When you startup a business, you’re bound to get a mixture of reactions. Some people will encourage you and tell you to go for your dreams. Others will question your sanity, especially if you’re leaving a good paying job to start your business.
The online gurus will tell you to ignore the haters, and that those people lack the vision or courage to ever start a business.
With so many opinions, it can be very difficult to know when you should start one up and even harder to know when to give up on your business. After all, as many as 90% of startups fail. The odds are against you. So, at what point do things change from “be patient, work hard, and stay positive” to “this isn’t happening, and you need to walk away”?
Only you can make that decision. But if any of the situations below apply to you, it might be time to walk.
You’re More Miserable Than Ever
Remember how you never felt satisfied at your previous jobs? They didn’t stir your passion or utilize your special gifts. That’s a big part of why people look to starting a business in the first place. They want to have a job that means something to them.
That’s not to say it will be easy or comfortable, especially at the beginning. It’ll likely push you harder than any job you’ve had before. But even in the worst times, you should feel a degree of hope and satisfaction. If you don’t feel that, if you hate working for yourself more than you hated your previous jobs, that could be on a sign that you’re heading down the wrong path.
Your Marriage/Family/Entire Life is Falling Apart
Almost any parent or spouse who has successfully started a business will tell you that there have been moments where their career choice put extra pressure on their family life. It just comes with the territory. But it shouldn’t be ruining those relationships. It shouldn’t create divides that will never be mended.
Keep an eye out for breaking points in your personal life. If cracks are starting to form, it might be time to consider other options.
You’re Not Progressing at All
Getting a business to a healthy point can take time, but it often consists of continual progress. Those “overnight successes” you hear about rarely happened overnight. When you dig into the full story, you discover that there was near constant momentum towards that point of breakthrough.
The same is true for your business. Even as it’s growing, developing, and changing, it should be moving forward. If you’re in the exact same spot you were a year or more ago, it might be time for a change.
A Better Opportunity Comes Along
Some people think that starting a business means you have to see it through until the very end. If you have other people working for you and depending on your business, you certainly do have a degree of obligation to keep things going.
But if it’s just you (and maybe some part time contractors) and a great job opportunity comes along that will satisfy your occupational needs, you can certainly take it. Don’t pass up on an opportunity because you feel guilty for leaving an unsuccessful business.
Quitting a Business Doesn’t Mean You Can’t Start Another One
In fact, entrepreneurs who have had a previous business fail are more likely to succeed in their next venture. The logic is easy to see. The knowledge and wisdom you gain while trying to start a business goes well beyond anything you’ll learn from a book or classroom.
If you’re still set to run your own business someday, you can use that newfound experience to avoid many of the mistakes you made the first time around.
That’s not to say schooling and books won’t help, because they absolutely will. In need of a book that will help increase your business’s chance of success? Why not start with Business is ART? Start with the book and then try out my Odds Makers Series video training.
Buy it today!