Understanding when it’s time to Quit

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Know When to Hold ’em and When to Fold ’em

"You’ve got to know when to hold ’em, know when to fold ‘em, know when to walk away, know when to run.” This iconic hook from the song "The Gambler" is about more than just playing cards. It’s also a metaphor for many circumstances that we encounter in life and business. Knowing when to end a dead-end job or a toxic relationship is critical to maintaining a happy life.

Likewise, understanding when it’s time to quit a product you love, but that is not providing you with the gains you want, can mean the difference between success and failure, or even fulfillment and frustration.

In 1976, 23-year-old Don Schlitz wrote "The Gambler." After pushing it around for a few years, eventually, it was picked up by Bobby Bare and later, Johnny Cash. Despite the talent behind the lyrics and performers, the song never really took off. That is until Kenny Rogers picked it up and launched it to the top of the charts. Schlitz knew he had a song worth pushing and didn’t give up. That perseverance paid off in spades (pun intended).

Knowing when to keep going with a product or service is not always so straight-forward, though. It’s a difficult decision to give up on your “business baby” that you created and nurtured, especially when revenues are “ok.” Sometimes, though, it’s necessary to give up an “ok” thing to make room for an extraordinary thing. So, hear from some of the top founders in the country about how they know when to hold em’ and when to fold em’.

Is It Profitable?
This question is probably the easiest to answer when you take into account: (1) revenue, (2) time and money investment, (3) emotional investment and (4) company goals. For Elisa Doucett, Founder of CraftYourContent, it’s a no-brainer – “if it costs more fiscally and mentally to maintain than it makes, then it is no bueno."

For Matthew Newton, Founder of TourismTiger, his approach is similar – "if the return on time or money invested isn’t worth it and you can’t find a clear solution, it’s time to kill the product."

Is It Providing Value?
Just creating a product because you want to make money or achieve a personal goal may not be the best for your product’s success. Likewise, if your product is too similar to your competition or doesn’t add more value than a competing product, it’s time to move on to something else.

Micheal Ericsson, Founder of Search Scientists, looks to the founder’s mindset in determining when to kill a product: “Everyone I know with a truly successful product…[is] not creating a product to create a product, they’re moving forward with the goal to change a piece of the world.”

Is It Feeding Your Passion?
While passion may not be the best reason for creating a product, it certainly should be a factor in keeping it going. According to Brandon King, Founder of SmartInternChina, “You should kill a product when it is killing you. If you go through an extended period of time working on a product you hate…that drains your energy, that is a good sign that it is time to move on."

Continually working on a product that you hate will erode your ability to put your best efforts into it. Nobody wants to put their name on a mediocre product.

Phil Ivey, (a.k.a. Gambler) always quits for the night when he’s no longer at his best. The same holds true for running a business.

Jim Grant
www.GrantPrinting.com
6109 Pembroke Road
Hollywood FL 33023-2213
954-962-1020

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Ways to Recharge

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Ways to Recharge for Successful Entrepreneurs

Entrepreneurs are a different lot. It takes a certain type of person to hang out there on the edge and take calculated (and sometimes not so calculated) risks. The rush of adrenaline that keeps tycoons in the sweet spot of success can wear a person out, though. The hard-charging, always-ready attitude is a unique quality that has its own set of rules when it comes to taking a little downtime without losing precious time and opportunities. The following are excellent strategies for how to recharge for moguls of business.

Contemplation
There is no “right” or “wrong” way to sit quietly for a few minutes a day. Taking the time to think and contemplate things is a real game changer. It teaches you to quiet your mind and gives that big brain of yours time to rest. That’s all it is. Give it a try. Take 20 minutes and sit quietly. Let your thoughts come in and gently focus on them one at a time, allowing yourself to sit in silence. Over time, the effects build and offer a calmer mind and body, heightened focus, more patience, and greater productivity.

Movement
Your doctor and Jillian Michaels are right. Exercise is especially critical for entrepreneurs. You may feel like you are going 100 MPH on any given day and do not need “additional” activity, but get outside and take a brisk walk. You can even take the time to think at the same time. It’s a twofer for the multi-tasking magnate in you.

Experience the Outdoors
Great Scott! Throw nature in the mix and it’s a “three-fer” (it’s a real word – scout’s honor). The outdoors can spark relaxation, creativity, and help stave off burnout. Daily exposure to natural surroundings will give you the fuel to get back in the office and power through your day.

Schedule Your Time
Keep a single calendar that gives you mandated time each day to walk away from your desk, your phone, and your email. Maybe a couple of 10-15 minute breaks that give you time to stretch your legs, interact on a social level, grab a (healthy) snack or call a loved one. This single calendar will house business related obligations and personal outings and priorities. Seeing all of your obligations in one place helps eliminate the over-scheduled executive trap and gives you the opportunity to see, in black and white, how you are spending your time. In addition to your breaks, dedicate some time to your meal periods. Maybe you do not want to allocate an hour per day for lunch. At the very least, turn off your electronic world for 15-20 minutes and give your food your full attention. Think of it as “eating meditation.”

Unplug
Unplugging from all electronics, while a little frightening at first, can help alleviate a ton of stress. Think about it; all of those dings and beeps and buzzes that are always pulling at every last ounce of concentration you have. There’s only so much a person can take. Every tweet, poke, Instagram, Snapchat, email and reminder activates responses in you that eventually lead to mental and emotional breakdowns. It’s a daunting prospect, but consider taking an hour away from all electronics and build from there. Who knows, maybe you could allocate an entire electronics-free day or evening. Your creativity and your soul will thank you.

These few tips can help avoid burnout and create the optimal environment for the successful entrepreneur in you.

Jim Grant
www.GrantPrinting.com
6109 Pembroke Road
Hollywood FL 33023-2213
954-962-1020

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