5 Reasons Why Entrepreneurs Give Up Too Soon
This is an honest look at the life of an entrepreneur and why most entrepreneurs give up way too soon. Sometimes the thought of sticking to a ‘normal’ career can be tempting. I can leave work at the office, and enjoy my downtime. I don’t have any extra business expenses or stresses to worry about.
Yes, I thought about giving up my entrepreneurial endeavours… A number of times! But I can’t. I can’t stop now! You see, ever since I was young, I’ve had this quote stuck in my head.
[blockquote style=”1″]“Most people spend their whole lives climbing the ladder of success only to realize, when they get to the top, the ladder has been leaning against the wrong wall.” Stephen Covey [/blockquote]
For me, this meant that I didn’t want to climb the corporate ladder to only find out that I’ve been building someone else’s dream. I don’t want my life satisfaction to be about making a boss happy. Perhaps it’s the environment I grew up in. My father has always run his own business, and although he’s been stuck trading time for money and hasn’t been able to truly leverage his business yet, at least he’s calling the shots.
The fact is, I want to follow my heart. I want to enjoy each and every day that I’m blessed with, and live with passion and purpose. I want to mix the boundaries between work and play. I want work to be so much fun that I call it play. Let’s just call it life. I bet you that you feel exactly the same…
But Why Do Entrepreneurs Give Up On This Goal?
Entrepreneurship has it’s downsides and it’s not for the faint hearted. It takes courage, passion and an insane commitment. Because you need to learn to be able to pick yourself up when you think everything is falling to pieces. Some things will work, some things won’t. You’ll have to test and measure, and then do it again and again. You’ll have periods when you burnout; when you think the end result is no longer worth pursuing. That the road blocks are too many to keep pushing through. And then you’ll find another glimmer of hope and rediscover why you’re insanely passionate to begin with. You have a real chance to leave a legacy. To make an impact. To change lives for the better.
Not everyone thinks they have what it takes. Not everyone survives the highs and lows of entrepreneurship. Here are five reasons why entrepreneurs give up way too soon.
#1 Your Purpose Isn’t Strong Enough
A lot of entrepreneurs give up too soon because their ‘why’ just doesn’t cut it. What I mean by this is that their overall purpose is far too surface level. If money is the goal, then what will you do with the money when you get it? What if you had all the money you ever needed and didn’t have to work another day in your life? Most people would actually get bored out of their brains after traveling for 24 months and buying the nice car and house. The next step is to look for further meaning in life. This means doing some form of work, philanthropic or otherwise.
If you aren’t totally sure what motivates you, what’s going to help you keep pushing when times are tough… then ask yourself the question, ‘What is my why?’. Why is it that you’re doing what you’re doing? What legacy would you like to leave when you exit this world?
#2 You’re In An Unsupportive Environment
If you’re a solo entrepreneur, I feel for you. It’s not easy! Not everyone has an entrepreneurial mindset and not everyone will understand your journey. That’s okay. But trust me, you need to seek out your own kind. You need to bounce ideas off each other. You shouldn’t feel like a minority! Because those who don’t get your journey are going to doubt you. If you’re taking advice from anyone, think about what their goals are and how closely they are aligned with your own. If not, don’t take it onboard.
#3 There Isn’t Enough Money For Your Projects
There’s a saying that ‘it takes money to make money’. Although having money does help, it shouldn’t stop you in your tracks if you don’t. There are countless stories where entrepreneurs have bounced back from massive debt or only a few dollars in their bank account. Just remember, your self-worth is not your net worth. Just because you probably haven’t made big bucks yet doesn’t mean you don’t have insane value to give to others. Don’t let a lack of money hold you back from reaching your goals. Don’t forget, there’s always funding opportunities out there. Consider starting a crowd funding campaign or even research into what available government grants you might be entitled to.
#4 You Encounter Lengthy Delays to Your Projects
The truth is that delays happen. They are often unavoidable, and can result in a lot of disappointment. You might start to question why it is you’re doing what you’re doing. That’s okay. It’s part of the process. It’s normal to question yourself and this is where having a strong purpose is critical. If your purpose is bulletproof, you’ll realise that delays are part of the process. Yes they are frustrating but if you can factor them in you won’t end up feeling bitterly disappointed.
#5 Your Project Fails
Wooah! That’s a big one. Have you ever felt the bitter notes of failure (as opposed to the sweet tones of success)? It’s heartbreaking, especially if you’ve put your heart and soul into a project and it flops. It didn’t work. Time to return to the drawing board.
Here’s my take on the situation. If you think failing on a project is failing at life, and therefore you give up… That’s failing. But if you fail at something and then turn around and look for the positive, the lesson, then that’s progress. As long as you can develop the right mindset around failure, it can actually be your friend. Your next failure could result in a story that becomes a #1 bestseller. Imagine that!?
Why You Shouldn’t Give Up
The fact is, I could keep coming up with excuses why you should throw in your entrepreneurship towel. But that’s all they are, excuses. History shows that entrepreneurial greats didn’t start out great. They were knocked back and told ‘no’ countless times. They thought they were failing but they kept pushing through. Their purpose was strong enough. Their desire was eagerly as strong.
I have no doubt that you could be the next great entrepreneur. If you feel that your purpose isn’t strong enough, work on it. If your environment isn’t supportive, find one. If there isn’t enough money, think of creative ways to achieve your outcomes or seek funding opportunities. If you’ve encountered delays, use the time to refine your strategy or take the time out to enjoy life. Remember, you’re not a failure just because you’ve had failures along the way.
Have you got close to giving up on your entrepreneurial dreams? Leave a comment below and share your story…