So then! - who's been bankrupt?

[movietub]

I've been bankrupt, If I'm honest it was not the set back many people would believe.

However it never surprised me and I always half expected it. I felt young, invincible and told myself if I was ever going to experiment wildy I could afford to do it now - A bit like taking a car to the limit to see how well it handles :)

Maybe afterwards I would have the benefit of both experience and moderation I figured. It worked out that way too. The same reason I left school very early, new experiences always seemed to have the greatest pull on me. Far beyond discipline in fact.

And now I look back, with no regrets and wondered who else feels like putting their hand up? Looking through the rich list etc it turns out us failures are actually following a strong pedigree ;)

It was also the first time I realised I enjoyed the opportunity to make money even more than having it.

Please don't let me be alone...:redface:

[Steve Cool]

not yet, still working on it !!

Steve

[movietub]

not yet, still working on it !!

Steve

:D - want some tips from a pro?? I feel my greatest mistake was taking on a very large project for some very well connected (and passionate...)russians without any paper work. Try that ;)

[ThePerfectOffice]

:D - want some tips from a pro?? I feel my greatest mistake was taking on a very large project for some very well conected (and passionate...)russians without any paper work. Try that ;)

I haven't.
Nothing wrong with being made bankrupt by being a tryer though. It's a learning curve and enterprise wouldn't exist without risk takers.

[movietub]

I haven't.
Nothing wrong with being made bankrupt by being a tryer though. It's a learning curve and enterprise wouldn't exist without risk takers.

That and we are lucky enough to live in a country where 12 months later a bankrupt person can form a new company quite literally with the contents of a half full piggy bank.

Thank-you

[Martin P]

Movietub; was it through business you went BR then, or personal problems?

[movietub]

Movietub; was it through business you went BR then, or personal problems?

Tempted to say personal problems didn't help. Nothing to dramatic, around 10k personal debt at 24 years of age but thats less than the average graduate. Personal problems such as considering declaring myself master of the universe before learning how to fill out a tax return didn't help! (Christ knows why my school they felt it suitable to teach me Shakespear before how to fill out a tax return :|)

But overall it was flawed business practice that did it. I was a sole trader so the petition I made was for business business/personal affairs and I wiped everything. The upside is I doubt I would have paid off the debt I was in at the time (including current business debts - imagine what most businesses owe if they are frozen) within the period it will likely affect me.

Following my decision my former assitant asked if she could set up a company with me and give it another go - which I think is remarkable and gives me endless encouragement. It also cements her loyalty and believe me she is a smart, smart woman and does not suffer fools gladly :)

[Tim Owen]

Went bankrupt in 2001. That was before you could wipe it clean in 12 months. Back then it was 5 years ! And you couldnt get any credit over £200 for 7 years.

Never did me any harm to be honest

[movietub]

Went bankrupt in 2001. That was before you could wipe it clean in 12 months. Back then it was 5 years ! And you couldnt get any credit over £200 for 7 years.

Never did me any harm to be honest

I never knew it used to take 5 years! I will never deny it was a useful get out of jail card but I do think its makes sense economically to get people on their feet again as soon as possible.

There seem to be a very significant % of people with a failed start up under the belt that do go on to do well in the future.

Well anyway - that makes two of us so far! Anyone else coming out?

[Delta-SI]

:D - want some tips from a pro?? I feel my greatest mistake was taking on a very large project for some very well connected (and passionate...)russians without any paper work. Try that ;)

Yes the Mafia can be shocking for paperwork, and they never keep receipts either...

[Spongebob]

I went bankrupt in 2006 as a result of a company failure. The usual story of personal guarantees to the bank and the landlord.

The sheer pleasure of telling the grasping landlord who had had 1/4 mill in rent off me over the preceeding 15 years that he could stick his arrears and delapidations up his backside was fantastic!

I have never been happier and I am now earning more money as a sole trader than I ever did running a company with big overheads. I have a simple bank account with the Co-op and no debts.

Going bust opened the world up to me...:)

Fortunately of course, the house was (and still is) in my wife's name!

