djbaxter

Administrator
Something noone wants to talk about or even think about when planning a new venture but the reality is that not all startups work out.

How to Tell When It's Time to Quit and Move On
by John Boitnott, Entrepreneur.com
October 2, 2018

Owning your own business is always a wonderful dream. The reality isn't always so wonderful.

Becoming an entrepreneur, owning your own business, setting your own hours, being the boss … for many of us, it’s a dream come true. At the same time, though, many business owners wake up one day and wonder, “How did I get here? And how can I get out?”

People strongly attracted to the idea of creating and growing a small business of their own one day probably can’t imagine feeling a pervasive need to flee from that business. Some balk at the mere suggestion that sometimes quitting a business might be the right thing to do.

It’s wise to have an exit strategy in place, and you also must know when it’s time to implement it. While the right answer in any individual case will vary, there are some common circumstances in which leaving or shutting down a business you’ve built might be the prudent course of action.

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VirtualGlobalPhone

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As always quite resourceful article djbaxter .

For me the concept or Quit and Exit is overused and quite misleading in the heads of many.

One way is - the founders usually never attached to the business. They normally work on the business and not in.
 

SkyWriting

Member
As always quite resourceful article djbaxter .
For me the concept or Quit and Exit is overused and quite misleading in the heads of many.
One way is - the founders usually never attached to the business. They normally work on the business and not in.

Working on the business is ideal. Sir Richard Branson currently has 300 operating companies. Focus on what you are excellent at and delegate all other work tasks for maximum results. Too many business owners waste their time inside the company and are actually too tired to innovate and strategize. The top strategists have scheduled days off, scheduled weeks off, and scheduled mouths off.

Richard Branson works without an office, living with his family, on his own 74-acre island.
 
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djbaxter

Administrator
Apples and oranges. Not many startup entrepreneurs have their own island or 300 companies. They have themselves (and possibly a partner or two) and a barebones office.

Working ON the business may be ideal for the likes of Richard Branson. I'm happy for him, living on his island with his family and 300 companies.

But back to the reality of most entrepreneurs: Working IN the business is essential. Working ON the business remotely is a recipe for disaster.
 

SkyWriting

Member
Apples and oranges. Not many startup entrepreneurs have their own island or 300 companies. They have themselves (and possibly a partner or two) and a barebones office.

My advice comes from such people who are successful.
They learn that they fail if they try to do it all themselves.
 
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djbaxter

Administrator
My advice comes from the real world. They learn that in the beginning at least they acquire better knowledge and control of their business by doing most of it themselves, often out of necessity.
 

VirtualGlobalPhone

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Working on the business is ideal. Sir Richard Branson currently has 300 operating companies.

SkyWriting, I definitely not recommend Sir Richard Branson way. It's more of a practical way.

An example is: When an entrepreneur wants to add an "Online Payment Method" instead of hiring and coding the way he/she thinks. Exploring what's available in the market and simply plugging into a website will be ideal "ON". But remember that the person need to know the basics of Online Payment so that he/she has to dive in deep as a customer and then as an owner "IN".

The trick is to know the LINE and that no one can write in a book. It needs to be practically handled while doing business in an environment that is always new.
 
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SkyWriting

Member
SkyWriting, I definitely not recommend Sir Richard Branson way. It's more of a practical way.

An example is: When an entrepreneur wants to add an "Online Payment Method" instead of hiring and coding the way he/she thinks. Exploring what's available in the market and simply plugging into a website will be ideal "ON". But remember that the person need to know the basics of Online Payment so that he/she has to dive in deep as a customer and then as an owner "IN".

The trick is to know the LINE and that no one can write in a book. It needs to be practically handled while doing business in an environment that is always new.

Then you can model Dan Kennedy. He only has one direct employee and still makes seven figures a year.
https://nobsinnercircle.com
 

SkyWriting

Member
Owning your own business is always a wonderful dream. The reality isn't always so wonderful.

Of the extremely successful entrepreneurs, some go though lots of jobs, some through multiple bankruptcies, and / or multiple marriages. And others don't.

What is common is they have perseverance and faith they are on the correct course to their destination and that they continue learning.
 

SkyWriting

Member
SkyWriting , There is this saying ...

The biggest issue in communication is we don't read or hear to understand; we read or listen to reply. (I improvised it .. thanks to you) :)

If you get this you can do much better in your life.

