Breakup Season Sometimes, moving on from outdated strategies or partnerships is the key to business growth. But emotional attachments, fear of loss, pride, and optimism often keep entrepreneurs from making tough decisions.

Have you ever had to walk away from a system, strategy or decision that you previously thought was fabulous? Perhaps a partnership or a high-ticket purchase or even investment. After a period of time you now recognise something is amiss - but you are still hesitant to cut ties. You know it is time to let go, but the complexities of un-picking years of what you perceive to be blood sweat and tears is causing you to hesitate.

In my experience, I have observed entrepreneurs can be hesitant to let go of outdated strategies, partnerships, or elements of their business that aren't working due to a combination of emotional, psychological, and practical factors. Here's why:

1. Emotional Attachment "Its my baby"

• Investment of Time and Energy: Entrepreneurs often pour significant effort into developing strategies or partnerships, which makes it hard to abandon them.
• Sense of Ownership: The business is often their brainchild and letting go can feel like admitting failure.

The business can feel like "a abby" I recall a number of conversations where founders have cited statements like "this is my blood, sweat and tears" or " I have lost sleep over this" referring to the creation and nurturing process and the investment of time, effort, and energy, much like nurturing and raising a child. Entrepreneurs can overcome emotional attachments in their business by cultivating a mindset of objectivity and focusing on their long-term goals. Start by distinguishing personal feelings from professional decisions. Regularly assessing the business based on data, not sentiment, and seeking input from trusted advisors and mentors to gain fresh perspectives. Set clear boundaries between your identity and your business to avoid conflating the two. Practice detachment by viewing challenges and successes as opportunities to grow, not personal reflections. I recall sharing with my mentees, that letting go of what's no longer serving the business opens space for innovation, this will require you to stay adaptable and prioritize the bigger picture.

2. Fear of Loss "I've put my life into this thing"

• Sunk Cost Fallacy: People tend to continue investing in something because they've already spent resources (time, money, or energy), even when it's no longer effective.
• Uncertainty of Change: The fear of the unknown can make sticking with familiar, albeit ineffective, methods seem safer.

Many entrepreneurs have said at one stage or another " this (business) is my life" and because this is all they know, there is a level of trepidation about not having the thing that they know. Entrepreneurs can overcome the fear of loss by shifting their mindset from fear to opportunity, this is a journey that involves embracing risks as essential for growth and view setbacks as learning experiences rather than failures. A robust safety net of financial planning, diversification, and contingency strategies, reducing uncertainty. Stay focused on your mission and remind yourself of past wins to boost confidence. Break big decisions into smaller, manageable steps to reduce overwhelm. Surround yourself with supportive mentors and peers who provide guidance and reassurance. Finally, practice mindfulness to manage stress and maintain clarity, knowing that resilience and adaptability are key to long-term success.

3. Ego and Identity "I made this happen"

• Pride: Admitting that a strategy or partnership isn't working can feel like admitting they made a wrong decision.
• Reputation Concerns: Entrepreneurs may worry about how pivoting or ending a partnership might be perceived by stakeholders, employees, or the public.

Admitting and sharing wins is not a bad thing, it is actually important to celebrate the wins. However, there is a fine line in managing ego and pride by fostering humility and a growth mindset. When you recognise that no one knows everything; being open to feedback and learning from others strengthens your leadership ability. Focus on the business's success, not personal validation, and celebrate team achievements over individual accolades. Regularly self-reflect to identify how ego might cloud decision-making and be willing to admit mistakes or seek help when needed. Build a trusted circle of advisors who challenge your perspective constructively. Humility fosters trust, collaboration, and innovation, while unchecked pride can hinder progress. Leading with empathy and self-awareness creates lasting, sustainable success.

4. Over-Optimism "of course this will work, it is going to be great"

• Belief in Turnaround: Entrepreneurs are naturally optimistic and may believe they can turn things around if they just try a little harder or tweak the approach.
• Vision Alignment: They might still see potential in the idea, even if the execution hasn't been successful.

Entrepreneurs, by default, have to be optimistic. I have seen first hand the benefits and dangers of over-optimism. On the one hand we need an inspirational, optimistic pep talk and tons of can-do attitude with a healthy injection of realism and an effective tracking system. By balancing enthusiasm with realistic assessments. By grounding decisions in data rather than emotions, conducting thorough market research, financial analysis, and risk assessments to understand potential challenges. Use scenario planning to prepare for best, worst, and most likely outcomes. Seek input from advisors, mentors, or team members who can provide objective perspectives. Set measurable milestones to track progress and adjust strategies when needed. Practice critical thinking and avoid confirmation bias by questioning assumptions. While optimism fuels innovation, tempering it with a pragmatic approach ensures sustainable growth and minimizes unnecessary risks. Don't underestimate the value of peer support in this scenario.

5. Practical Challenges

• Dependence on Existing Structures: Some outdated strategies or partnerships might be deeply ingrained in the business, making them hard to dismantle without disruption.
• Financial Implications: Breaking partnerships or pivoting strategies can involve costs that the business may not be ready to bear.

In conclusion, having trusted advisors and mentors is critical in supporting entrepreneurs to make key decisions. They are able to offer a different and often less emotional perspective. Letting go can be hard, but it's often a necessary step for growth and innovation! This can be overcome by

1. Assess with Data: Use objective metrics to evaluate whether a strategy or partnership is delivering the desired results. Break this down into easy to process metrics - a dashboard is helpful.
2. Shift the Mindset: View change as an opportunity to grow rather than a failure – you may have heard the saying your attitude determines your altitude – mindset is key to your thinking capacity this is linked to your mood, how you feel and the words that you say.
3. Focus on the Bigger Picture: Keep the business's long-term goals in mind and prioritize what drives progress. Creating images of what you want the future to look like and placing these images in a location where you can see is a helpful practical way to help you focus on the bigger picture.
4. Seek External Input: Sometimes an outside perspective, such as a mentor or advisor, can provide clarity as can peer support
5. Have a Clear Exit Plan: Knowing how to gracefully pivot or end partnerships can reduce the fear of letting go. Think about this - begin with the end in mind