Mistakes can bring you one step closer to success, but only if you’re willing to pick yourself up and apply what you’ve learned from them. If you’re a business owner who is thinking about giving up, stop and consider the reasons running through your head. Are they really true? Or are they just excuses? Consider a few common justifications people use when they are on the verge of giving up on their business:
6 Common Excuses a Person Uses to Give Up on Their Business
1. “There is too much competition.”
Excuse. This is no reason to throw in the towel. Having competition is a great thing! It means you’re in a market filled with customers. Don’t make the mistake of viewing competition as the enemy. In business you needn’t approach everything you do as a way to beat your competitors. Consumers enjoy having different options available to them. You should take an approach that focuses on customer needs, not what the other guy is doing. Concentrating on what works for your business and then developing from there is the best way to draw customers away from your competitors.
2. “I don’t have enough time.”
Excuse. It may seem as though some have an unfair advantage. If you have children or you have a second job, it seems as though you will never be able to compete with the people who can devote all their time to the business. However, you can make this work. It may be a little bit harder for you, but in most situations it is entirely possible. Making the most of your time requires time management skills, prioritization, and a healthy sleep schedule. Consider how you can cut out unnecessary interruptions and prioritize your time. Do not neglect the importance of getting at least seven hours of sleep. Waking up refreshed and ready-to-go will give you the energy to approach and complete every task in your day. You may need to sacrifice the time you spend watching TV after work, but the pay-off will make your sacrifices well worth it.
3. “I’m getting into too much debt.”
Good Reason. This may be a legitimate reason to give up on your business. If your business is losing money, and you’re borrowing more than your business earns to keep afloat, it may be time to acknowledge you got into the wrong market. However, keep in mind that shutting down your business may lose you even more money. How are you going to pay off your debts without any potential source of income? Closing your business should be the last resort after you’ve explored all your other options. There may be a chance to salvage what you have and get out of debt. Consider your budget. What unnecessary expenditures can be cut? Are you using all the supplies in your closet? Is your current location worth the amount you pay every month? Would it hurt your business to relocate to a smaller location? Ask yourself these questions so you can begin trimming waste, thereby reducing your debt and saving money.
4. “I need to shut down until the economy improves.”
Excuse. How long will that take? No one knows when the economy is going to bounce back. A recovery isn’t going to happen over-night. If you shut down now, you may be out for good. Your business shouldn’t depend on outside factors. When you’re offering a great product or service that people need, there will always be customers out there no matter how big the unemployment rate. When times are hard, try to remember this: Microsoft started during a recession.
5. “People say I should quit while I’m ahead.”
Hard to Say. It’s hard to keep going without emotional support. There is no shame in hoping for some validation. Business owners often have a thankless job and everyone likes to receive a metaphorical pat on the back. If you’re not receiving positive feedback or support, perhaps you’re not seeking encouragement from the right sources. Family and friends should offer help and encouragement, but we know this isn’t always the case. Sometimes they’re the ones telling you that you’re doomed to fail. Judge for yourself if these people are sincerely concerned for your welfare or if they are merely toxic and unsupportive. Evaluate their reasoning. Sometimes you need to consider their warnings. More often than not, however, you need to ignore the opposition and support yourself. It’s your business.
6. “I’m too young”
Excuse. If you think you’re too young to start your own business, continue readings blogs such as Under30CEO and gather as much advice as you can. For inspiration, think of these young entrepreneurs: Mark Zuckerberg was 21(Facebook), Steve Jobs was 21 (Apple), Larry Page and Sergey Brin were both 25 (Google), and Bill Gates was 19 (Microsoft).
If you want your business to succeed, you have to stop being ruled by excuses that are created by self-doubts. You’ve already built your own business, proving you’re more than capable of ruling your own destiny. Now that you have no more excuses, you can start taking control again.
Amanda DiSilvestro is an expert writer on employee background checks based in San Diego, California. She writes extensively for an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs such as business phone systems. You can find more of her articles as well as vendors comparisons for your small business needs at Resource Nation or Business.com.Subscribe to the Podcast