Bob

[movietub]

Considering that bankruptcy is about the worse thing that can happen to a business I'm sure it's a relief to everyone that so far no-one in this thread sees it as more than a passing inconvenience and we all seem to have come out stronger.

If your not earning make sure your learning as they say.

I would agree that it is very pleasant to tell greedy individuals that sadly you are unable to make payment - ever. :redface: But not so pleasant when I let down a couple of entirely reasonable traders.

Also got me out of an unjust parking ticket from a few years ago - that alone was almost reason enough!

[MorrisSelfStorage]

Most of the people i know who have got a fair bit of money have gone bust. I suppose its one of those live and learn things with business.

I would have gone bust if i didnt manage to sell the business that was not doing as it should. ( stay away from cafe's ).

Luckly my other ventures kept it a float.

Ben

[Moneyman]

Wouldn't recomend it. went very close a couple of times.
big rule i learnt:
Don't go down with the ship. jump off while you can still launch a lifeboat. You can always start again.

I wouldnt be where i am now if i hadnt had trouble and jumped ship but it wasn't fun.

[movietub]

Noted

A Cafe used to be one of my aspirations actually, although these days I prefer things I can setup and grow by overseeing and guiding them. I can imagine now that a cafe would take up a lot of time and potential for growth somewhat limited! No Cafe's for me then ;)

[movietub]

Wouldn't recomend it. went very close a couple of times.
big rule i learnt:
Don't go down with the ship. jump off while you can still launch a lifeboat. You can always start again.

I wouldn't be where i am now if i hadn't had trouble and jumped ship but it wasn't fun.

Thats summed up one of the best lessons I learned. Always, ALWAYS, have an exit strategy. One or two failed start ups is fine but I don't want to still be restarting the counter when I'm in my 50's...

[Moneyman]

A cafe is the absolutly perfect example of how to work too hard for very little with little or no potential.

[movietub]

A cafe is the absolutly perfect example of how to work too hard for very little with little or no potential.

I may get some abuse for this but I don't count people who run cafe's, chip shops, newsagents and so on as business people. They are simply going to work in a shop that they happen to own.

My local shop went under a few years ago and the bloke running it had been doing so for 20 years! Most people would assume he's a man who knows how to run a village shop. But now when he talks about he shrugs and says 'don't know what happened - people just stopped coming in'! Well that's not a businessman is it? He ran the shop, no one ran the business. I generally try and 'know' what my customers and market is doing before it happens - I would sure as hell have figured it out within a few years...

[Moneyman]

I may get some abuse for this but I don't count people who run cafe's, chip shops, newsagents and so on as business people. ...

I have to agree....you are going to get some abuse:D

It all depends whether you are just stagnating or planning to improve

[movietub]

I have to agree....you are going to get some abuse:D

It all depends whether you are just stagnating or planning to improve

HAHA! Bring it on ;)

I will acknowledge that there was nothing I could have done to save the shop. But I wouldn't have been surprised and I would have shifted the business into other areas. For example several people deliver organic veg and gourmet food door to door out where I live. They do well and that's just one thing he could have moved into. I'm sure the shop could have been used to announce the new service and become a base for operations. And remain open as a scaled down shop most likely!

I miss that shop :mad:

[movietub]

I have to agree....you are going to get some abuse:D

It all depends whether you are just stagnating or planning to improve

HAHA! Bring it on ;)

I will acknowledge that there was nothing I could have done to save the shop as it was. But I wouldn't have been surprised and I would have shifted the business into other areas. For example several people deliver organic veg and gourmet food door to door out where I live. They do well and that's just one thing he could have moved into. I'm sure the shop could have been used to announce the new service and become a base for operations. And remain open as a scaled down shop most likely!

I miss that shop :mad:

[movietub]

Not sure why my edit resulted in a double post - sorry :|

[edmondscommerce]

Harry Ramsdens did OK out of fish and chips I think :-)

Any kind of business model has the potential to grow if you have the inclination to make it grow...

For the small shop/cafe etc growth will generally mean getting more shops and starting some kind of chain

[movietub]

yup the above post is true. On reflection I did speak out of line and did not intend to offend anyone who runs a chippy and has Ramsdens style plans for the business.

My personal feelings regarding the loss of my local shop makes me say stupid things...