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Lesson Gained from GM: Keep Going

by Minority Fortune

General Motors was an indication that the economy was hurting big-time when it filed for bankruptcy. Analysts alluded that its failure was inevitable. Competitors like Ford and Toyota were gaining favorable market share and press. GM seemed like it would be toast. But, then something else happened: it moved forward.

The company has endured the restructuring period, and it seems that they’re doing rather well. GM received over $6 billion dollars from the government in stimulus money. They put the money to use in operations, while also cutting all the fat and dead meat away from their company. The Detroit Free Press reports that their third quarter earnings are well above their projections. They are even optimistic about repaying their federal loan off by next year.

Lessons Learned

GM seems to be on the recovery from its past mistakes. Their efforts are still being made, but it seems that they have been already reaping the benefits of them. Their cash reserves have increased. They have gained decent market share. Furthermore, they proved the naysayers that they were capable of redemption.

It goes to show that failure doesn’t have to define you. Even if you fail, you can try again, as failures can provide valuable insight towards your next successful step. There’s nothing than one cannot do if they put their mind to it. GM used its brainpower to concoct a successful recovery plan. Should you come across a setback or failure, make sure to get up and keep going. Cut the things that don’t work and brainstorm new tactics. Like GM, your success could be just around the corner.

*Image courtesy of Feng Zhao.
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