Business owners are relentlessly optimistic despite the risks, the long hours, the stress and the sacrifice. I hear from a lot of them, and there’s always hope.
Until there isn’t.
A courageous entrepreneur sent me an email last week, which I’ve reprinted below. I’ve removed his name, but feel free to send a message to him in the comments section below. He’ll be glad to get them.
Dear Alex (he wrote),
First of all, congratulations for the book and all the excellent articles you keep releasing to help entrepreneurs around the world.
But in spite of a lot of reading and trying hard, I regret to say that my attempt to launch my restaurant did not succeed.
It is true that the current economic and political situation in Brazil is historically the worst and is not helping any segment of the economy. Even more experienced and traditional businesses are also shutting the doors around the country.
But I also have a huge share of responsibility and will need to bear the consequences.
First, I invested all my life savings in this business; I shouldn’t have done it, because now I am with no money and no business.
Second, I tried an inexperienced franchising with a company that does not have the right structure to support a new franchise store. It was a very bad combination. I lost the capacity to invest in the business and, Thanks God, found another job to keep things going.
However, this compounded the situation because, not being there to manage the day to day, created another high risk and, as you can imagine, I had a huge loss because of bad management by the person I put in front of the business.
Letter From A Fallen Entrepreneur
Share on Twitter
All in all, the situation is very bad, and I am throwing in the towel… It is a hard and painful decision, but I feel I need to take this direction. I am trying to take this decision while not plunging into bank loans, skyrocketing interest rates, and so on.
It appears to me, at the present scenario, that the best way forward is to keep my current job, close the business and try to deal with the financial impact. As we tried all we could to launch and the current burden is at the cash flow level, I think this is the best option.
Am I right?
Thanks and best regards,
A.M. in Brazil
WANT TO SEND a message to our friend? You can leave a comment to him below.
EnBA 101 enrollment deadline is this Friday, May 20.
Yikes – it’s only $33/wk! You can’t afford NOT to join. Click to learn more.