In episode 27 of the Business 360 Podcast, we answer a question that many entrepreneurs face...and that's "I don't like my business anymore...now what?"
In fact, approximately 47% of entrepreneurs are unhappy in their business.
In this episode, we hit the reasons why entrepreneurs feel like this and what they can do about it.
For more information, feel free to visit us at https://www.thinkbusiness360.com.
[00:00:00] Welcome to the Business 360 podcast where we will take a 360-degree view of all things business in under 15 minutes. I'm Rushab Kamdar a serial entrepreneur consultant, speaker and business strategist. I help entrepreneurs and businesses get profitable while also saving them time, money and headaches.
[00:00:29] Hey, there are business heroes. Welcome to episode 27 of the business 360 podcast. Let me start off by asking you a question. Are any of you currently in a scenario where you own and are running a business that you now dislike? Did you know that almost half of all businesses. Are not happy in their business.
[00:00:50] And there's no worse feeling than starting a business of your dreams only to realize that you don't like it. And it's not just in starting a business. There are those that have landed a dream job for it to end up being a nightmare or even got reservations at an exclusive restaurant, but it ends up terrible or even taking a much-needed vacation that ends up being anything but enjoyable.
[00:01:16] Now, obviously some of these examples that I mentioned are out of our control, but others can be avoided with proper due diligence and preparation. When it comes to owning a business, you want to do your research before launching it. There are many reasons on why you may dislike your business. And some of the more notable ones that I've heard from entrepreneurs are as follows one, the business is much harder to operate than originally anticipated another one.
[00:01:44] Consistently seeing low sales numbers and therefore there's no profit, which means there's continuous losses. I've also heard many times that entrepreneurs feel like they are unable to tackle the never-ending list of tasks. Essentially, they are wearing too many hats and they're getting burnt out a big one that I actually help entrepreneurs.
[00:02:04] Is the inability to create, implement sound strategies. If you don't have strategies, then you're going to be lost. I also see many entrepreneurs begin a business with a limited amount of money, and then they take on debt, leaving them over-leverage and therefore. And to close it out here real quickly. I also hear entrepreneurs saying that they dislike their business because the business didn't match their expectations and that the learning curve is too steep or that they just don't have the risk appetite for being a business owner.
[00:02:36] If you find yourself in this position, you are probably asking yourself, should I keep going or should I change direction? Or should I quit now before we answer that? How about I tell you that you're not alone? Yeah, it's true. And I know that you know this, because I mentioned at the top of this episode that almost half of business owners are unhappy, surprisingly many successful entrepreneurs also feel unsure even though their business is doing well.
[00:03:02] When you don't love your business, your work feels like it's a never-ending task that you just want to get it over with. Therefore, the first step anyone should take is to ask themselves this one question, what led me to feel this. Basically, you're asking yourself, why do I dislike my business? See, getting to the core of the why is integral and figuring out your next steps.
[00:03:27] We all love our business. You know, there was a study published in March of 2017 in the edition of a journal called the human brain mapping. And they found that the attachment between entrepreneurs and their business. Can be compared to that of a parent towards their child. And that is why it's so hard to let go of a business.
[00:03:48] Many entrepreneurs get emotionally attached to it. Although I will say that this concept of loving your business goes against the old saying of keep your emotions out of business. All right. So let's discuss what you can do if you dislike your business and you basically, as an entrepreneur have three goals.
[00:04:09] The first one is you can push through and possibly remain miserable in your business, or eventually find fulfillment and happiness. The second option is you pivot and hope that the change that you make will alter your feelings towards your business. And the third one is you can exit your business, you know, either by closing it down or selling it and maybe finding happiness.
[00:04:36] Now, before you choose any of these three options. What I did is that I took the Liberty of highlighting seven tips that you should try, and it could possibly help you with your next step. So let's dive in. The first tip is what I call taking a break. Entrepreneurship is a 24 7 job. So it helps to take away.
[00:04:58] You can take a vacation or a few days off to disconnect from work to re-energize yourself and reset your mind. The hope is that after you returned from a break, you will have a better perspective on things and you may possibly be ready to plunge right back into work, or at the very least make some changes for the better and listen, a break.
