“Quitters never win, winners never quit!” I have no idea who owns this quote. Definitely not me. But it is one we’ve used with my son during his hockey lessons and especially while his competition level has continued to increase. This simple saying is very applicable to those in business. How as a business owner or entrepreneur you kick yourself into gear on the days that are less than motivating. Most articles you read focus on the reasons people succeed. So why is it so many entrepreneurs fail to achieve their goals and the success they deeply desire when they start out in business? Let us delve into the 3 main reasons from my perspective and experience entrepreneurs throw in the towel.
Reason 1: It’s Hard!
My dad always asked me when I would grumble about, well anything “Who said it was suppose to be easy?” he was right. No one said that life and all the experiences that come with it would be easy. Both personally and professionally. How one person defines the words easy and hard impacts their level of motivation and ultimately their commitment to achieving their goals. For some entrepreneurs, making decisions around investing in their business is very challenging; while others find it very easy. The investment can be one or more of a financial, time, or emotional investment. In some instances it is all 3 that absolutely forces someone to throw it all in and walk away.
So, what can you do to overcome this reason and for some entrepreneurs quit? Adjust your definition of what it means to make “Hard” versus “Easy” investments. A tip to try is flipping your definitions for just a few days. Make an intentional adjustment to your perspective and approach.
Reason 2: Change
Change can be a quick killer or the means of a slow death. We have talked in other articles about how life can come at you hard and fast. How you adapt to life changes will either empower you or take you down. More than a few of you reading this can attest to the notion of being afraid of change. On the outside you might say “Phew, change is just a part of life. Let’s just role with it and move on.”
That is great but secretly deep down, there is a simple emotional bump that causes you to stop and think for a moment “am I doing the right thing?” If it is a major change, then guess what? It can impact your life so dramatically and deeply you are unable to rise above it to make the hard decisions. This potentially leads to closing your business and quit.
But, what makes change easier to embrace and overcome? Such a great question. And guess what? There is no simple or easy answer for this. One of the best tips I can provide to you is to ensure you have the support network in place for you and your business. This may mean to hire a coach to help keep you moving, it may mean going to speak with a therapist, or it may mean you need to hit pause on your business. Really any of these 3, or a combination might just be what you need to ride the winds of change.
Reason 3: Doubt
Doubt is the number one killer of confidence. When you are working for yourself it is imperative you keep your self-confidence in check and you are rewriting those self-doubts. Going back to my son and his hockey; a few years ago I worked with his coach and we did these ‘self-doubt’ check ins before each game and practice. Within a few weeks you could see the team working better together, their self-confidence grew and their team stats showed it. That is to say, as an entrepreneur you are working solo. It means there is no coach guiding you along the way. No one to teach you the skills to improve. Your support network is family and friends. If you are lucky they will have some experience you can pick their brains to collaborate and brain storms ideas. All which hopefully will help you move thru change and your decisions making easier.
I recommend to all of my clients and it is something we do during our sessions is the ‘self-doubt’ talk. We take whatever doubts they maybe feeling and we rephrase them into statements of confidence. A great tip if your feeling overwhelmed and full of doubt is write down all your doubts and then rephrase them. If you are working with a business coach, send them your list of doubts and written statements to gain their insight. If you are not working with anyone but would like some support on rewriting your statement of confidence, then please send them to me: email@example.com. I would be honored to help you with this.
Summary of 3
It’s hard, yes. Change happens, yes. Doubt is real, yes. These reasons are what undermines a business owner’s ability to succeed. Your solution to overcoming these is simple: Redefine, reconnect and reframe is what you have to remember when you believe you have reached your limit within your business.