You need to be starting your business with the mindset that you’ll still be working on it five years from now. If you’re not working hard at your own business, why are you even doing it? If you’re working hard but feeling like you’re not getting anywhere, you need to take a step back and prioritize your tasks. People who multitask also take an average of 50% longer to complete a task, and make 50% more errors than people who focus on only one task at a time. You can have a truly amazing product but without the right marketing, no one will ever know about it. Having clear goals for your marketing strategy is very important for the long-term success of your company. Can you think of one new product idea that would make your life easier or more efficient? You make a lot of plans but don’t take action A lot of people think making a business plan means they’re starting a business. Many people are afraid of failing if they start a business. We worked 16-hour days, or more sometimes, to get everything done.
Being an entrepreneur isn’t for everyone.
It often takes years of hard work, long hours, and no recognition to become successful. A lot of entrepreneurs give up, or fail for other reasons, like running out of money.
Statistics show that over 50% of all businesses fail after five years in the United States.
40% of startup failures are due to a bad fit, followed closely at 38% from lack of time and involvement.
I’ve been open about my past failures as an entrepreneur before.
Running your own business and being in control of how you spend your time is amazing. I couldn’t imagine doing anything else.
But it’s also really hard.
You’re not going to succeed all the time.
You may fail three times in a row. But that fourth time could be your shining success.
My first company failed miserably, and my second failed and left me over $1 million in debt at age 21.
If I had given up then, I’d still be paying that back.
But I kept on creating products and solving problems.
To me, there was no other option. I couldn’t imagine doing anything else with my life.
If multiple failures without any guarantee of success scares you, it’s probably a sign you’re not cut out to be an entrepreneur.
Here are 7 other indications it’s time to call it quits on starting your own business.
You like to stay in your comfort zone
As an entrepreneur, no two days are the same.
One day you could be by yourself all day writing, designing, or coding your product.
The next day you could be fielding sales calls, interviewing personnel, or being a guest on a podcast.
If you’re an introvert like me, the first day seems a bit more appealing.
But you need to put yourself out there and be okay with being uncomfortable.
Let me ask you this: When was the last time you did something that scared you?
It may sound cheesy. But if you can’t remember the last time you took a risk, then maybe being an entrepreneur isn’t for you.
Vera Wang took a big risk starting her fashion business.
It was definitely out of her comfort zone.
The former figure skater didn’t qualify for the 1968 U.S. Olympic team. She knew she had to reinvent herself and pivot her career to something else.
She was already working at Ralph Lauren, but it wasn’t until 1989 that she discovered her true passion.
She was preparing for her wedding and didn’t like any of the dresses she looked at. She thought there should be more modern and fashion-forward options.
So she made her own.
She sketched it and hired a seamstress to make it for her for $10,000.
That was a big risk but it paid off. Now, Vera Wang is known worldwide for her innovative bridal style.
None of that would have been possible had she never taken a chance on making her first dress.
You think it’s a path to quick money
I can’t imagine a slower way to make money than being an entrepreneur.
You could work for years without ever seeing a dime.
The infographic below depicts a typical path to success for a startup.
What it doesn’t show is that this process happens over months or years.
The time it takes to make a profit from your startup is all-consuming.
You work more than an eight-hour day, leaving little time for other income-generating opportunities, like another job.
Plenty of successful entrepreneurs have been able to work on their businesses while still holding down a full-time job, like Jason Quey.
He started a clothing business at 22 years old and made over $200,000 in the first year while still having a regular full-time job.
That’s pretty impressive.
But it’s not the norm.
While it’s possible to start a blog or business that generates money fairly quickly, most do not generate anything for a year or more.
You need to be starting your business with the mindset that you’ll still be working on it five years from now.
As Jeff Haden says, “As a business owner, you earn the right today to stay in business tomorrow.”
Nothing is guaranteed in the future. You can’t treat your business like a get-rich-quick scheme. It just won’t work.
You’re a procrastinator
If you can’t manage your time effectively, you’re bound to fail as an entrepreneur.
When you work for yourself, there’s no boss looking over your shoulder or monitoring your time card to make sure you’re working hard.
If you’re not working hard at your own business, why are you even doing it?
If you’re working hard but feeling like you’re not getting anywhere, you need to take a step back and prioritize your tasks.
Your tasks can only fall into one of four categories.
Urgent and important
These are things that just can’t wait.
Whether it’s a quote for a new client, returning a voicemail, or hitting a publication deadline for your blog, you need to make sure it happens.
Important but not urgent
This is a task that is important but the world won’t end if you don’t do it right now.
That could be returning some routine emails or updating your social media accounts.
Urgent and not important
An urgent task that’s not important could be something like renewing your business license or ordering new supplies for the office.
You can easily delegate these tasks to someone else.
Not urgent and not important
Don’t even waste your time with these tasks! Get rid of them.
An example of a task like this could be exploring a new business idea. It doesn’t mean it’s a bad thing to do, but it won’t help your current business.
Leave it on the back burner until you have the proper time to devote to it.
Research has proven that multitasking isn’t effective.
People’s lack of focus costs the global economy an estimated $450 billion annually!
On average, people spend only just over a minute on a task before getting distracted.
Even more surprisingly, it…