The Total Entrepreneurs

Is Your StartUp Failing? Answer These Questions before Giving Up

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Most startups pack-up months from conception. Such failures could be attributed to factors beyond an entrepreneur; it could also be due to lack of positive mindset, minimal enquiry before starting, bad location, and any other cause of startup failures.

When you believe your business is a failure, quitting may be the best option at a point.

Major Causes of Business Failure and startup failure

Photo: Shutterstock

Quitting connotes negativity. Some have suggested that the word ‘quit’ does not exist in a winner’s wordbook. While this theory makes sense on paper, it’s not healthy or realistic.

Quitting should not be a decision one arrive at easily.

So, is your startup failing? Have you tried all options known to you? Before making up your mind on packing up, ask yourself these questions:

1. Am I giving up too soon?

Setbacks are allowed. Along the path to success, even the most prepared and talented will encounter setbacks. Ask most successful entrepreneurs today, they all failed or encountered setbacks before bouncing back and becoming successful. A setback should never stop you from moving ahead. If you determine that an obstacle is surmountable and that you have a good chance to move past it then surrender is premature.

If you have not failed, you have not tried anything

2. Am I abandoning a goal because of an emotional reason?

Entrepreneurs and business leaders set challenging targets with grand objectives. Since the difficulty level is high, long hours, naysayers, and push-back come with the territory.

Vince Lombardi once said, “Fatigue makes cowards of us all.” The aforementioned challenges can wear down even the most energetic and confident and the cumulative effect is exhausting. In moments of vulnerability, be cautious. Do not succumb to the temptation to take the easier road. If going in a different direction is the right move for your business, do so because it’s the appropriate strategy, rather than the path of least resistance.

Fatigue makes coward of us all

3. Have I given it a fair shake?

It’s easy to live with the decision to stop short of your goal when you can look at yourself in the mirror and see someone who gave it their all. But when the reflection you see is an individual who did less than their best, that’s when doubt can strike. If you have invested 100 percent, you’ll be able to move on without regret. If you haven’t, charge ahead until you have accomplished your vision or exhausted your efforts.

One may ask, how do I know I have given it my 100 percent?

Answer: When you have tried all strategies, contacted mentors and authorities in the industry and yet you are still not making head way, then that business might not be for you, try something else.

Give it your 100 percent

4. Do I have the right attitude and energy to turn this around?

Maybe your strategy, team, and timing are spot on, but the missing link is you. If so, it’s time to do a mental check-up and right the ship. Feeling burnt out impacts effort and makes you fall far short of your potential. Figure out a way to reinvigorate your spirit and march on.

When hitting that fork in the road, only you can decide whether to throw in the towel. By asking some honest questions first, you’ll gain confidence that you’ve made the right decision.

Build a right and positive attitude.

A negative mind produces a negative result. Stay positive no matter what

Having answered these questions, I believe you can now take a better decision to either try harder or to quit.

Francis Nwokike

Francis Nwokike is the Founder and Chief Editor of The Total Entrepreneurs. A Social Entrepreneur and experienced Disaster Manager. He loves researching and discussing business trends and providing startups with valuable insights into running a profitable business. He created TTE to share ideas and tips to help entrepreneurs run and grow their businesses.