As an entrepreneur, do you have days when you just want to give up, throw in the towel and wind up your business?
Like most entrepreneurs, you might have gone through this stage at some point in your business. You’re thinking how to keep your energies up to run the business long term.
There could be multiple reasons you could be losing energy, including you’re no longer passionate about your business, you’re unable to groom a support team and your business is not making money.
Therefore, it is important for you to find the right solution to energise yourself and give yourself a reason to continue running your business.
I’ve been running multiple businesses over the last 35 years, a significant chunk of it running a consulting and coaching business helping others achieve their dreams. Throughout it all, I’ve noticed that there are three types of entrepreneurs in the business world who would suffer from losing their energy and passion after running a business for a while.
Type 1: They are fickle-minded and are easily attracted by new and other opportunities
All business owners need passion in order to keep their businesses healthy and sustainable. But did you know that not all entrepreneurs start a business in the area that they are passionate about?
I’m not kidding.
Some people got into businesses either by chance (met someone who got them to join a business) or convenience (stumble into an opportunity conveniently).
Others possess the tendencies and characteristics to be excited about new ideas. They like new things. If there is something new in the market, it looks exciting to them.
This type of entrepreneur often depicted as a child, they throw away the “toy” after they get bored playing with it for a while and look for a new toy. I would call this “new toy mentality”.
They can do this with toys or hobbies, but they can’t do this with business. If an entrepreneur treats their business that way, they will surely end up achieving nothing in the entrepreneurial journey. Hence, how would they solve this problem so that they can be a successful entrepreneur?
The first thing they should do is to eliminate this way of thinking and recognise that the business is meant for the long-term. When you get into a business, you must stay at least three to five years minimum.
Meanwhile, you should build your dream team so that you can pass on the business to the team.
Type 2: They have passion, but they do not have a good support team
This type of entrepreneurs is passionate about their business, they like what they’re doing. But what would take that energy away? It’s most likely due to their inability to groom a support team to take care of the business. Building a support team is an important part of growing an organisation.
Most commonly, entrepreneurs try hard to hire and bring talents into the business, the employees quit after a while due to the bad leadership. Why this would happen is because they don’t know how to retain the staff or take care of people.
If this keeps happening, they will be the Lone Ranger in their business. If they’re the only one to drive the business for the long term, they’ll burn out.
As a result of that, no matter how passionate they are about the business, they’ll lose their enthusiasm. It’s not going to be sustainable and lasting if they’re always stressed and drained out by the demand of the business.
In this case, they should focus on how to build a right team and more importantly is to retain the staff. In short, they must be a good business leader.
Related article on how to develop your leadership skills.
Type 3: They have passion, but what they’re doing is not making money
Sometimes, what they enjoy doing is not profitable. The financial result of their business is not enough to sustain their daily lives, and not making them enough money for themselves and their family’s needs. So, they end up struggling financially.
When this happens, although they’re very passionate about their business, they will lose that energy to run the business.
At some point, they can solve this problem if they change their business model, or they improve the business’s financial result.
But there is another thing they can do is “don’t treat that passion as your primary income”. It should not be a primary income if it’s not that kind of business that is financially viable.
For example, that’s one girl who said she wants to teach young people, she wants to help them and make sure they can grow up properly. But if you come to the conclusion that this area doesn’t make money, but you want to do it because you want to save the world, then it should not be your primary income.
It should become your passion income, your hobby, something you do just for fun. Whether it’s making money or not, it wouldn’t matter. Your primary income should come from somewhere else.
If you’re any one of these types of entrepreneurs, I really do hope this article will help you get through it and you’re well on your way to becoming a successful entrepreneur.