West Goes South
This week’s news agendas and social media feeds have been full of comment and opinion about Kanye West’s alleged $53 million debt. Kanye has even tweeted Mark Zuckerberg asking for a $1 billion investment into his business interests.
So whilst the conspiracy theorists believe this may just be a sturdy marketing ploy to achieve more column inches for his business interests (which, if true, would be in very poor taste indeed), if the bankruptcy is genuine, what is the lesson here?
Well, for starters, many a successful businessperson has been bankrupt in the past. The skill is not how NOT to become bankrupt; it is how to rise from the financial ashes.
Successful people do not fear failure. Moreover, they overcome any fear associated with success and use the end goal as the prize. Most people who have been successful know they can become successful again, and that every failure is a lesson. How you choose to use what you learn from that lesson is up to you.
And whilst many people forgo success because of fear, opting for “I wish I had…” or “I could have…” style language in their daily vernacular, I would take two key lessons from Kanye’s experience, if I was in his Pumas!
- Become more financially savvy. If you are more aware of what is happening with your bank accounts, business interests and investments, you are less likely to lose control or be taken advantage of by ‘experts’ who really just want their share of the financial pie
- Factor in worst-case scenarios into your business planning and forecasts. Flexibility is key in today’s marketplace, particularly when the macro economy is in a downwards spiral.
North versus South; East versus West. The financial compass can change direction depending on the wind, and we all need to be prepared to weather the storms!