Ha! Not to worry. I got myself 700k in the hole in the 2008 financial crisis trying to "do the right thing." Spent four years digging out of that mess in a situation where I had to run a company successfully at millions in revenue just to stay afloat. That is a hell of a lot worse than folding the company, and if I knew the hell it would take to dig out, I might have folded! But we're free and clear and making money now so it was worth it. This would be the fourth company I started. The previous three I went through the same thing you're talking about. Got to the point where I started to wonder if there was something wrong with me, or if I wasn't cut out to be an entrepreneur.
I know that feeling of strain and staring at the ceiling wondering if I'm going to survive. No way out. It sucks. That's entrepreneurship. That's why I'll never tell anyone to be in business for themselves. You have to really want it for the right reasons or you'll never be able to survive this kind of thing — it will break you. I've actually seen quite a lot of entrepreneurs get "broken" when things got super, super bad to deal with. It's overwhelming.
But, the way to deal with it is this: what is the TRUTH of the situation. What are the real FACTS? The truth is, it's not that bad. It's not like you're being chased by ruthless drug lords down a dark street. You're folding a business.
Whenever you find yourself afraid, find the fear, then find the truth. Keep working through those until you feel better. It actually works. If you stick to the facts, you'll get through it.
Also, dude, you need to keep pushing. Get yourself shut down with class, get honest with your wife, and you'll come out swinging. It might sound crazy now, but the average entrepreneur who makes it has a few of these under their belt!
Now is the time of your testing. How you behave when the shit hits the fan is the question of what kind of leader you'll find yourself to be, so don't let yourself down. Be calm, be brave, face fact, and dive in! It's time to learn as much as you can about what you did to get here and what you can do next time to avoid this outcome!
I know that feeling of strain and staring at the ceiling wondering if I'm going to survive. No way out. It sucks. That's entrepreneurship. That's why I'll never tell anyone to be in business for themselves. You have to really want it for the right reasons or you'll never be able to survive this kind of thing — it will break you. I've actually seen quite a lot of entrepreneurs get "broken" when things got super, super bad to deal with. It's overwhelming.
But, the way to deal with it is this: what is the TRUTH of the situation. What are the real FACTS? The truth is, it's not that bad. It's not like you're being chased by ruthless drug lords down a dark street. You're folding a business.
Whenever you find yourself afraid, find the fear, then find the truth. Keep working through those until you feel better. It actually works. If you stick to the facts, you'll get through it.
Also, dude, you need to keep pushing. Get yourself shut down with class, get honest with your wife, and you'll come out swinging. It might sound crazy now, but the average entrepreneur who makes it has a few of these under their belt!
Also, awesome piece of advice here: http://leadercast.com/en/ Watch the video from Rorke Denver. Here's the cliff notes (pdf): http://leadercast.com/en/downloads/LN_CalmisContagious.pdf
Now is the time of your testing. How you behave when the shit hits the fan is the question of what kind of leader you'll find yourself to be, so don't let yourself down. Be calm, be brave, face fact, and dive in! It's time to learn as much as you can about what you did to get here and what you can do next time to avoid this outcome!