5 Reasons Entrepreneurs Burn Out and Quit
The entrepreneurial journey can be exciting and scary at the same time. The thought of creating your own business is thrilling, while the uncertainties and risk can be terrifying. Success comes to those who are driven and focused, but sometimes even the most motivated individuals fail.
Here are five reasons why entrepreneurs get derailed before reaching their goals. By identifying them, you can make sure they don’t get between you and your dreams.
1. Not prepared to sacrifice personal and social time.
This is one of the most common reasons for failure. While everyone goes into it wanting to achieve greatness, most just simply aren’t prepared to give up a majority chunk of his or her social and personal life. Your friends will be leaving the office, turning work mode off at 5 pm and heading to happy hour, while you are grinding away doing whatever it takes to make it.
While the rest of the world is sitting on their couches in the evening watching popular sitcoms, entrepreneurs are still at the office working late into the night to reach their goals. Being an entrepreneur involves making a lot of sacrifices. Be certain you are truly ready to make these changes. This isn’t to say you have to give up having fun. Everyone needs time away from “work” to socialize and spend with friends and family. Just understand that a significant amount of the personal and social time you once had will need to be applied to your business and you will be fine.
Related: 7 Risks Every Entrepreneur Must Take
2. Taking on the wrong co-founders, partners and team members.
You could be highly motivated and 100 percent committed to your business, but if a single co-founder, partner or team member doesn’t share your same enthusiasm and commitment to excellence, you will never make it to the finish line.
Co-founder and partner feuds prevent growth. A single team member that isn’t on the same page can be a cancer within your organization. Making sure that everyone you bring on, for any role, shares the same vision that you do is essential. Assembling the right team in the early stages gives you a solid foundation to build on. One bad brick and it can all come crashing down.
3. Trying to do too much.
Every entrepreneur I know oozes confidence. While being confident, not to be confused with cocky, is a great quality to possess it can also lead to taking on too much responsibility. When you stack too much on your shoulders, it inevitably comes crashing down.
Instead of trying to tackle everything on your own, learn to delegate properly and assign tasks to your team members. If you assemble an all-star team it allows you to delegate tasks knowing that they will be handled correctly. You can then focus 100 percent of your effort on growing your business without wasting precious time on the little details.
4. Not bringing in experts when the situation calls for it.
Sometimes entrepreneurs tackle something beyond their scope of expertise, either because they are stubborn or are trying to save money. While saving money is a viable excuse under some circumstances, stubbornness is never an acceptable reason.
Successful entrepreneurs know what they are good at and what they need to leave to the experts. I was recently speaking to an individual who contacted my marketing company to discuss an aggressive social media campaign for his startup. He wanted the social promotion handled by experts so it wouldn’t pull his time away from the parts of his business that required his focus. If he attempted it on his own he would have wasted valuable time and money trying to figure it out, putting him in a worse position than when he started.
5. Succumbing to negativity
Entrepreneurs need to have very thick skin. There are always going to be negative opinions, from family and friends to complete strangers. How you channel this negative energy will greatly determine your outcome. If you let it bounce right off your chin while pushing forward with your goal in sight you will be fine. If you let the negativity get to you it can lead to your demise.
The majority of negativity will come from individuals who have never been in your shoes and can't comprehend what you are doing. If you take it to heart, the naysayers will get what they want. Don’t let anyone dictate whether you succeed or fail. If anything, use negativity as personal motivation to reach every goal you set for yourself.