The last few months have been eye-opening for me. I’ve met so many fantastically motivated and talented people who are searching for the holy grail of entrepreneurship. Even though I work for myself, I took a detour here, I don’t really work for myself. I work with/for the enterpreneurs (read VC’s and developers) to make sure that businesses are working and running the way they should. I help build teams, set processes, engage the marketing, PR folks, and pretty much everything that one would need to run a business. The sad fact is that not every company or entrepreneur has the funds to hire someone like me.
Being an entrepreneur is hard work. If you don’t think running your own online business is difficult at times, then you probably aren’t working toward your full potential. After all, when you’re an entrepreneur, you are your own marketing department, customer service representative, website designer and product developer ñ not to mention content creator. And that’s just the start of the list! But eventually there comes a time when we all must take a step back and evaluate our progress with our business ventures, and for some, this period of reflection ends with the choice to quit being an entrepreneur.
The Right Reasons to Quit Being an Entrepreneur
1. You’re barely making minimum wage. Although the beginning of any business is usually slow and you should be prepared to work long hours without immediate returns, your business should not be draining you. If you’re struggling to put food on the table because of your business ideas, then it’s probably time to take a harder look at where all the money is going.
2. You no longer enjoy the work you do. To truly stick through the tough periods and early 18-hour days, you should enjoy working on your business. Obviously there will be some off days that leave you wondering what on Earth you’re doing, but for the most part your business should be a passion. Like anything else, your enthusiasm shows through your work, and if you dread trying to further your business then you should rethink your startup idea.
3. You’ve exhausted all avenues and still aren’t making profit. If you’ve already tried to network and all of your connections have failed thus far leaving you running into the red, then you should at the very least rethink the angle that you’re approaching your business from.
The Wrong Reasons to Throw in the Towel
1. You’re a victim of “Shiny New Object Syndrome.” It’s easy to get distracted by the next best idea when your current business seems to be progressing at a snail’s pace. However, jumping from one new idea to the next is the fastest route to failure, and certainly not a good reason to give up on your business idea. Instead, focus on your goals and you’ll see a return in the future as a result of your consistent efforts.
2. Running a business is too hard. Being an entrepreneur takes hard work, persistence and dedication to your goals ñ you will never find a business idea that won’t be challenging at times. Instead, think of ways to make things less frustrating in the future rather than dwelling on quitting your business.
3. Your friends think you’re crazy. Although friends and family should always support your ideas, they probably won’t understand what you’re doing in the early stages of your business ñ especially if you’re running everything online. Very few people who aren’t involved in Internet business do.
So, are you ready to quit being an entrepreneur?
In the end, quitting your business is a personal decision that no one else can make for you. For some, it’s the right route; not everyone is cut out to be their own boss. Should you decide that your current situation is not bringing you the satisfaction that you thought it would, it’s important to look at ending your current business pursuits as a change of direction and not as a failure. Who knows, you may just need a break while getting a steady pay check to rekindle your business interests! However, if you truly have the entrepreneurial spirit, then you’ll never quit being an entrepreneur even while you’re working under someone else.