[00:05:17] Doesn't just have to be a getaway taking daily breaks, like stepping away from your workstation and going for a walk outside are all vital to keeping a positive mind. The second tip is what I call personal development and coaching. If you are an entrepreneur that thinks, you know, everything and that taking advice and guidance from others is a sign of weakness.
[00:05:38] Then you're setting yourself up for failure, just like anything in life. If you want to be better at something, including running a business, you have to find ways to improve your. Entrepreneurs that are truly serious and becoming better business owners and leaders will explore personal development options or coaching and mentorship programs.
[00:05:57] Personal development can include reading books, taking online courses and going back to school, coaching or mentorship can help with having someone in your corner. That's giving you feedback or helping you devise strategies and holding you accountable. On your deliverables, C having someone in your corner gives you a sense that you're not alone in this fight in many online programs, there is a community element where you can have support from many who are in your shoes.
[00:06:27] Tip number three is discovering your zone of genius. And what I mean by that is for you to find what you're good at and lean in on it. Basically, if you do what you're good at, you will not only improve that specific part of your. But you will also find happiness in doing that. If you can afford it, I would suggest building a team and then delegating the tasks that are not under your zone of genius to them.
[00:06:51] And if you can't afford a team, then build a mindset that you're going to grind it out for a short period of time until you can't afford a team, essentially, it's short-term pain for the long-term. The fourth tip is building a positive mindset and listen, I get it. Mindset has become a big buzzword these days, but it's still very important.
[00:07:11] When I speak about mindset. I'm talking about building and nurturing a perspective that results in productivity and positivity, putting things in perspective is a challenge for most people. How we look at things and approach a scenario will impact how we. If you approach your business with a negative mindset, thinking that you have too much work and that you will never complete the tasks that lay in front of you, then your approach has already set you up to dislike your business and your role in it.
[00:07:37] Now, if you were to approach your current scenario with a positive mindset where you are confident you can solve your problems, then you've given yourself optimism and hope. The mind is an amazing tool, especially when you can develop a method to keep things in perspective. The fifth tip is being able to pivot in your.
[00:07:55] Pivoting means taking the business in another direction. In other words, it's implementing a change in your business. You can pivot in any area of your business, including changing your product offering or sales strategy, and even the operations of your company. See, listen, if you don't like something about your business and it's not working, then implement a change.
[00:08:16] But remember, there's no guarantee that the change you implement will make things better, but at least you've taken an action. By asking yourself what's wrong. And then making changes can help you feel better about your business. The sixth tip is changing your environment. It's amazing to realize that sometimes your surroundings are the reason you feel so down.
[00:08:38] Whether you are working at home in a crowded small room, or you have an office and allows the neighborhood making a move can change your feelings towards your business. But just remember, before you make any change, you should ensure that they are. Other underlying reasons on why you dislike your business.
[00:08:55] Because if there is then the change in your environment may only provide a temporary relief. And then within a short period of time, you'll be right back to square one. And finally, let's talk about tip number seven, which is what I call thinking and reflection. I strongly believe that every entrepreneur should take at least 30 minutes out in a day to think and reflect on all the areas of their business, as well as an introspection on themselves.
[00:09:20] That's because reflecting regularly will help you stay aligned with your vision and goals. During this thinking time, you can think about strategies, work on your mindset, reflect on past failures or any other thing that impacts your business. Through this practice. You may find answers to help you rediscover the love for your business.
[00:09:40] Listen, I get it. You started a business with the hopes that it will be your ticket to living a dream life. I also understand that you truly want to love your business. And then when it turns out that you dislike your business, I'm sure you are crushed. If you aren't passionate about your work and your business as a whole, then you're going to start living in a world of bitterness and resentment, which is unhealthy.
[00:10:05] But what I will say is that if you truly do find yourself in a place where you dislike your business, then just know that you have options. As a business coach, I always advise that any action is better than inaction. Look into the seven tips that I mentioned in this podcast episode, and then make a decision on how you want to move forward.
[00:10:24] That'll just about do it for this episode. Thank you for listening and you stay classy. Business heroes.