An Entrepreneur has the Right to Give Up (sometimes)

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

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

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

Photo by Austin Distel on Unsplash

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.

Conclusion

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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Entrepreneur / Developer / Blogger / Author. In Bitcoin We Trust: https://www.inbitcoinwetrust.net