I discover myself coming up with something new all of the time. Most of my business solutions revolve around my center mission, but lately I followed somebody who I trusted into one of those business ideas that seemed “in line” with my mission at first, but as time passed, it just didn’t feel suitable. I wasn’t enjoying what I was doing and lost heart in it completely. This is a partnership that just didn’t work for me. Has anything like this happened to you before?
How invested are you in your own company solutions?
When you get into these circumstances, there is always some amount of investment. Not simply did I invest money, but I was emotionally invested at the same time. As usual with all of my hair-brained business ideas, I put my heart and soul into it. Does this scenario sound familiar? I couldn’t see the forest for the trees; it’s practically like being in love. You know, like when you can’t see anything wrong with the other person you’re in love with because you are “feeling the love”. This situation has happened to me a handful of times since being in business since 1995. So, I am now really able to hone in on the moment this starts happening. Even after all of these many years in business and dealing with this situation over and over, I continue to maintain an open mind to business ideas, but I have become better at figuring out the moment they aren’t going to perform.
This particular time around, it literally took 2 weeks until I started to become acutely conscious that the business solution was moving in a direction that I didn’t like. The older I get, the better I become at learning quickly the moment a business idea is just not likely to work out. It’s funny how being an entrepreneur involves “gut feelings”. I know entrepreneurs that pick up on this immediately while other people pick up on those feelings over time. I really feel it’s an issue of practical experience.
Listed below are a few things that I’ve learned that can help you move on from business solutions that don’t work.
Revisit or re-read your small business mission. Frequently you’ll find out that business ideas that seemed suitable to you at the time are genuinely not in line with your business model.
Remain open-minded even if you may be emotionally invested. You have to recognize difficulties as they arise as well as being conscious if it’s heading in the wrong direction.
Listen to that inner voice. I know that seems odd, but most entrepreneurs typically know when there’s a red flag in business. So, don’t ignore it. I’ve got a very dear friend that did ignore these voices and ended up losing everything to the point of bankruptcy.
Know when problems appear if they can be corrected in a way that makes your life better or not. Business ideas shouldn’t be so problematic that you can’t enjoy living. So, if you see that one of your business ideas which has one problem after the other, it’s likely not really worth the headache.
Some business ideas go against You, Inc.
I recall there was a time for me when all I thought about was the financial element of the new business ideas that I started. I only stepped out and refocused after a period of time when the money was not what I believed it could be and wasn’t really worth my time. As time progressed, I’ve learned that money is an important aspect to an entrepreneur. Ideally, that money is used for reinvesting into business ideas that do work. Having said that, realizing when the business ideas don’t make you satisfied may be the ideal way to determine when to move on. Money doesn’t particularly have anything to do with happiness to that degree. This is a widespread misconception about business entrepreneurs. It’s not simply all about the money.
My advice is to stay real to who you are as a person along with your core values. This will enable you to avoid business ideas that don’t work in the first place. Knowing your mission and values further helps with knowing when to move on and let go of business ideas that don’t work.