Is it ok to quit being an entrepreneur? I’ve had plenty of time to think about this long and hard over the past few years.
On a trip to USA a few years ago I had many fascinating conversations with fellow members from my Mastermind group, and reading Jim Casparie’s Knowing When To Quit
I’m not announcing that I’m quitting, far from it. But I do want to tell you I’ve thought about it more than once or twice in the past few years of having my own home based online business.
The dream of being your own boss is super attractive if you have a 9-5 job that sucks the life out of you. Or if you get frustrated at not being able to do what you want when you want.
Discussing your idea of starting your own business is met with enthusiasm and encouragement from people you talk to, and one day, you make the decision to leave your bread and butter job to fulfil that vision or at the very least – to take on a new venture alongside what you are currently doing.
I remember how shocked we all were when one of my own previous coaches announced she was leaving her business. She had a thriving team and was also running highly successful training programs and made the decision to say “I’m quitting my business”.
Aren’t you meant to do this entrepreneurial thing forever?
Having your own company is something others only dream of, so how could you possibly think about quitting?
Many people think if they can be their own boss it’s going to make life easier. Sometimes that’s true, but not always. Running a business is damn hard. Not everyone is mean’t to be a business owner.
There will be people who make it sound easy. I will say it is simple, but it’s not easy. Those who say otherwise are either lying or have been extremely fortunate.
Let’s have a closer look at an incredible success story – life story of Steve Jobs.
Apple began in 1976 and what most people didn’t see was the decades of hard work and heartache before it became outrageously profitable and the ‘Apple’ of almost everyone’s eye.
Steve Job worked himself to death and was know for being someone extremely focused on a singular vision.
He was an amazing man who left an empire for sure. But with due respect, that’s not my vision of having a business and life you love.
Quitting is when you simply give up and make excuses as to why something ‘is not to be’.
Failing is when you don’t achieve the outcome you intended and take responsibility for the decision to make a change.
Colonel Sanders got turned down for his chicken Idea 1009 times and two years of driving across country alone, showing off his recipe before he heard his first yes. He failed 1009 times, but he never quit.
Here’s a fantastic video, An Invocation for Beginning, is a must watch and highlights the important reasons why we begin anything meaningful, how frightening that can be and that you’re most likely going to stuff up!
I like it especially when he says:
Let me ask you, have others close to you changed their mind around something in the past? Of course they have. And you still support them, right?
It’s so common to put all this pressure on ourselves to succeed. We can easily forget that regardless of whether we do or don’t, we’re still loved, no matter what.
Most entrepreneurs don’t like to admit they spend years working long hours on a crappy wage much lower than what most people would ever accept.
This isn’t good business practise. It won’t make your life any easier and it’s not recognizing the value of your expertise and experience.
I’m going to ask you to spend one week jotting down every minute you put into ensuring your business succeeds.
Most entrepreneurs would be shocked to actually realize how little they are being paid on an hourly rate, taking into account client preparation time, admin, long hours of working on tasks that you could outsource.
Dan Kennedy in his book No B.S. Time Management explains this process really well.
After writing down all of your working hours, add the amount you invest into the infrastructure of your business. Things like office space, tools, software, mentoring, security, online facilities, and team members.
Get your profit total and subtract the total of these operating expenses. Then divide this amount by the hours you’re REALLY working.
If the figure you see is a minimum wage or less, then it could be time for you to re-consider going back to a regular job.
When I’m working on a project over a weekend, I’ll often think about the luxury of being able to ‘shut off’ after hours when I had a past job.
And then there are other benefits that come with being an employee. Things like annual leave, superannuation payments, holiday leave loading, staff functions fully catered. Oh, and don’t forget having the company reimburse some of your travel costs or other expenses.
Sometimes, a well paid job is an attractive alternative.
The quickest way to crash is when people try to do everything in a business on their own. It’s just not realistic, especially after your first year or two. By this time you should realize the importance of investing in others. This will allow you to grow your business faster and to see profits more quickly.
In no other successful business environment will you see the head of the company trying to run the entire ship alone. Even employees get to bounce ideas off their colleagues and ask for help e every now and then.
This is especially important if you are still working a day job and trying to build your entrepreneurial vision.
I’ve always believed there are so many things you could do, that there is no reason for you to be doing something you don’t enjoy.
Richard Branson is famous for saying he would never run a business if it wasn’t a ton of fun.
I haven’t yet made Richard’s billions but I do aim to enjoy working in my business in whatever fun ways I can.
When there are times the challenges seem high or I’m on low energy, I’ll change things up a bit. I’ve got some awesome music tracks that change my mood and I’ll do a bit of a dance in the middle of the room to get the energy flowing again.
Recognizing you’re losing focus on what matters or working too hard is the first step.
If you’re not loving what you’re doing AND you’re not making money, then it could be time to look for a job!
What do you think? Are you better off quitting your business and getting a job? Have your say in the comments below.
If you ARE loving what you’re doing AND you’re not making the money you want to make, I’d love to help you Demystify The Process… <Click Here>
Fay McLean CEO & Founder of Laser Connections, helps Medispas and Aestheticians get a reliable flow of new clients and grow their clinic online using a proven Digital Advertising System. Click Here to Apply for a FREE Strategy Session ($150 Value).