How long should I wait for success to come before dropping the towel?

When things go well, it can happen really quickly. Customer rush towards you, money flows, you become a centre of attention. That's when you have to push hard to maintain the growth and take momentum to guide you through the hard times ahead.

How long should you hold on? It depends on what you're ready to go through really

But when business doesn't go very well, or grows too slow, that's no good news. It doesn't mean the idea's bad or needs to be stopped, but rather than the execution path isn't ideal. Kill your project quickly to step back on track.

Really kill it? Yes, as soon as you can in order to avoid an even harder decision along the line. And focus on another project which will grow faster and on which you'll be able to construct something big. Good ideas can be resurrected, and if you find another plan later to revive your idea, you'll always be able to run it. But differently, taking into account your past experience and the current context.

Comments

How can I balance my cashflow and my product development?

Unless you have a regular source of income that covers all of your product development spendings, you'll have to continuously make sure you don't overspend. This has hard consequences: postpone work that isn't top priority, be frugal when dealing with salaries, focus on revenue growth instead of quality. Bootstrapping a startup requires to make hard choices to preserve your cashflow! Cashflow is king for most startups: even if you hand team problems skilfully, maintain a upbeat pace compared to competitors, money problems are still able to kill your business relatively quickly. One way of handling this is to have several regular revenue streams that make it possible to invest in building a quality product over time even if you don't get any funding. Stable resources are the key to a sustainable product roadmap!

When in one's life is a good time to become an entrepreneur?

There's never been a better time to be an entrepreneur : you can start with hardly any money at all and there's loads of advice available. On Business Ideas at least. Isn't it better to catch small fish by yourself than work in a big factory? Now's the time for employees, even if they have a full job. A project can be simplified to be tested on a small scale , within a few hours a week, before being expanded. Now's the time for students, projects that are part of their studies can be extended to become a small business for a small cost. Now's the time for the unemployed, be your own boss and prove you can do much better than people would think.

Should I follow my mission and not my new year resolutions?

We all have a mission in life, be it to enjoy, reflect or serve, that gives a meaning to our daily actions . A broader direction guiding our many whereabouts. Everyone has a personal mission, more or less obvious, be them a knight on a crusade or not! People in general often ask you what your new year resolutions are , what your goals are, but rarely what your mission is. That's probably because they don't know they've got one too. Any important decisions to make? Any doubts in your life? Refer to your broader mission to clarify it all.

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