Just like so many others, did you harbour the dream of starting your own company someday? Did you put in months, or even years of sweat and toil behind making your entrepreneurship dream a success? If your company didn't take off despite all your expertise, energy and dedication, you need to take a step back and consider that maybe the entrepreneurial dream isn't for you. And you aren't the only one caught in this situation. Thousands of employees quit their high-paying corporate jobs every year to start something of their own. But what should one do when one's dream of a successful startup doesn't materialise? Here are a few steps to help you cope when you find yourself in a similar position.
Image : shutterstock
Take a step back and evaluate
If you feel like your company is going nowhere even after all your efforts, you need to take some time off to analyse where you stand. Did you build your expectations too high right from the beginning? Are you suddenly overwhelmed with the amount of work that needs to be accomplished? If you can identify your problem area and work towards eliminating it, you stand in a better position to revive your dying dream. Analysing the root cause of your feelings will give you a direction after you've had a chance to consider all your options.
Take the effort to make a change
If you're not happy with your position in your company, you can always transform it to suit your needs. Yes, your employees might need to adjust at first to the changes you're making, but it is worth the effort if the changes work out in your favour and better the work environment. For example, if you need your employees to follow a rigid schedule, you need to convey it to them. If there are certain responsibilities that come with being an entrepreneur that you hate, you can hire someone to take that work load off you. Try different strategies to make your entrepreneurial dream a reality before you give up on it completely.
If you're not happy even after making the necessary changes, consider whether entrepreneurship can work for you in a different setting. For example, if you were the CEO of your previous company and you weren't happy with the responsibilities that came with being the CEO, you can always try a different position like being a silent partner or a consultant the next time around. Similarly, you can choose a different industry that's more to your liking. This can only happen when you have identified and learnt from the mistakes you made in your previous company and avoid those mistakes in your new venture.
However, after much trial and error if you still feel that entrepreneurship isn't for you, you need to move on with the experience you gained and the lessons you learnt to an all new career path. Starting over might seem intimidating, but it's better than being stuck in a rut forever.
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to email@example.com