“I believe that about half of what separates successful and unsuccessful entrepreneurs is pure perseverance.” – Steve Jobs
Starting a business is a journey full of ups and downs, and it’s not uncommon for founders to face many challenges along the way.Most people recognize the importance of endurance, but many founders quit before maintaining endurance Grow their ideas into real businesses.
In this article, I’ll outline the top reasons startup founders leave, and how they can better plan their own projects and find balance with their lives.
1. Time constraints
Starting a business is a very time-consuming process, and many founders struggle to balance the demands of their business and personal lives. This can lead to burnout and some founders lose their passion for the project.
This is not a valid concern, but it’s important to realize that you don’t have to work 16 hours a day if you can’t afford it.
Although there is a strong correlation between founders’ working hours and startup revenue growth, almost half of the respondents to the survey of SAAS startup founders worked part-time on their projects.
Most people associate startups with extreme pace and intensity. It’s true that many projects are in a race against time, but the early days of a startup without a serious burnthrough rate, especially if the project is running out of capital or competitors are outsmarting the competition. In stages, you can afford to work at your own pace. If you’re consistent long enough, this can still lead to something important.
personal financial difficulties
As a startup founder, you are very likely to be highly employable. For you, this means that working on a startup constitutes a high opportunity cost. In other words, instead of getting a good salary from a corporate job, in the early stages of a project, you may be investing your time in a project that doesn’t pay off as much as it does at all.
To make matters worse, startup projects are easily funded by individuals.
Of course, not everyone is in a position to do so, and often quit working on projects in order to find a job that pays better and allows them to support their families.
The discussion above still applies here. Even if you have a full-time job, investing a small amount of time consistently in early-stage projects can pay off. If you can get some traction from these efforts, you may eventually find an investor who can focus on the project full-time without sacrificing your family’s financial health.
Last but not least, starting a business is a stressful environment for many reasons, and founders struggle to manage the emotional toll this stress takes on them. .
An NHS England study found that entrepreneurs are 50% more likely than the general population to report having mental health issues such as anxiety and depression. Given this, it’s no surprise that some founders have retired in order to improve their quality of life.
Of course, if you feel that you are suffering mentally, you definitely need to do something about it. Ignoring mental health for the sake of a project will hurt both you and the project.
Perseverance is essential to a successful startup, but perseverance doesn’t mean repeating things that don’t work. Perseverance in the startup context means being smart and finding the best solutions that can move your project forward without leading to professional, financial, or spiritual ruin.