I had a contract with one of the large banks. When I heard the news it had been bought out at an extreme discount I was concerned about the validity of my contracts. I called my contact and was assured that the money had already been earmarked and we were still going forward with the projects. Friday I received a call that all the projects had been scrapped. I hope to be able to find projects to fill this void but it won’t be easy in the current market.
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What is your advice for how to deal with sudden setbacks like this. It might be especially damaging for a start-up yet it is often out of your control.
The start up company is more vulnerable than an established company. Though Lehman Brothers is a perfect example that no one is immune to the markets and poor decisions. The old saying “don’t put all your eggs in one basket” is true but for the upstart you may only have the one basket. The caveat to that saying is if you only have one basket be sure to keep your eyes on that basket. Risk is part of the business world but to be successful you must balance risk and reward. I think the upstart should be a little more conservative to ensure success to build your future.