Below members of Forbes Coaches Council offer advice for deciding on when to let go of your startup.
From left to right: Terra Bohlmann, Daphne Scott, Sherry Swift, David Taylor-Klaus, Janet Zaretsky, Nancy Marmolejo. All photos courtesy of the individual members.
1. Give Yourself A Timeline
When you start feeling stressed out and question if your startup idea is going to work (or not), it’s time to put a timeline in place to produce results. You’ll want to put a specific and measurable metric in place that you strive to achieve in a specific time period. Then, the decision point isn’t about feelings, but rather it’s about facts. (Example: three months to sell $60,000 in products.) – Terra Bohlmann, BrightBound
2. Start With The End In Mind
Knowing when to quit and let go is a master skill. We can get caught in very enticing cul de sacs for a lot of seemingly good reasons. In lieu of having an established exit strategy in advance, it is easy to get caught in all of the rationalizations for hanging on and skipping over our own body wisdom that tells us to let go. Remembering that ending isn’t failure is always good too. – Daphne Scott, DS Leadership Life
3. Don’t Trash It, Pass It
There is value in your startup idea, but perhaps you’re not the one to facilitate it. Before you quit, ask yourself, “Does the idea add value?” If the answer is “yes,” it could be that you have been the visionary behind the startup, but what you need is talent and partnership to move your idea forward. This is why it is so important to surround yourself with people who have different talents. – Sherry Swift, Swift Transitions, Inc
4. Know The Difference Between The Dip And A Hole
Read Seth Godin’s “The Dip: A Little Book That Teaches You When to Quit (And When to Stick).” Before a pivot, it’s important to know whether you’re approaching/experiencing a natural part of the cycle (the dip) or are facing a dead end. Knowing the difference is what makes pivoting/quitting a strategy rather than a tactic. – David Taylor-Klaus, DTK Coaching
5. If You’re Doing Everything Right, Keep Going
Ninety-five percent of all startups fail. The question is, did they quit too soon? Likely. If you have a startup and have done all your market research, are well-funded and have a great team, and are following your plan — you need to keep going. Enlist a coach, a strategist and experts as you need. When you are all aligned, make sure you capture all the lessons learned! – Janet Zaretsky, The Zenith Business
6. Make Sure You Know What’s Not Working
In addition to examining the financial aspects of the business, what else is happening that can be feeding into the company’s struggles? Just like couples who have to look deeply at themselves to save a relationship, what else is happening in and around the dynamics of your company? Look at leadership styles, communication styles, sales philosophy, values, mission, goals and teamwork. – Nancy Marmolejo, TalentAndGenius.com
This post was originally published by Forbes Coaches Council (Top coaches offer insights on leadership development & careers) via http://www.forbes.com
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