These very successful entrepreneurs, who have all started from scratch more than once, explain what they would do next if they lost it all again.
Cover Rent, Then Start Another Business
I’d hop into a promising business and start selling because that’s what I’m good at. The minute my rent was covered, I would start a business. It wouldn’t make much of a difference if it were a hot dog stand on the corner or a technology startup, as long as I believed wholeheartedly in the product. —Barbara Corcoran, founder of The Corcoran Group and Shark on Shark Tank
Build a Blockchain Government
Blockchain technology speeds up transactions, reduces costs and lowers the chance of fraud. Think of it as a shared ledger and database that no one can manipulate. All data is fully transparent. If I had a mantra to rebuild after my fresh start, it would be, “Promote freedom at all costs.” —Tim Draper, founding partner of DFJ
First, I would read history. Without a sense of history, you feel like what’s happening to you is a once-in-a-lifetime event that nobody’s ever dealt with. Understand the great falls others have recovered from.
Surround Yourself With Friends
There will be peaks and valleys. When in the valleys, don’t isolate yourself. Humans are social animals. No matter how bad it gets, it’s good to think about the funeral test: if you have at least 150 people who would show up at your funeral, you’re good. Your network is a great safety net; there’s a lot of science to indicate it’s the best way to recover from depression, anxiety and nastiness. —Tai Lopez, investor and advisor to many multimillion-dollar businesses who has built an eight-figure online empire; connect with Tai on Facebook or Snapchat
Spend Five Days Mourning, Then Mount Your Comeback.
I’ve failed enough times in businesses that making a fresh start is familiar. I give myself five days to mourn the loss of a business or a major failure. After that, I’d make a plan to build the capital and infrastructure to execute my comeback. I set reminders multiple times a day to stay on top of executing my new plan. — Com Mirza, CEO of Mirza Holdings and “The $500 Million Man”; failed in eight companies back-to-back and today runs a nine-figure empire with over 600 employees
Turn Disaster Into Opportunity
This actually happened to me 20 years ago, so I don’t have to imagine this happening. I found myself kicked out of a company that I helped grow 300 percent. When this massive loss happened to me, I decided it was time for me to have my own business and be the master of my own fate. I never lost faith in my abilities. I focused on my ability to make things go right. I stayed positive and used a devastating event to force myself to think bigger than ever before. —Jim Mathers, CEO of North American Energy Advisory, Inc.
Hit The Brakes, Change Direction
If I were to start again, I would stop and get “in state” — be in meditation and quiet, and just focus on my desired outcome for a new venture. I’d set my goals, strategize, build a team around it, and empower them with a “why” that is greater than money or incentives. Then, attend to marketing, operations and finance — know your numbers. Remember: it’s a marathon, not a sprint. —Roy McDonald, founder and CEO of OneLife
Assess Your Sources Of Capital.
If you lost everything, you have two choices: quit on yourself or look in the mirror and answer a few serious questions.
1) “What life capital (relationship, intellectual, physical, spiritual and financial)
2) Can I immediately access to start over?” Understand that life provides constant feedback: you’re required to review the outcome and modify your thoughts, words, and actions to create the desired result. —Craig Lack, CEO of ENERGI and creator of Performance-Based Health Plans®
Share Your New Vision Immediately.
If you are an entrepreneur, you should be starting over every year, anyway. You need to refresh systems, people, processes and financials. Start with what you like, what you’re good at and where there’s a market need. Create a compelling video. Share your vision. You can test the market before investing more deeply. — Maury Rogow, CEO of Rip Media Group
Cut Overheads And Reinvent Though Travel.
Studies have shown that travel improves creativity, reduces stress and emotionally recharges you. I would pack light and start again in Thailand.
Having fewer possessions and distractions would free up energy to execute my comeback. An unfamiliar environment would initiate fresh ideas.
Living expenses should only be around $1,500 per month. While doing yoga and drinking smoothies, I’d reflect on where I went wrong and strategize my next steps. Throu