Is it Quitting or Being Smart – Should You Give Up on your Business?

| September 24, 2015

Is it Quitting or Being Smart – Should You Give Up on your Business?

At one point or another, every entrepreneur thinks of quitting. Most people walk into the world of self-employment thinking that it would be easy to get out of the corporate world, be their own boss, and have time for vacations and family. The reality is something entirely different. Many are surprised by just how time consuming running a business can be.

Being your own boss comes with responsibilities. Most of the time, you’re too engrossed in building up your business than anything else. If you’re unprepared and don’t plan properly, there are hundreds of problems that can pop up. You are assuming all risk. It is your savings invested, your livelihood in jeopardy and your personal time and commitment.

The question is; how do you know when to keep going and when to quit?

Job vs. Business

Running your own business is stressful. The income isn’t always steady, you have to constantly look for customers or clients, update your marketing strategy often, chase after unpaid invoices and supervise employees. This can be difficult and it adds to the pressure. Moreover, if anything goes wrong, your livelihood and your efforts down the drain. There is a certain level of freedom that you enjoy when you’re a part of the corporate machinery.

You’re generally only responsible for your own work and it that’s steady, you get a fixed salary, incentives and paid vacation time.  However, jobs can also mean that you’re bound to a company, have to work alongside their policies and ethics. It means that you’re answerable to someone and you can get fired. It means commute and giving in leave applications and working on someone else’s schedule.

The responsibilities you face while running a business can be daunting but there is much potential for growth and exploration. Being your own boss has its merits too. It can lead to you being able to work at your own pace once the business has settled down and gotten its momentum. The first few years can be hectic but when you get used to it, owning a small business can be a pleasure. Both options have their merits and demerits.

Your Situation

You need to first look back and recall why you started a business in the first place. Did you have no other choice? Or did you have an idea that you wanted to implement. You need to see if you feel the same enthusiasm for that initial idea now as you did then. If you do, there is potential to make you love your work once again. However, if you’re becoming increasingly frustrated with your work and the pressure is starting to get to you, you might want to take a step away and just see if you can really handle running a business of your own.

If you can’t, there is no reason for you to linger. In the end, if you are no longer passionate about what you do or are facing enough loss in profit to threaten your financial well-being, it would be smarter to quit.