Rahim Fazal pushed his limits and explored something utterly new. He founded social marketing platform Involver in 2007 but after five years, he decided to move on. He says, “If the market is ripe for a sale, seize the day. If you’ve lost your zeal or you’re not growing fast enough, then it is time to quit.
Your business is running fine; you are earning money. Everything is set, but you are in a situation when you are neither failing nor succeeding, In that case moving on and leaving the business is the only option you have. This is a tough decision for an entrepreneur, but there is no point in investing your money and energy in a business/company which is suffering from losses with no salvation in sight. You might have experimented with everything to make the business work but with no result, a wise decision, which an abled entrepreneur should be taking is to quit the business. Ramit Sethi, serial entrepreneur and founder of IWillTeachYouToBeRich.com also says that ‘Sometimes quitting is the right decision’. It is a courageous decision but it’s the only option you have.
In business and management, it is often taught “Winners never quit, and quitters never win,” but sometimes it is not the case, and it is not that simple after all. Maybe you would be in a situation where the company is thriving, but to bring it to the top you have sacrificed your health and even your marriage. J.D Roth is one such Entrepreneur. He spent lot of his year in building a successful business, but in 2009 he took the greatest decision of quitting his business. He was lucky to find a buyer. Even If he hadn’t found one he would have walked away regardless.
Decision of moving on from a business is not that tough after all. In some cases, it’s easy when your business is bleeding, and there is no success in sight. Some situation where despite many efforts you put to building your business into a successful brand the results are not what you expect. Being stuck at a point when you are neither succeeding nor failing are the worst. You want to fail fast, or you want to make your company succeed, so you can get out and try something new, says Sethi.
Had you been acquainted with the fact that exactly what would you start your company?
For anything to be done to their utmost perfection the first step is that you enjoy the work that you do. Entrepreneur should also enjoy the work that they do. It might prove out to be a positive year for personal growth, your professional and private life might suffer glitch, and your health can decline if you’re in it only for the money. At that point, it’s the time to bid goodbye and reclaim your life.
Once you quit the work, you can do things you always wanted to do. J.D. Roth says, “After I had left my company, I learned Spanish, lost 50 pounds and embraced travel.” He ushered living life on his terms; not the one was forced on him because of his business.
Sethi says, “Quitting doesn’t have to mean that you just walk away.” Ending your business can be of different forms like, selling your company, changing your industry or shutting down your business.
Building a business only for the sake of gaining wealth is no match for living a rich life.