Eddie The Eagle was a class act in never giving up. He had a dream of going to the Olympics and he didn’t stop until he got there. As a small business owner is giving up ever an option, or are there times when you should throw in the towel?
We all know the stories about those people who achieved success despite multiple setbacks:
J.K. Rowling’s first Harry Potter manuscript was rejected by 12 publishing houses.
Gone With the Wind was rejected by 38 publishers.
Walt Disney was turned down 302 times before finally getting financing for his dream of creating Walt Disney World.
Colonel Sanders was allegedly rejected 1009 times before finding a taker for his chicken recipe.
The number of times I see people posting questions on social media about their business and if they should give up only to be told in no uncertain terms, that they never should. ‘The gold is under the last shovel that you didn’t dig’, ‘The moment you’re ready to quit is usually the moment right before a miracle happens. Don’t give up.’ And so on.
Yes, I know I’m a jaded old cynic, but my issue is they spout this nonsense without questioning whether that business is any good or not.
If it’s a rubbish business idea, then yes, give it up. Is there really a market for your ingenious combination umbrella and potato peeler?
You might, of course, have the right business idea, but you’re simply going about it the wrong way. Or you might have a good business idea but not have the right temperament to run your own business, or that particular business.
If it isn’t working and before you give up, first look at different ways to make it work, like Eddie. He tried and failed at many sports before he discovered there wasn’t a British ski jump team and that anyone could become an Olympic ski jumper. When he realised he needed help, he persuaded an ex-Olympic champion to help train him. And despite the massive obstacles put in place by the Olympic selection committee he finally succeeded in achieving his dream. Eddie the Eagle is a really life-affirming film, I recommend it (and Hugh Jackman being in it doesn’t hurt).
So if someone asks the question, ‘I’ve been running my business for two years without any success – should I give up?’, I would argue it’s the wrong question.
Ask these questions instead:
- Is there a market for my product?
- Am I solving a problem or providing a service or product that people actually need?
- Am I marketing it the right way?
- Do I know how to sell?
- Am I pricing it correctly?
- How much is it costing me to run my business?
There are lots more, but these are the sorts of questions you should ask and answer before you blindly carry on doing the same thing in the hope that something different will happen.
There is a chance that you’ve been misunderstood, and you may strike it lucky with a dogged pursuit of what you’re doing now, but I don’t recommend it. Instead, get some advice from people who can look at what you do with a dispassionate eye. It may be that with a few tweaks you’ll have cracked the code and off you go. Or it might be it’s a dud and you should walk away from it and try something different. That’s not giving up, that’s being realistic and changing direction. I am living proof having successfully segued from business coaching to Ops management.
So, I think the answer is as a small business owner don’t give up giving up if you feel strongly enough about it, but look for different ways to make it work. Or actually realise it wasn’t for you after all – I don’t think there is any shame in that at all and can be the braver decision.