You are done! You have finally had it! You are not going to do it anymore! The last loan you took from the bank was it! This was you the last time you looked at your bank statement when the company needed another huge cash injection. Yet, you found yourself calling all the friends and going back to the bank for some more debt. So now, you are reading this and you are thinking, things haven’t gotten better yet, you have hope that they will, but a little something in you is asking , when is this this going to stop? And I have to be brutally honest and tell you, that it has to stop now.
If you are in a business and its not making money time and time again, even after you have changed the strategy and the model, then despite what you have been told not to give up on your ideas, maybe this idea just isn’t for you. It is an unfortunate truth but 25% of start ups fail within the first year, another 35% within the first 5 years. As a fact, you are not alone in this, business ideas fail and your idea will come, this one just wasn’t it. In actual fact, your business could have failed because of any of these reasons:
- Lack of need for your product
- Lack of capital
- Not the right team fit
- Poor product
- Poor marketing strategy
- No care for customers
- Bad location
- Loss of focus
- Burn Out
An age old truth says when you find yourself in the hole you need to stop digging. And this is speaking to you, dear business owner, you are in a hole, stop looking for more loans to save the company, I truly understand that you have already spent so much money on this and it has to work out, but isn’t it better to lose what has already been lost than to lose more if you keep on injecting into the business. I also know that you don’t want to give up, because you are not a quitter. You have read a lot of motivational books that tell you, winners never quit and this is a truth but if you were to read more into these winners’ stories, one would be surprised that they also had businesses that they had to abandon because the ideas weren’t working or they were not the right fit for the environment at the time. e.g Abraham Lincoln. He is one man who practically failed at almost every business venture he tried and a lot of elections he ran, only to eventually emerge as the American President and a good one at that. His failures were so big that every “Never Give Up” story has him as an example.
Stop Digging! You will find a better business idea, model, strategy and better time. All is not lost.
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