thinking and building have disappeared down the drain. Business failure often comes with a heavy blow to confidence in one's own abilities. In a nutshell, failing at business sucks and it is painful.

Business literature is filled with stories of zero to hero to zero to hero... incredibly successful entrepreneurs who have built businesses, lost them and then rebuilt even bigger empires. The Covid-19 pandemic spawned a...

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