What Should You do When You Feel Like Giving up as an Entrepreneur
Don't consider yourself a failure just because are not yet a multimillionaire
We all hear about the famous successful entrepreneurs who earn both millions of whatever currency and the admiration of thousands sometimes millions of people. And the rest of us - we want to become like them. We want to become famous, we want to make a difference in other people’s lives with our idea and we want to earn some money too.
I left corporate life in 2001 to start my own management consulting and training firm, specialised in how we can leverage the cultural diversity and make businesses succeed globally in a multicultural world. There have been great times, average times and tough times like in every other business and in life in general.
I have started up a number of other companies since then and the pattern seems to repeat itself.
When times are tough and you consider giving up and just get a job like most other people this is the time where you have to sit down and think carefully. You became entrepreneur for a reason. You became entrepreneur because you wanted to make a difference, because you had a great idea and because you have a passion for pursuing this idea. That despite it is associated with a big risk both financially, socially and mentally.
Here is what you I think you should do next time you think about giving up as an entrepreneur
The famous and successful entrepreneurs are of course great to use as beacons, but don’t consider yourself a failure if you are not yet a multimillionaire and featured in magazines around the world. There are many factors contributing to success of an entrepreneur. There are of course creativity, skill, resources but also luck, timing, relationships and coincidences. The last 4 play a much bigger role than you might think. So prioritise developing relationships with as many different people as possible. You never know where the next customer or investor comes from. And you never know who can help you connect you to the right people who can help you forward. When I look back almost all the successes we have had seemed to have started as coincidences or luck if you like.
Surround yourself with other entrepreneurs. It is a tough call being an entrepreneur if all your family and friends are working in a corporate environment. They will have no or very little understanding of what you are going through. Some of them might even just wait for you to give up and get a proper job. If you are together with other entrepreneurs (try to make that group as diverse as possible) then you can support each other when you need it most. Personally I have realised that I am most creative and innovative when I am under pressure. I know we are all different but try to find the positive outcome of every situation you find yourself in.
Many of the entrepreneurs I have coached over the years and most of the business plans I have read have had one thing in common. A very strong focus on the idea, product or service. Often there is very little focus on how are we going to tell the world, how are we going to make money, how do we protect our product, how do we sell it etc. So my advice is: Try to invite people why have the competences you onto an advisory board of your company. Some will offer their advices for free other will charge you a fee. But when you make a business plan or start up a company it is very important to be clear how you are going to make money and how you are going to sell your product or service. A very common reason for entrepreneurs wanting to give up is that these 2 important factors have been left to wishful thinking
These were my advices what to do if you consider to give up. But there is one more very important thing for you to get clear. Before you start your venture, make up your mind how far you are willing to go.
It is important not to give up just because you face some resistance, but it is equally important to know when to stop. And the best time to clarify when to stop is before you begin. I have seen a lot of entrepreneurs going bankrupt (myself included), losing friends, spouses and even their good health. Nothing is worth losing these important things in life.
Dr. Finn Majlergaard is the CEO of Gugin, helping entrepreneurs and companies around the world to become more successful internationally. He does this by helping his clients leverage their cultural diversity. Culturally diverse teams are more innovative and a diversified international network gives endless new opportunities. He also helps entrepreneurs develop a strong company culture from the very beginning;
He founded Gugin in 2001 and he has worked with more than 600 companies and entrepreneurs around the world, helping them become better at leveraging the opportunities and mitigating the risks of a globalised world.
He is also an Author, Keynote Speaker, Board Member and Entrepreneur and he teaches at several universities and business schools around the world on global leadership, cross-cultural leadership, innovation and entrepreneurship.
Dr.Majlergaard holds a doctoral degree from International School of Management in Paris, Tokyo, New York and Shanghai and an MBA from Henley Management College, UK.