No Manual for Successful Entrepreneurship

With no end in sight...keep going. (TheFriendlyFiend via Flickr)

OK, you've decided to start a new business. You do all the right analysis and off you go.

The problem (among others) is that there is no road map. Worse yet, there is no ETA.

I have been involved with 30 or so startups. The first few months are always very exciting. That's because every startup looks good on paper. If it didn't, no one would start it up.

But the voyage from paper to profitability, that's when the problems begin.

One huge factor in the success or failure of a startup is the will and durability of the lead entrepreneur. How committed is she? Will he falter at the first sign of gridlock?

There's no answer until you get into the fray. No one knows how much mettle another has until he or she is tested. To me, the single biggest test of an entrepreneur's mettle is how they deal without any timeline for success.

If someone challenges, "Run a marathon." Sure, see you at the finish line in 26.2 miles.

Or, "Swim the English Channel." No problem, see you on the other side in 34 kilometers.

But startups have no defined distance to complete. There is no ETA. It could be months or years. You might work for 1,000 hours or 10,000 hours. No one knows for sure.

That uncertainty causes some people to give up. You wouldn't quit 25 miles into a marathon! But if after 25 miles the finish line is still out of sight, you just might give up.

My suggestion: NEVER quit.

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For more, see my book The Skinny On Willpower. Check out Amazon for the reviews. Thank you.

Comments

[Trent]

Wow.. is that ever true. Being an entrepreneur can sometimes feel like being at sea in fog so thick you can't see the bow of your ship. You have to keep going forward, that's what defines the winners.

[Jim Randel]

You are so right. Sometimes the fog is so dense, you can't even see the nose on your own face.

That might be one definition of a successful entrepreneur - someone willing to move forward even when the path is so dimly lit!

Thanks for your comment. Jim

[Account Deleted]

An entrepreneur must know when to start and stop too. There should be right timing. Knowing when to quit is one important skill. I have a friend who started a tutorial center in our hometown without much plans (guess she was too dazzled with the idea of having her own business) and now she wouldn't quite thinking what other people might think of her while her debts are piling. I guess it's not just when to start but you should know when it's time to quit and go on with or life (or maybe open another business when you're really ready - financially, emotionally, intellectually). We should not be afraid to start over too. The previous business may not be the one for you, lingering too much into something which obviously won't work, even in the long run, is simply suicidal. You just know it when something is STILL worth trying or working on. You just have this discernment, or don't start a business in the first place if you're unsure.

[Jim Randel]

hi jonha, i enjoy your comments... well thought out and right on point ... very hard for an entrepreneur to quit ... fine line between quitting too soon however and not quitting soon enough!