Even though entrepreneurship may seem like a dream career with freedom and the possibility of financial riches, this is one of the most difficult careers anyone can choose. The time clock never stops ticking for the committed entrepreneur. Even the most successful businesses can suddenly start to fail. Blockbuster is a great example of an incredibly successful business that was forced to close their doors due to changing technology. There are certain times when entrepreneurs just need to know when to move on.
Always Research Your Industry
Many once successful businesses have failed due to changing technology and changes in society. In a world where changes can take place seemingly overnight, you need to be constantly researching your industry. When Wayne Gretzky was asked about his success in hockey, he said that he would skate to where the puck was going to be not where the puck already was. You need to make sure that you are seeing the writing on the wall. If you are in an industry that might be dying, you need to adapt or get out. If you are competing in an industry that has a lot of opposition, you need to be the trendsetter that is always on the cutting edge.
Don’t Ignore the Obvious Obstacles
If you are trying to sell ice cream in Alaska, the cold weather might just be an obstacle that is too strong for your business to overcome. Your obstacles can be reasons for you to move on or they can be a reason for you to become the best you can be in your business. It takes a successful entrepreneur to see the difference between an opportunity to excel and a firm invitation to move on.
Understand your Backup Plan
If it comes to the point where your business is no longer producing you the income you need to survive, you need to know what your next step is. A successful entrepreneur will know when it’s time to move on and fall back into their backup plan. Furthering your education, using your skills to start a great career, or starting a new business are all great backup plans that can get you back on your feet.
Not every business is going to be a smash success and not every successful business is going to survive forever. Many once successful businesses are now just a distant memory. It takes a wise entrepreneur to know when to move on.