Posted August 18, 2021 by Mark Perna
Episode Title: Entrepreneurs: Time to Quit?
How long should I give my business to succeed or fail? Is it time to quit? Here’s how today’s entrepreneurs are answering this question, coming up next on The Perna Syndicate.
Ep 268 show:
You are now in The Perna Syndicate—welcome! This week, we’re talking about the soul-searching questions that entrepreneurs ask themselves all the time.
The recent study conducted by Xero found that more than half of small business owners are giving themselves five years or less to sink or swim. Newer businesses are cutting that time even shorter, with roughly 55% of business owners waiting a maximum of two years to determine success or failure. Only a third have not set a time limit to decide whether their business is a success—or a flop.
Everything seems to be moving faster and faster today, including the shorter-term goals of small business owners. I have mixed feelings about these seemingly quick timeframes. On one hand, I want to encourage people to stick it out, to persevere through the obstacles and come out triumphant on the other side. It’s the plot of every feel-good movie on this topic, and we naturally want to see it play out in real life.
But I also know that every business is unique, and no one else knows it as deeply as the person who founded it. So really, there’s no right or wrong timeframe to determine your company’s continued viability. Like the choice to start the business in the first place, carrying on or calling it quits is a big decision.
The length of time to determine success or failure should be just as unique as the business in question. When you know—one way or the other—you just know.
Tomorrow: most people aren’t thinking about legacy when they first start their business, but that changes as they continue to grow and thrive. Tomorrow on The Perna Syndicate, we’ll talk about how important legacy really is for entrepreneurs of all generations. See you then!