As an entrepreneur, you’ve probably heard some of the following phrases: “Keep it up,” “Hang on, it’ll pay” or “Keep the course”. Thus, all these good advice reinforce the feeling that an entrepreneur does not have the right to abandon a product or a service. Some even feel guilty about giving up. Indeed, everything is possible, it seems, when an entrepreneur works hard enough. The problem with this way of thinking is that it does not take into account that certain ideas are doomed to failure. Spending all your time working on things that do not work is clearly counterproductive. In fact, an entrepreneur has the absolute right to give up sometimes.
Abandoning a product is not synonymous with failure
Some entrepreneurs refuse to abandon a product or service for fear of failure. Indeed, they feel that giving up is synonymous with failure. It’s a mistake to think that. Thus, it is smart in some cases to know when to give up a product that does not work. At this point, it is essential to know how to analyze the reasons for its (relative) failure without concessions. That’s what makes all the difference and you have to learn to consider your failures as a stepping stone to your future success.
An entrepreneur therefore has the right to give up on condition that he clearly analyses the situation and draws important lessons for his future projects.
An entrepreneur has the right to abandon a failed project in order to save money
Are you familiar with the program “Ramsay’s Kitchen Nightmares” by the famous chef Gordon Ramsay? In this show, Gordon Ramsay comes to help restaurateurs in difficulty with their restaurants. We are introduced to restaurants serving bad food with deplorable service and equally disastrous management. Gordon Ramsay’s expertise is needed to correct the many problems of these restorers. In this way, he tries to put them back on the road to success.
Nevertheless, for a few restaurateurs who are fortunate enough to be brought back to life by Gordon Ramsay, how many will go bankrupt because they have not been able to stop in time? Unfortunately, the vast majority! Sometimes, business leaders are so focused that they don’t realize they have to move on and just give up.
What does this mean for you as an entrepreneur? In some cases, a product or service is doomed to failure and your efforts will do nothing about it. Instead of burying your head in the sand and continuing to invest time and money in it, you should look up for a moment. Take the opportunity to make an uncompromising diagnosis of the situation. Ask for advice from people whose honesty you can be sure of. Sometimes you will find that you are on a dead-end path. It will then be time to save money by stopping the charges.
An entrepreneur has the right, and must have the courage, to abandon a failed product early enough to save money.
Giving up is a right that gives the entrepreneur a sense of relief
Earning money is important. It is even the nerve of the war. Nevertheless, nothing is more important than your mental health. If you are working on a product or service and your customers consume all your vital energy, we will not last long. As a result, you are at high risk of showing signs of burn-out. Under these conditions, it may be preferable to leave out these harmful customers. By doing so, you will probably feel an intense sense of relief.
In this perspective, it seems important for an entrepreneur to keep in mind Pareto’s law. Indeed, you will notice that 80% of your problems often come from 20% of your customers. As an entrepreneur, you have the right to gradually abandon those 20% of customers who cause you the most problems. Be careful, don’t do it all at once, but do it year after year so that your income doesn’t suffer too much. In the end, you can boost the productivity of your startup by applying the Pareto principle.
Entrepreneurs need to understand that there is nothing wrong with giving up sometimes. Many people who have been very successful in their lives have abandoned projects and products to redirect their efforts to other things. Giving up is often considered shameful, but it is sometimes the best decision to make.
Making smart decisions is part of the job of an entrepreneur. In fact, an entrepreneur is perfectly entitled to abandon products or customers that cost him more money than they bring him. Thus, you must integrate this dimension and consider giving up as an apprenticeship. It is then up to you to use the information obtained following this abandonment to make your next projects a success.
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