Lessons From an Entrepreneur Who Closed Shop.
Every entrepreneur often looks at their enterprises as though they were little children whose life and survival depend on them. Of course, that ought to be the case. We get attached to whatever we spend the most time with.
Some weeks ago, I happened to observe a team of entrepreneurs wrap up things and I would tell that it wasn’t easy. Like human connections, it is never easy to let go. Even where the child is a thief and has been caught in the very act and needs to face justice, parents will most often stand in solidarity with them throughout the process. The same could be said of an entrepreneur–business relationship.
I could connect with this team because a while later I was the one in the very mix. I have been in situations where I took a long time to come to terms that my entrepreneurial undertakings were coming to an end. Through those experiences, I manned up.
So, when it happened a couple of days ago yet again, I was prepared and managed to get over it a little bit easier. And that is when I picked some great lessons which I wish to share with some entrepreneurs to prepare them for such an eventuality.
At some point, you will have to part with your business. Maybe you will sell out and the new owner will come with their management team. In other cases, it may end up becoming a case of a hostile takeover where you find yourself out of the way. It could also be a case of unsustainability that pushes the business to close down or even an eventual point in time where you need to retire.
Always be prepared to part from your business.
Some parents get so overprotective until they spoil their children and deprive them of their independence. The same is for a business. Sometimes there comes a time when parting with the business is the best option. Selling out is always an option as well so to say.
Being cognizant of this fact goes a long way to save you of some shock when the moment comes where you have to separate with your business either as a matter of necessity or circumstances dictate that that is the best decision for you and the business as in the case of unsustainability.
Carry the lessons with you as opposed to the pains.
When you have to close shop, it is one of the most painful moments. It is like a parent seeing their child breathe his/her last. A very heart wrecking experience that one doesn’t want by all means yet one that happens from time to time.
Should that be your eventuality with your business, I learned that focusing on the positive will go a long way to help. You will have a choice to focus on the pain or appreciate the fact that it was a learning experience and hence take the lessons with you.
Because the likelihood of opening another shop or business is very highly likely, you will not be starting from zero when such a time comes. You would have had great lessons to catapult you off the ground seamlessly and as such chances of success will be higher.
Sometimes it is not always about you.
It is always normal to be hard and blame ourselves when things go haywire. When Steve Jobs was fired from the business he started, the problem was more about the short-visioned board as opposed to the accusation that Jobs was spending so much on the Lisa development project and that he was too arrogant.
Accept that there are moments when outside circumstances will play against you even when you are the best manager that there is. Come to terms that you did your best and it didn’t work out so that you get prepared to face your tomorrow with greater zeal.
Try as much as possible to keep your networks.
This is a very key component in today’s lessons. Do everything to keep as much contact as possible with your business networks because it will save you a lot of hustles when you will reinvent yourself in your future entrepreneurial undertakings.
For example, keeping your tax advisor is a great thing because there is no business that you will undertake that doesn’t need the services of a tax advisor. Keeping key networks save you time to go looking for new ones and hence gives you more time to focus on implementing your past lessons in your new venture.
In conclusion, no one goes into business to fail or close their business because most of the time this happens due to unforeseen circumstances. However, we have a choice on how we respond and react in case of such an eventuality and that will always be the differentiating factor between those who immensely succeed and those who greatly fail.