Have an Exit Strategy Even Before you Quit
Many entrepreneurs never put into consideration that they might ever quit. Some believe it will always be so cool enjoying their start up status till the end of the aisle. Businesses are just like every successful or great person, they tend to get depressed or forlorn and it can even be suicidal and deadly which might just be the end. Businesses can also be sick too, needing nursing and some taking care of with some help of expert advice.
Quitting is quitting, nine out of ten businesses stop breathing between the first five years of start-up. The odd that yours succeed is about one out of ten and you’re ready to run with that one, ‘reasonable!’
However, quitting is allowed, but you don’t just quit, you quit honorably by having an exit strategy. Some quit by ‘stop doing’ while others just ‘ignore,’ neither is good enough. When a business quit, it means it either went bankrupt or the business plan failed in all ramifications which is allowed too.
Its fine if a company declares bankruptcy, the debt gets dissolved into its shares and assets. But a company without shares may fail if it had failed to meet its financial projection (and still in debt) or was unable to meet any of its goals (short term & long term). This will make them to continue to downsize year after year playing small and small, spending less and less and getting no results except through a hack or dues ex machine.
Almost all dead companies had died this way which is normal but don’t ignore your company to death or just watch it die by stopping abruptly because you’ve given it a timeline and the business is now wasting your time.
The best exit strategy is for you to metamorphose from a form to another form. This metamorphosis gives you the ability to turn your business into a new thing year in year out, giving it a reasonable reason to grow.
Let’s say you own a storefront at an environment that doesn’t make sale, quitting abruptly and auctioning your merchandise might not be the answer, you might try moving into your garage, cutting the prize for the rent for the store. In your garage at home you just make it look like a studio taking pictures of your merchandise and putting them online, you don’t really need a website at all, a Facebook page and an Instagram account will do –just start with your network.
Same way many businesses can metamorphose into an NGO getting grants from the governments while offering their products or services for free instead making money to sustain the business from rich members of the society.
This is what I call quitting honorably, you might metamorphose up to seven times before you finally stop quitting and start winning. So I say keep on quitting.