Recently I watched two friends lose another business. This was their second failed business in seven years. Neither one of them has a business management degree. However, if a person can get rich from selling digital cats, an honest business should be able to succeed. Their first business was a start up. I assumed it closed because 50% of businesses fail in the first five years. Their second business was already established. So why did they lose it?
One of them confided in me. The other partner used the company revenue for personal retail therapy. As a result, their businesses failed, their personal credit suffered, and their friendship suffered. I was shocked and saddened for them. There are countless websites listing reasons why businesses fail.
What about the underlying reasons why people seem to actively ruin businesses and relationships?
I think most small businesses create themselves because a family has been doing something successful for years. That’s how we got started. Of course there are growing pains, but if you are already successful doing it….the textbook reasoning why small businesses fail is debunked.
I found out the business partner is a victim of an abusive past. It was clear the partner’s emotional baggage ruined two businesses and a friendship. This situation is an example of a global epidemic. Small businesses and relationships are destroyed because we fail to face our fears. We all have emotional baggage. If we would have the courage to forgive, love, and allow others to use their strengths to compensate for our weaknesses…….we would all succeed……..right?