Know When To “Throw In The Towel”??
Never quit. Never stop. Believe in yourself. All things are possible to those who believe. At some point in our lives, we’ve heard these mantras. After years of having these beliefs ingrained into your existence, what happens when you’ve gone as long as you could to make your business work and you just don’t want to try anymore?
Entrepreneurs are a different breed. We are risk-takers. We are innovators. We are even deemed by many to be a tad bit crazy. But this is what we know as normal. We leave secure jobs to venture off into the unfamiliar world of business creation and ownership. A world where with great risks come amazing rewards ─ at least some of the time.
You’ve fought long and hard for your business. You believed that all of the hard work would pay off. You risked your family, your finances, and your health to keep your business and dream alive. And now, after all of the stress, strain and pressure, how on earth do you finally give in and realize that it’s time to throw in the towel?
As entrepreneurs, we experience a breadth of intense emotions when having to make such a difficult decision to “close up shop”. If your health, family and friendships are at risk, here are a few suggestions of what you should do as you move closer to your final decision:
Give yourself a time frame to achieve measurable outcomes that make it worth your while staying in business.
Gather the required resources to help achieve your goal within your designated time frame.
Arrive at an agreement with your spouse to commit to this designated time frame. This will help mitigate pressure at home during the allocated time.
Ensure regular physical exercise. This will increase your capacity to think clearly.
Try as hard as you can to achieve your goal within the preset time frame. If you don’t succeed, seriously consider moving on to the exit strategy.
At this point, whatever decision you make, you will have to move forward; one step at a time, on to the next venture, moving closer to success.