Winners Don’t Quit… Or Do They?
One of my mentors posted this article from Forbes.com, and it really caught my eye!
A quitter never wins and a winner never quits.”- Napoleon Hill
Most of us believe that Napoleon Hill’s statement is 100% true. Yes there is some truth to that statement, but lets dig deeper.
So how do you know when to stay the course or when to close a business?
1. Too much debt: If the business continues to fall deeper into debt on a monthly basis, shut it down. It is always easier to go into debt than to repay it.
As Will Rogers says,“If you find yourself in a hole, the first thing to do is stop digging.”
2. No passion for the business. Passion is one of the most important fuels a entrepreneur has. If an owner loses this or is unable to reignite it, then it’s time to close the doors.
In my career, I have seen countless people hang onto their failing businesses. They have jeopardized their families savings, stability, and well-being. Most successful business owners/entrepreneurs recognize when and how to quit. I also wrote a blog post about “Are You On The Right Horse” and it helps one realize what is REALLY going on in their business. I felt compelled to share this with you all because I have seen it time and time again. People stick around too long and end up in debt up to their ears with no means to pay back.
There is no shame in surrender. In fact, surrender opens up to new possibilities and a fresh start. For many entrepreneurs, closing one business opens up the ability to start again.
As Vince Lombardi said: “It’s not whether you get knocked down. It’s whether you get up.”