Fight to Finish: Is it a Sound Entrepreneurial Principle?
One of the most often asked question by entrepreneurs is should I give up if my endeavours if it is not producing the desired results within a time frame? The answer is both yes and no. It depends upon multiples of factors, and most important of all is the time factor. Don’t forget that even the best of business plans in India
can go wrong at time. So determine the time within which you will want results, and some grace period as well. Persistence wins, we all know, but it cannot come any time. Getting desired results by overshooting time indefinitely is not success.
Persistence: For How Long?
Here is when not to give up:
1.Your project is making steady progress but time is ticking against you. We all know that time is an important factor in project decisions, but it is not the only factor again. In a country like India, your projects could get delayed due to lethargy on the part of the government or indecision in approving loans. Keep pressing to achieve your objectives. You can sacrifice on time a bit though not for too long.
2.Project funding is getting delayed and stake holders are getting nervous. As an entrepreneur it is your bounden duty to calm down your stake holders and win their confidence. Every entrepreneur is expected to have the power to convince his folks and you should not be any different. Have a contingency plan to quell stake holders, but be convincing. You can do this by meeting with your partners and apprise them about your contingency plans. It pays to be frank and avoid unpleasant surprises on unsuspecting people.
3.Your sales chart is not pointing northward and you feel let down by your marketing team. This can never be a reason to close shop. If there is somewhere a leak, you need to plug it as soon as you can. The most appropriate solution is to call in an expert and revise your marketing strategies. There are many great consultancies that can rewrite business plans in India. Make the necessary changes, not once but even several times. It is simply about
experimenting until the right strategy has begun to show results. I will particularly recommend that you remain resilient like you have been throughout till now.
Here is when to close shop:
1.Technological obsolescence is recognized and your plant is not able to adopt to newer technologies and product preference. This is something that is not in your hands to change. At the helm is a revolution in your product line and if you are not able to meet a demand, better close down. Persisting with a refurbished business plans in India cannot help you much.
2.You have persisted for too long and most of your capital has eroded in value. It is again time to talk with a business consultant and get his views on continuing or discontinuing. Bringing in additional capital is not always a way out unless you are about to give big shakeup. It is sometimes a wise decision to know when to stop even though you may be emotional attached to your project. Don’t let your heart overtake your mind.
3.There are too many uncertainties and you don’t have business plans in India to counter it. If your confidence in your project is causing your concern, then it is better to sell of your business rather than hanging on to it. Indecision can cost you dearly. If you personally fee rundown, you have probably overshot your limits. The best thing you can do is retrieve what is left of the business. That is what sensible business.