- November 8, 2018 -
When is it ok to quit?
The most gut-wrenching question an entrepreneur will ever deal with.
Earlier this week I talked about not quitting when the going gets shi**y.
...not bailing when running a business hits the skids.
...when starting over is easier than plowing ahead.
Believe me, every business owner has battled the "How long do I hang in there?" demon.
I think the better question to ask yourself is this:
"If I had the chance to turn back the clock, knowing all I know now...would I pursue this venture all over again?"
Would you invest the money and energy you've bankrolled to get as far as you've come?
Or...would you just do something different?
If you still believe in the vision despite the setbacks...then don't quit. Keep on slaying the dragon.
Use these times to build muscle.
...to become resourceful.
...to become resilient, flexible.
Seth Godin calls these difficult periods "the dip."
Those who push through the dip are rewarded with being the top in their field because they're more scarce.
(Because the less resilient, the less ballsy have quit!)
And you're rewarded by the search engines.
...rewarded by your customers.
...rewarded in the marketplace.
You've got to have the resources to get there.
The resources to commit for the long haul.
But if your answer is "Hell, no!"
If you're thinking: "Geez, if I could go back before I got into this mess...there's no way in hell I'd head into this direction!"
If that's what your gut is saying, you've probably hit a dead end.
Remember the Amazon.bomb and Amazon.toast references?
Every single day Amazon had more customers than they did the day before...so they didn't quit.
Ask yourself:
Do I have (relatively) more assets today than a month ago or a year ago?
Am I making forward motion for the most part?
Or are you living from paycheck to paycheck?
...from investor to investor?
...from short-term project to short-term project?
...with no end in site?
Making a decision to quit or to change direction at that point is an act of strength.
There's no glory in being a martyr.
No shame in calling it quits when the bleeding can't be cauterized.
"If at first you don't succeed, try again. Then quit. There's no use being a damn fool about it." - W.C Fields (or somebody)
Well...
Just how seriously do you want it?
And how much are you willing to pay for it?
The longer you put off cutting the chords...the harder it'll be to let go.
And the more costly it'll be when you eventually do.
Quitting is not in my DNA...it's one of the reasons why I've had a business coach for years. The whole "eating your own dog food" thing.
There are times when I need someone to check me.
...to call me out when I'm too close to a situation.
...to hold my feet to the fire.
There's a Chinese Proverb that's worth thinking about:
“If you must play, decide on three things at the start: the rules of the game, the stakes, and the quitting time.”
Lots to ponder.
Need some perspective? We've got amazing coaches who can provide that.
[leadpages_leadbox leadbox_id=14555ac46639c5] [/leadpages_leadbox]
