Let’s talk about entrepreneurs creating startups. What kind of people are they? What drives them?
Such people work against all odds. They are not afraid to pursue the ideas abandoned by large companies. They know where the risk is and still go for it. Simply put, these people are in search of something new and have a strong desire to fulfill their true potential. Why would they lose interest in their business then?
People can lose interest in their startup for several reasons. For example, this business may cease to please them or begin to bring more expenses than profits. These are quite obvious reasons, clear to everyone. But there are cases when people quit their startup for no apparent reason (or at least it seems so).
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Let’s try to figure out why entrepreneurs give up on their businesses in the early stages.
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Why do people lose interest in their startups?
There are a few common reasons why entrepreneurs lose their passion. It is important to clarify that all these scenarios are true not only for startups. They are common for any business.
- Stress and tension. Launching a startup is an extremely stressful venture. Activities like analyzing feedback, building a further strategy, managing a team, looking for investments, and so on cause a lot of stress. You can imagine what kind of tension people experience if things turn sour. Every failure and every unplanned obstacle cause even more stress. It accumulates and triggers a snowball effect. Is that familiar to you?
- It’s boring. Yep, that’s another common scenario. Perhaps, you are simply tired of routine work and get disappointed with the lack of challenges. What’s more, it seems to you that the situation won’t change in the future. And once a new idea for a completely different startup pops up, it becomes hard to refrain from quitting this boring business and starting to solve new puzzles, right?
- Failures. What can be more emotionally draining than setbacks? Your startup does not bring even a fraction of the profit that you have expected to get. Your business drags you into debt, and your chances of success are getting smaller. Having noticed these trends, you become detached from your startup. Under this scenario, quitting your business is, perhaps, the most reasonable option. But on the other hand, what if you could still bounce back and grow your business further?
- Overwork. It’s no secret that entrepreneurs work seven days a week. This is especially true for the early stages when you need to establish your business processes as quickly as possible. You are getting tired quickly and seeking rest. It’s always like this. Therefore, the situation when you completely burn out at work and don’t have any strength left is quite expected.
Now, if you feel that you are experiencing the symptoms described above, let’s try to figure out what to do about it.
Is it possible to avoid these scenarios?
Launching a startup is an unpredictable venture, so it’s very difficult to outline some universal rules that may help you avoid losing interest in your business. But, what really helps is a clear understanding that you can fail. You must be prepared for a huge amount of work that won’t necessarily bring you profit and success. After all, your startup may have a really bright future if you give it some time to mature. Here are a few tips for you to follow if you want to get rid of that bad feeling about your startup’s potential.
Remember why you are doing this
Do you remember the goals that you have set for yourself? You once decided to quit a dull office job in order to achieve your dreams, didn’t you? So, take a look at the business plan that you crafted before launching a startup and remember how it inspired you. Perhaps, it’s high time to make some changes to this plan instead of abandoning your business.
Focus on your achievements
If you’ve lost motivation, it is extremely important to go back and remember your successes, even the smallest ones. You’ve managed to launch a startup, and it really is a big deal. You’ve created something that works! If you think about it, you will realize that this is already a great success. There are tons of real-life stories about entrepreneurs who couldn’t achieve that.
Ask for help
Don’t be shy, share some tasks with others. Perhaps, you have relatives, colleagues or friends who can support you. It may seem to you that they don’t have enough knowledge to provide you with expert assistance. However, you can never know for sure what to expect from people who, at first glance, have nothing to do with this kind of activity.
Take a break
Wait, what? Aren’t we talking about how not to quit a startup? Exactly. You don’t need to abandon it completely, but a short break is a good option. Do not underestimate the importance of rest. If you feel that you have burned out, take a short vacation, spend time with your family, and relax. This way, you will have time to gain motivation or come up with fresh solutions and directions for your business. Perhaps, you will even feel a new surge of interest.
Delegate your business to a person you trust
In the end, if you can’t cope with boredom, lack of motivation, and other problems, try to delegate your business tasks. Of course, it will be tough for a number of reasons. Firstly, this is your business, why should anyone else do it instead of you? Secondly, if your startup isn’t successful, it will be hard to find someone who’s ready to develop it. However, it isn’t impossible and it’s still a better option than abandoning your business completely.
Delegating your business actually means quitting it. However, before transferring the reins of control to another person, you can negotiate that you would have the right to return to this business in the future, as an equal partner.
Finally, it’s all about not making hasty decisions. This rule applies to any life situation, but it is especially relevant when you want to quit your business for one reason or another. Take your time, think it over. List the options you have. Perhaps, it isn’t as bad as you might think.
Nobody can tell you which decision will be the right one. Still, being emotional in decision-making is never the right option. Take a break, clear your mind, and ponder over each next step carefully.