You must have heard the saying Nothing good comes easy. Unfortunately, it is not every entrepreneur that can weather the business storm. There are days when many business owners feel like giving up, wondering why they decided to quit their full-time jobs to invest long and painful hours into their business.
The life of an entrepreneur can be tough because founders and CEOs are usually under a lot of pressure to succeed. They usually yearn to have that feeling that certifies that they are on the right track and that they are in control. However, things do not always go according to plan. So, what do you do when you find yourself in this situation as an entrepreneur? Quit?
It’s World MSME Day and we are celebrating the true changemakers, disruptors and innovators dubbed entrepreneurs. Through their business ideas, they make life better for people while adding positively to the economies of various nations across the globe. They play a major part in every sector and they are very much appreciated.
For those entrepreneurs that are on the verge of closing the books on entrepreneurship due to current challenges, we hope that they have a rethink after reading the following points.
Here are six reasons not to quit as an entrepreneur:
1. You’ve achieved so much and you’re still evolving
You have grown from the conceptualization to the actualization of your business idea. This alone is immense growth. There are only a few business ideas out there that eventually develop into full-fledged businesses. If you have been able to successfully start and run a business, then surely, there’s room for growth and improvement. You have done the work to be excellent at what you do and you are an evolving entrepreneur. Rainy days should be expected and they are all part of the experience. Take them in like a champ and learn from the challenges.
2. You’re a source of inspiration
You might not realize this now, but people are inspired by you. They might not always voice it, but they are watching and observing. Quitting might throw them off balance.
It might surprise you to know that some people are looking up to you, trying to learn about how you work and operate. There’s a reason for this; people normally admire the positive attributes of a person that they believe is excelling at something they are interested in. So, you being a source of inspiration definitely means that you are doing something right and that people are attracted to you and how you work. Without a doubt, this is a recipe for success.
Also, if you give up on a business that you’ve already kickstarted, the other stakeholders that you might have already involved, such as partners or staff, are going to, quite frankly, judge you. As a consequence, the next time an opportunity comes around and your name comes up, they are going to remember how you gave up and they wouldn’t want to be associated with you.
However, if you must leave a project that involves other people, do it appropriately so that no one will judge you as unserious.
3. You’re strong and courageous
The fact that you delved into something that you’ve never experienced shows that you are a risk-taker! You probably left a high-paying full-time job to build your own venture or used your life savings as capital to launch your business. Whatever it is, you must have made some sacrifices to get to where you are. Think about that before quitting. If you were courageous enough to start, you are definitely strong enough to continue and see this through.
4. You play a pivotal role in your community and the world
Entrepreneurship is one of the numerous channels through which people can creatively design solutions to help the world’s population. Every business owner, no matter the size of their venture, is a tiny piece of a massive structure that helps nations grow into achieving their full potential. You might think that your business is not known to many or that it has no impact, but the truth is that all businesses enable various geographical territories of the world to fight and eradicate poverty, improve people’s way of living, educate people, curb social vices, and boost their economy.
5. Quitting may not offer any relief
Whether you’re quitting to go back to your 9-5 job or to start another business, you must understand that it’s never easy.
If you leave to establish another business, you might run into the same problems that pushed you to pack up your former venture. It might also be a difficult task trying to fit back into a full-time job or routine. So, at the end of the day, you might not find that satisfaction that you are desperately searching for. Therefore, it is wise to think deeply about why you want to quit your business or entrepreneurship as a whole so you don’t end up shooting yourself in the foot.
6. You might miss out on something fulfilling
If you give up too soon, you might miss out on what would have been if you had continued. Doing business will test you in every way, shape and form, and you can only enjoy a harvest when you stay strong and consistent. Don’t give up!
Recalibrating Your Drive
We have already established that entrepreneurship is serious business, but how do you reset your mind to take charge and allow yourself to grow through tough times? Ask yourself these questions and find hope in your answers:
- Why did I embark on this journey?
This is a very crucial question to answer when navigating difficult times and situations. This is so because for people to leave all that they’ve known to do something they know nothing about, it often takes a lot of effort and courage. So, reconnect with the real reason you decided to start a business in the first place. Your mission and purpose will motivate you to keep moving.
- What’s the root cause of my frustration?
The thought of quitting usually stems from a place of frustration. Figure out the main source of your pain and frustration and see how you can manage it. It could be sales, visibility, funds, etc. Try to discover the root cause of your disappointment, seek help on how to resolve it, and see if this changes your thoughts about quitting the entrepreneurship space.