Fear of Disappointing Investors
For most entrepreneurs, once you've experienced that magical moment of someone demonstrating their belief in you by writing a check, you'll practically die before letting them down.
Some entrepreneurs complicate this feeling because they've gone back to their investors more than once to get some help to get through a crisis, and each time, the mental hole they dig that obligates them to succeed gets deeper. How do you know when the best thing you can do for your investors is to quit?
Never Quit Too Soon
"What if I quit the day before something big finally breaks for us?" History is full of stories about entrepreneurs who were going to quit the day after something big happened, and of course, that event changed the outcome. Naturally, this attitude is further complicated by the basic feeling that quitting is never an option anyway. So when is the right time to quit?
Killing a Dream Is Hard
To an entrepreneur, quitting is the fundamental equivalent of committing suicide -- when you kill your dream; you're killing a part of yourself. Therefore, it's extremely hard for an entrepreneur to make this decision on their own.
Generally, they need help from advisors they actually talk to and who'll help them decide exactly when there's nothing more that can be done to keep the dream alive. Preferably, these advisors need to be people of influence, like board members, shareholders and/or fellow team members, so they'll have the option to use leverage (if necessary) to force the entrepreneur to see the light. Just when should you consult these people and take their advice, no matter what it is?
The Question of 'What's Next?'
Sometimes it's easier to deal with the devil you know than with the devil you don't. The longer an entrepreneur has been involved with pursuing his or her dream, the harder it is to extricate themselves from the muck.
It's a bit like a stunt pilot taking a plane into a power dive straight toward the ground. There's a point where, if you don't pull up, no amount of effort after that point will keep you from crashing.
Entrepreneurs do worry about their situation. But at some point in their cycle, if they end up doing it too long without success, they tend to struggle with the following thought demons:
Where do I go from here?
Entrepreneurial tendencies are neither valued nor wanted in corporate America.
Who will want to hire a seasoned but older, failed entrepreneur?
Since I've drained every ounce of cash from my savings and borrowed from everyone I know, how would I survive during the time it would take to find another job?
If you're reading this article and you know an entrepreneur who hasn't yet grabbed their brass ring, you might just tell them that you feel their pain and encourage them to open up.
On the other hand, if you are an entrepreneur and any of this comes way too close to where you are or how you're feeling, call someone you respect and give them an earful about what you're feeling. At best, it may just give you the energy and/or perspective you need to turn things around. At worse, you may just feel better knowing you're not alone and that there's a way out.
Entrepreneur.com
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