One of the most insightfully insightful insights I picked up from RJ Ledesma‘s brilliant mind was the need to develop mental toughness in making major decisions, like when to pull the plug on a losing business.
He drew from his experience in co-running Soderno (a sister project of Mercato Centrale), which didn’t take off the way he and his partners expected.
It took them 18 months to finally decide to shut it down, and he said they should have done it a year sooner.
The intricacies of such a decision lie in the financial metrics, plus a predetermined set of numbers and conditions to determine when to quit.
The most difficult part is the sentimentality. One can’t just let go of his “baby”, especially if he has lofty ambitions for it.
My questions for you are:
- Do you know when it is time to shut down your business?
- When that time comes, will you be mentally prepared to do what must be done?
At a recent event, I saw an old acquaintance (no longer a friend) and approached her to say hi. This lady said “Hi!” in her default melodious tone… after she turned around!
I know some people can’t maintain eye contact, but that was ridiculous! I was literally looking at the back of her head when she said “hi”.
I assure you, she wasn’t shy at all, she wasn’t talking to anyone else, and she wasn’t busy with anything. That’s just how she normally treats “useless” people.
I realized that the cold shoulder was because I was of no use to her.
I had noticed that trait in her 7 years ago. She’s oh-so-sweet to anyone who has what she needs (information, resources, etc.), then “gradually” turns frigid after her mission is accomplished. I did not expect her to get any worse after all these years. I was so wrong. “Gradually” is now “immediately”.
If you have the relentless drive to grow your business to become rich, good for you! But please, cling on to your soul. Don’t let go of your humanity.
I sincerely hope that you won’t become her next victim… or worse, become exactly like her.
Friendly suggestion: It is time to re-evaluate your business goals. You could re-assess your entire business, or even just a project.
Let’s take the Business What Ifs blog project as an example.
Initially, I created this blog with the sole intention of making money out of it. So after the first few months of earning a grand total of zero pesos, I should have quit and considered it a failure.
But no, I still do it because it’s heck of a fun ride. I realized that gathering new knowledge from others and sharing them to you gives me a wholesome, natural high. It just pumps me up!
So, yeah, this is a rather “selfish” blog.
My new goal: write more blog posts with the intention of providing a spark to ignite an idea within you. You have the ideas inside you all along, I want to be able to tickle them out for you.
That would make me so giddy!
Your turn. What were your goals? And what are your goals now?