Why do aspiring entrepreneurs quit?
Why do entrepreneurs quit their business?
Running a business requires you to start thinking like an entrepreneur, which can be very emotional, because of the responsibilities, decisions and obstacles you never had to experience as an employee. There are things you didn't learn in school, no one taught you at work and you cannot "Google". So it makes sense why so many new businesses fail.
If I had $100 for every time someone told me “My biggest fear is failure.” I’d be Kylie Kardashian rich!
This fear of failure, can be so paralyzing, that people quit at a new business, after only a couple years and some before they even launch.
"Only about half of small businesses survive passed the five-year mark, ranging from 45.4% to 51% depending on the year the business was started."1
Of course, multiple factors go into a failed business (like money), however, it all begins and ends with the mindset of the business owner.
Have you ever got into your car, to drive to your favorite new restaurant and saw a sign hanging outside, that says “CLOSED” (Out of business)? Gasp!
Or did you discover this really amazing online boutique, you've been telling everyone how you love their outfits for work and weekends, then suddenly they just faded away into cyber space....
You start to wonder why...what happened?
Seeing businesses closing soon after opening, may deter you from starting or growing your own.
Entrepreneurship is emotional (you’ll feel like quitting)
I’m certain you want to avoid failing miserably. You also don't want to miss out on amazing opportunities to be discovered, to get clients, to make more money.
You don't want fear, to hold you back from getting paid to do the same exemplary work, that you do for your company. And the worst feeling ever, is realizing that while you were avoiding, hiding and procrastinating, someone else beat you to a similar business idea (it's happened to me, TWICE).
I will admit, when I first thought of starting a business, it brought up feelings I did not even know were there, like Impostor Syndrome, low self-worth and poor confidence which were in a tug- of -war with my ambition and drive.
Everyone wants to be accepted, to be loved, to be validated, emotions that you wouldn't think were connected to "business".
You want the safety, security and accolades that you got as a star employee.
You can’t Google “How to run a successful business?” and wing it. I know, I tried.
I was FAILING miserably. I struggled the first two years of business, to get consistent clients or repeating clients and I thought of giving up every-single-day, but I was terrified of the alternative a F/T job (I had not worked a 9-5 since 2014)
How to overcome the urge to quit?
"Some of the most successful CEOs today had some help from someone in their industry. Steve Jobs mentored Facebook’s Mark Zuckerberg."2
1. Develop a growth mindset.
2. Improve emotional intelligence.
3. Learn about business from someone whose doing it.
Fact: If you didn’t go to school to run a business, you will need to learn how to run a business.
Don’t fool yourself, by thinking that because you are SUCH an excellent employee, you’ll be a successful business owner. You can be employee of the month every month, and still never become entrepreneur of the year. At some point, you WILL have to invest in your business development, this means hiring a coach, joining a mastermind group or attending a business program.
Business coaching is not just for learning business techniques, it's so much more. You need to learn to work on your mindset and how you manage your emotions as a business owner. "A mentor can help you increase your emotional intelligence."2
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About The Author:
Seneca Williams, LMHC, CPC, therapist and coach, is the Founder of the premiere membership network for women, to address entrepreneurship and emotional wellness. The Conquer Network was birthed, when she realized the distinct connection between an entrepreneurs success to her emotional wellness and mindset, which is not addressed in traditional business coaching. She helps women entrepreneurs, build confidence and improve their emotions, to improve their productivity as an entrepreneur. In the network, entrepreneurs gain strategies on personal growth and entrepreneurship from industry experts.
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