Entrepreneurs fail and have their businesses dissolve when they try to grow larger and continue to do everything themselves. The more they embrace that they are only excellent at two or three things, then the sooner they can find excellent help for all those other tasks. This is how business owners become more successful, by allowing others to excel at what they are best at.

This is "the line" you were referring to. Hold close your unique abilities and delegate all the rest for increasing success. What's different is that "the line" has characteristics and boundaries for growth and success that you didn't mention.

Checklist: 6 Clues To Identifying Your Unique Ability
 
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VirtualGlobalPhone

Moderator
Top Poster Of Month
SkyWriting ,

If you need to be effective in listening or reading then do one thing ... only ONE.

When you are READING these .... listen to background noise and hold on to it as if you are holding a railing of a staircase. Because my friend the moment you read the first word you are taking off like a jet plane and taking everyone to some other dreamland ...

If you really want to see a result for others get the above. Because the way you replying you believe you know it all, that's stand one avoid.

Best wishes mate ...
 

SkyWriting

Member

My goals are not the same as yours. Thank you for your attention!

"If you need to be effective in listening or reading then do one thing ... only ONE. "

No Thank you. A person can be excellent at two to three things.
They just need to discover what those are and stick to what they
naturally do best. These are abilities they use even in childhood.
When you discover those things, they give you energy rather than
tire or overwhelm you. This is how to thrive in life and business!
 

VirtualGlobalPhone

Moderator
Top Poster Of Month
That's my goal. Thanks! You are spot on!

Good for you ...

Now we have your attention and understanding. That's not how the forum rules operate here. You have to stick with the original thread subject and question only to be effective and clear.

Keep writing but make sure you hold the original thread of the creator.

Thank you for considering and supporting us.
 

Lisa B

Member
I think because SkyWriting models himself after those who have managed to get rich with minimal work, he deems that the ideal model for all? Is that fair to say? Surely a no rent, no labor model will also be the least risk, greatest potential for financial reward.

However, there are needs that cannot always be automated and singular that a hard work and labor may need to fill. Surely, you eat out at places that are NOT feeding you crap franchised GMO fast food (I include the Paneras and Chipotles in the crap mix!)? The cost and labor to provide REAL organic fresh food in a community shop/ restaurant is astronomical, but it is how I reach sick and obese people in my community and help them turn their lives around. I cannot write it off though! My purpose and passion. Sure, I am a Certified Wellness Counselor and Personal Trainer- but the reality outside of Miami, NYC and LA- the average person only goes to their doctor for (failed) health advice. They rather pay for doctors visits, prescriptions and health insurance (I don't pay for any of that anymore, but I digress). They find me by accident, dig the "vegan" buzz word, have an unexpected convo about their health (literally everyone is sick on some level today, even if just fatigue or mild allergies) and start make actionable changes. Very difficult to monetize. Very "ears on", on top of the "hands on work" of me helping staff juice, make food and drinks, and wash dishes, and my JOB of advertising, networking, payroll, schedules, hiring, purchasing, taxes, keeping licenses and permit up to date, etc. Just stepping away to type this I looked up and saw my lobby was full of customers and my husband and 3 employees were scrambling to keep up. They were doing well, but we are not a "pump, pump, squirt place and that is the "problem".

Our business will never be labelled a catchy "overnight success" story. It will be a story of great initial first year financial loss- we found ourselves with one year of no personal income while my husband suddenly couldn't work; stress of a Veteran spouse with severe mental health issues that functionally affected us professionally and personally, who only in this 4th year have we found a way to make it possible for him to be involved; tragic 2nd year foot traffic loss when our neighbors closed down; and a story of putting my nose to the grindstone and persisting because I HAD NO CHOICE. Literally, this was my only hope and I had come too far. Quitting is not an option. Selling at that stage- we would be robbed!!! First 2 yrs we struggled to make rent. Now we can pay all the bills, we just struggle with scaling up because we insist on same standards, but still short on labor talent in current environment.

I am fortunate to have a degree in advertising and illustration- this, coupled with getting my hands dirty UP TO MY ELBOWS is the only thing saving my business. Oh! And this having been "the year of the vegan" helped a lot too. Everyone wants to eat better now that they have watch "What the Health" and "The Game Changers"- thank you God!!

No one wants to go through struggle. And no one wants to hear about the struggle you are going through. They just want to rave and click "like" when you are successful. One size does not fit all.
 
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