“It’s very important to understand when to walk away from things or when to stand and fight in life – business or personal – you get into trouble if you’re not self aware!” ~ Kittie Walker
There are external and internal things to be aware of.
External – business metrics, KPI’s, revenues, collaborators, etc.
When it comes to assessing whether should pivot or walk, my friend, Beth Thouin, a start-up specialist, points to the importance of validation – talking and listening to potential and existing clients.
“You pivot when you recognize a greater problem than the one you are trying to solve…It is through the same process that you recognize when potential customers will not pay or invest in your offer or product.
The trick is, validate, learn and pivot fast. 2/3 of startups will pivot. And 8/10 startups fail.”
A couple of factors that may affect your ability to accurately assess your situation are:
1. Being focussed so much on meeting the next milestone, you’re not seeing where the competition and the market is going.
2. Being so infatuated with your idea, you can’t be objective.
Internal – Burnout, lack of focus, motivation
If you feel your heart isn’t “in it” anymore, it’s likely the rest of your isn’t either. Don’t wait years to make the decision, assess the situation, swallow the pride and choose one path or the other.
1. Don’t go it alone. Working for yourself can feel liberating, it can also lock you into a bubble. Without a trusted advisor to burst that bubble once in a while, you’ll smother.
2. Take care of yourself. Ignoring healthy eating and exercise will take a physical and mental toll. You need a clear head to make clear decisions.
Lunch Bunch Ep 53: When to Hold ’em – When to Fold ’em
Time stamp Summary:
0:10 – Ray: Intro. to show and topic: When do you know when it’s time to go?
2:22 – Randy: The tragedy of “I should have left 10 years ago.” Randy’s personal story
4:33– Jess: Looking for something different before making that change.
6:33 – Ray: What were the flags that made you think somethings wasn’t right – should I stay or not?
Thanks for dropping by. I'm the Director of Digital Marketing for Image-24.com.
My background in business includes non-profit (performing arts), restaurants and Promotions.
Having moved on from my own strategic consulting company, I now write about what interests me. So in this blog, you may read about my thoughts on marketing, health issues and business culture.
You can follow me on Twitter @rayhiltz or @image24Call