Sustainability and adaptability.
Business owners are not putting that much of attention to the overall sustainability of a business. Trends do shift from one to another and if you are really an emtrepreneur, you should be ready with every changes to happen at your field, this is where adaptation should take place. In most of the instances, bankruptcy simply represents decline with the demand on what you are offering or simply, it is no longer selling to your target market. Sustainability speaks in general; employee, service, rent, expenses and other factors which serves your business to continue running.
Bankruptcy started right after the second worst wave during the covid when whole world stood still and Governments were not understanding on what to do about it?
Imagine whole supply chain from multi-national routes, whether sea or air were stopped and billions of dollars worth transactions suddenly went to zero. This was definitely a seeding activity for the economic crash and start of inflation during that point.
Covid is a huge influence on the world of the economy which all turn off when infected with Covid everyone is isolated at home while the needs continue to increase. But maybe the company is unable to maintain it because the company's management is poor or uncontrollable outbody so that there is no income to the company. And there are many new breakthroughs and better innovations than other companies so that the bankrupt company intensively declined.
But as we have observed, many entrepeneurs became rich because of the pandemic. They managed to improvise and make use of the situation and that is simply what makes them an entrepreneur; using resources available and sell it to the population.
Yes, I agree Although Sustainability is not a matter of having enough capital to survive but more important is the OP's ability to be flexible in terms of adapting to change. This takes a lot of insight and innovation to happen. Always remember that we will always be no better than the market wants us to be, so let the market decide what matters and what they need.
As for the lesson for entrepreneurs, it's best to avoid greed and complacency. Greed is always the step before bankruptcy, paying too much attention to our money should not be a major concern.
Your business must be a priority and find ways to sustain it as long as possible. Learn from successful people who have experienced failure and learn how they continue to do their business better than before. This will help you become a successful entrepreneur who is ready to face every challenge that lies ahead.
