There comes a point in the life of just about every business where a sane person would walk away.
Too much debts, too many hours, too much hassle, just too damn hard.
And it is at that point that a potentially successful venture crumbles into failure.
When you have been working 18 hours a day, seven days a week for months on end, for years on end and you are completely exhausted, it does not take much to make you throw in the towel.
You start to second-guess yourself.
One day you feel like you winning this game, the next day, you feel like this game is winning over you.
Some days you end talking to yourself, people think you have gone schizo….
Things that would not normally scare you, like an unpaid invoice or your kids complaining that they have not seen you for days, can make you wonder why you are working so hard, especially if the financial rewards are yet to materialise.
Every week, for countless reasons, entrepreneurs walk away from potentially lucrative business opportunities.
You need to make sure that you don’t become one of them.
If starting and staying in business was easy, everyone would do it.
So how do you keep going?
Maybe at the outset of your business, give yourself goals.
Secure X many clients, or Y many orders or Z level of turnover.
Compare your expectation with reality.
Maybe you will see that are not doing as badly as it feels.
If you are not meeting any of your targets, then chances are that walking away is exactly what you should be doing.
But if you are hitting one or some of them, then hopefully you will be encouraged to hang in there.
Look at everything you have managed to do so far. Make a list. Congratulate yourself.
Next, imagine how much more you could achieve if you carried on, especially as you have already acquired as much valuable knowledge and experience.
Imagine it is five years from now. How much will regret walking away?
Try picture the advice the entrepreneur you will be in five years’ time would give to the entrepreneur you are now.
Be your own mentor.
Stay hungry, stay foolish.
At Lora Centre for Innovation and Entrepreneurship we run a 5 months accredited entrepreneurship programme where we discuss these issues with our entrepreneurs. Registration for the next cohort of entrepreneurs is open.
You may apply online now. We start on Saturday, 13 June at 0900. The sessions are online.