The Path Back to Entrepreneurship

Losing a business can feel very personal. You don't want to lose your momentum or your potential to earn as a former entrepreneur. You need to pick yourself back up and get moving by building new business opportunity. Positive thinking will help you to earn money now because you have bills to pay. Positive thinking also helps to get past business losses. Use your mental energy to think of new business goals, including schemes for future startups. Don't waste another minute looking backward.

Many talented business owners lose their companies or a significant portion of their company's assets during a recession. The U.S. Small Business Administration provides loans to help with small business losses. For entrepreneurs without a business to run, life can be frustrating. Some entrepreneurs react to financial failure by questioning their choice of occupation, but it is possible to find a path back to entrepreneurship. Here are three ways to put your business knowledge to work in a bad economy.

1. Find a short-term business idea. As an entrepreneur, you might have assets left over you're your business. Think about supplies, equipment, business contacts, software, market knowledge, and other assets that can easily fit into a new business scheme.

Example: Use a small or medium truck with refrigeration equipment to sell sandwiches to workers in busy locations, including construction sites and public areas near large office buildings.

2. Look for a new business idea that requires no startup capital. The Internet business is a good option if you have computer access.

Example: Many online marketplaces, including eBay, offer a free platform for e-commerce entrepreneurs. You can market and sell products from all over the world on your own website without handling physical inventory.

3. Use your experience to find work in another business. Think about your business contacts. You might know a former competitor or a friend who needs help. Some entrepreneurs will even offer a percent of profits or part ownership if you work hard for their company.

Example: You are the former owner of a lawn business. Contact a lawn business owner with steady business and offer your services. If you already have lawn equipment, a truck, and a trailer, you can help the lawn business owner build his or her business by sharing the workload.

Losing your business does not mean you cannot find a path back to entrepreneurship. Resourceful entrepreneurs can turn a bad situation into a great business opportunity. Before you know it, it will be time to invest in a new venture.