Being an entrepreneur isn’t easy. Many start out doing it as a side hustle, before taking the plunge. It takes guts to break free from normal employment and try to start something on your own.
If it was easy, then everyone will be doing it. Starting a business, no matter what type, for most people involves a lot of hard work. Some get lucky, but even then, running a business long term will provide challenges.
This is not to say that you shouldn’t do it, but that you should understand that it likely won’t be easier than your current job. However, that’s not to say that it can’t be far more rewarding, both emotionally and financially. Those that succeed find a level of freedom and independence, especially as they transition from a sole entrepreneur to being a boss.
Sadly, many do quit when the going gets tough, often just before the rewards would have come in. So, why do entrepreneurs give up on their dreams?
What Makes an Entrepreneur Quit?
A lot of people see internet ‘millionaires’ promoted online and videos about how easy it is and how rich they are. This image of entrepreneurship being easy is bought into by thousands every day. They sign up for courses, the promise a ‘guaranteed strategy’ and then realize things aren’t working as was promised or simply aren’t all that easy. Some go it alone with their own ideas, but then struggle to make a success. Whatever the reason for failing, often the perceived ‘easiness’ of becoming an entrepreneur being shattered is a part of the fail result.
Many good ideas fail simply because they weren’t sold properly. Your product doesn’t need to be perfect before launching, it simply needs to be of good and sell-able quality. From there you can improve things, as the money is coming in from sales. However, if you wait for the perfect product, or think that the product will sell itself, you are likely to fail. Sell as soon as possible, and sell hard.
Most startups will need more than the planned finances at some point. It is wise to have a budget in place, but in truth, there are sure to be unexpected costs and possibly lower incomes than were imagined. When this happens, you have a choice, do you seek to finance or quit? Fortunately, there are many ways startups can be financed, from title loans to business funding. Having the spare funds for marketing, development, or even salaries can turn around a struggling startup.
Lack of Knowledge
Unless you have a large number of funds and can employ experts, at the beginning the company is likely to be only you and your knowledge. This means that you will probably need to wear hats of different roles, and may lack the knowledge to make things work. However, don’t give up, instead invest in your own skill sets. By learning new skills, even if the business doesn’t become a success this time, it sets you up better for future attempts or employment opportunities. Every employer loves a self-starter!
There are other reasons for entrepreneurs to give up, but the above list covers some of the main struggles that are faced. If you believe in your project, give it a chance to succeed. However, that said, it is also important to know when it is time to quit. Whatever you do, put in your all and expand your knowledge, in order to give things the greatest chance of succeeding.