NEVER give up on being an entrepreneur.
Should I give up on being an entrepreneur? It’s a common question among business owners…
The subject arises at some point in everyone’s career. The answer is typically buried under layers of fear, and asking the question shakes up the anxieties of the present.
Truthfully, yes, some business ideas should be given up on. They simply might not be practical whether it’s the wrong business model, wrong location or wrong time. Sometimes getting out early can actually prevent more damage down the road.
However, you’re probably not in a situation where you have no chance whatsoever. You’re probably just struggling a bit and you’re looking for solutions rather than an excuse to give up on being an entrepreneur.
Don’t give up. Not only for your sake, but also because the world needs you and your ideas. There’s a reason why we tell clients they may have more options in their reach than they think. If you need some help, let us know. In the meantime, here are 10 tips to keep you on your feet.
Avoid contagious toxicity
Sometimes it’s hard to avoid toxicity, but you have to try. Even if it’s a co-worker or family member. If you must hear it, it’s imperative to not let negativity break through and settle in. If it becomes too much and you can’t avoid it, don’t be afraid to ask them to stop spreading negativity because it’s affecting you.
Don’t ever let anyone tell you that you don’t have a good business idea. People can be envious, negative or even condescending. Toxic thinking can be contagious, and it causes people to lose hope and lose sight of their vision.
Someone might want you to fail because they’re unhappy, or they failed too many times and they think failing is inevitable. Sometimes people will even say you don’t have what it takes, and literally tell you this because they “care.” They might give you terrible advice simply because they make more money or have a higher education.
Remember, you’re the expert and your business began with your ideas. As the business owner, you know much more about your own industry, business plan and sales prospects than any outsider.
Don’t expect fast results
All good things have been built by patience. You’re not going to build an empire overnight, which is why you hear a lot of success stories begin with the business owner working in their free-time while they’re employed somewhere else. Quit any expectations you may have of something happening quickly.
Make sure you have a strong foundation without any holes so have solid ground to build on.
Believe in yourself
If you don’t believe in yourself, there’s not much hope for your business. For anyone to do their job well, a person must have the necessary confidence.
And for most people, going to work everyday to do a job that comes with pre-set responsibilities and pays you a regular income. It’s significantly more challenging to be an entrepreneur, so imagine trying to be one without confidence.
“I’ll never compete with the big guys.”
“Maybe I’m in over my head.”
“What if no one wants to hire me?”
Thoughts like these will lead you into a downward spiral until you’re asking whether you should give up on being an entrepreneur altogether.
There is always opportunity out there, and don’t be afraid to miss it without taking a swing. It’s always a tragedy when someone decides they don’t have what it takes.
Have no regrets
Don’t start thinking you jumped in before you were ready or you’ll regret taking the leap at all. No one has everything all planned out. Most entrepreneurs make it up as they go, and the ones that do make it will accept the challenge and embrace it.
You’re in it now for a reason, and it’s because you want to be. Make the most of it. If you give up on being an entrepreneur prematurely, it could be your biggest regret of all.
Stay in the present
Don’t get stuck in the past, and make sure you’re always planning for the future. Young people have a tendency to think they’re going to get their dream job in the future, but most of the time they get a rude awakening after college.
The only way you can get the job you really want is to make it happen yourself, which means you have to start working for it today. Watch for opportunities on the horizon and be ready to make a move. You need to make sure you have solid groundwork to stand on right now.
Think innovative and find ways to capitalize on modern trends as they arise. Likewise, don’t dwell on mistakes you’ve made in the past. You’ll never be able to move on.
Manage your anxiety
Everyone gets anxious at times. So instead of building up anxiety over something big, like the future, try to funnel that anxiety into smaller things that are happening now so it’s easier to manage. As you juggle your tasks and successfully overcome each little problem, you’ll realize how much of a rockstar you can be.
Likewise, you’ll distract yourself from major worries by getting important things done.
Don’t give up because you can’t keep up with changes in the marketplace, economics, marketing trends, communication and technology. Where the world goes, your business prospects go with it. It’s necessary to adapt.
Get help with finances and business advice
Lack of resources is one of the most common reasons for someone to give up on being an entrepreneur. If it’s finances, there are plenty of ways around that. You can contact a financial consultant, take out a business loan or build business credit.
Don’t overwork yourself or you’ll burn out. You do your best work when you feel great and your work and personal life is balanced. Take time to recharge mentally.
If you work too much at the cost of your own life, you’ll make yourself sick. Your quality of life changes because you’ve sacrificed meals, personal time and sleep. Not only will your business suffer because you’re not working at your best capacity. More importantly, your relationships will become strained, and your physical and mental health will decline.
Don’t anticipate success
Don’t overwork, but don’t just sit there with great optimism. You have to make things happen. Sometimes entrepreneurs think they’re entitled, they assume they already know everything, or they spend too much money without a budget plan because they anticipate an influx of revenue coming.
It’s no surprise when someone with this mentality easily gives up when one major thing goes wrong. You have to put in the effort and be prepared when problems occur.
Have a solid foundation
Make sure you have a strong foundation without any holes so have solid ground to build on. There is always a lot of planning that goes into starting and running a successful business operation (legal, financial, branding, marketing, creating a business model, human resources, etc.).
Hire someone to make sure your company is set up to win. As the owner, you have many hats to wear and a lot of loose ends to tie up. If you hope to save a little money by trying to figure it out alone, you could end up costing yourself a whole lot more and missing out on lucrative opportunities.
By allowing professionals to help, you’re making a smart investment and ensuring a future for your business. You’re the expert in your field and you have a great business idea, so you can hire other experts to do what they do best so you can focus on running the business successfully.
We’re experts in helping people set up their business and getting them to a point where they can access the working capital they need to be financially secure. We can put you and your business on the fast track to success today.