Why people quit - Entrepreneur Video Transcripts
Video 1 Transcript
Why do entrepreneurs quit? I think there's two reasons. The first is that the entrepreneur herself or himself decides that this is not the life that they had in mind. It's taking too much time, not bringing in enough money, they're not enjoying it, and they want the security of a job. There's no shame in any of this to realize that maybe being an entrepreneur is not for you. It's not for everybody. Isn't it great that so many people want to be employees and have the security of a job while others of us can be entrepreneurs and take that risk? So sometimes the entrepreneur quits. Other times, the industry or clients quit that company, quit that entrepreneur, and then it's kind of a forced quit, kind of a forced end of that business. If you're not meeting the market's needs or if someone else is, then perhaps your business won't succeed. There's not shame in that. You have two choices. You can pivot quickly, try and fix it, try and meet the needs of your customers. Or you can decide, hey, I'm going to shut this door and I'm going to open another door, whether that's as a job or as a different business. But you can do it.
Video 2 Transcript
Why people quit. They run out of money. Money as you grow and get bigger definitely is an issue, but for starting you'd be surprised how much you can do with little or practically nothing. I don't know anyone who couldn't, you know, get a couple hundred dollars from family or friends if you needed to get some basic softwares and to get some things going. Money, that's an overrated excuse. Second thing is people, they don't have the right team. You don't have the right, the right people in the right seats doing the right thing. That's harder than it sounds and it's a little more, um, it's fluid. It's always moving and being evolved. Uh, so you've got to be aware of that. Why people quit. They're also listening to the wrong people. Most people aren't successful entrepreneurs and if you're listening to people who aren't successful in entrepreneurship, it's probably not a good idea to listen to them. A piece of advice about advice. If you want to be like the person in regards to the thing they're giving you advice about, you should listen to them. If you don't want to be like them about in regards to what they're giving advice about, don't listen to them.
Video 3 Transcript
Listen, never be dismayed when someone comes to you and tells that tells you that they are going to quit. They have wings, they want to fly themselves, they want to grow their own opportunities and the more you encourage people to sail on their own and be successful, the happier they will be and the happier you will be as you support them. So when people want to quit your organization, don't think of it as something that's a negative. There are always great people out there. You can go and find them, but let people have their own wings and let them fly on their own and succeed and support them.
Video 4 Transcript
It is super easy to get out of balance with a business. And so a lot of why people quit is relationships. Do you want your relationship to quit, right? Whether if you're married and, you know, it can lead to divorce or you need to quit your business to preserve relationships. That's certainly a factor. Running out of money, right? Either not selling enough or you have a solution that just really isn't something people are willing to pay for. And so you have to ask yourself, is this something I just like and it's more of a mission based project or is it something willing people are actually willing to pay for? And another would be the team around you, right? If you start hiring a team and employees and you just find it's not enjoyable working with them, that can cause a lot of stress and people end up just getting quit. And another would be you stop believing in what it is you're doing. You become more passionate about something else. And so I ask yourself, is this something I'm really is worth investing in?
Video 5 Transcript
Nat Hurd here on why people quit entrepreneurship. One, they stay too committed to their dream or grand idea instead of remembering that businesses must serve people who are willing to spend money on products and services. You might have a great idea, but if people don't get it, or it's not valuable to them, or if it's not valuable enough for them to spend money on it, you don't have a business. You've got a mission, which is cool, but that's not a business. You need something that people will spend money on. Two, you don't plan for the future. As soon as you start making some money, it's exciting. You want to reinvest, or you want to go out and have a good time and celebrate and so on. But really, you need to work towards having enough cash on hand, three months of operating capital, ideally six months, and really stretch for a whole year so that you can weather the ups and downs regardless of what happens without having your mind go crazy about being able to meet basic expenses. Third thing is maybe you're just not selling enough. There's usually a pretty big gap between people who have great ideas and people who are willing to go out and sell. You've got to learn how to sell.
Video 6 Transcript
People quit when it gets extremely hard and they start to make failures. What they fail to understand is that when you make these failures you must be able to self-analyze. What did you do wrong? What could you have done better? Who could you have used to help you in these struggles? Be able to self-analyze, adapt, and modify and you will no longer have to think about quitting because when it gets tough you need to learn how to continue.
Video 7 Transcript
One of the reasons I think people quit is because they keep trying the same thing over and over and they keep getting the same poor results. And they get stuck in this cycle of trying over and over and over. I'm just gonna try harder. I'm gonna work harder. I'm gonna, you know, force this through instead of having a coach or someone to help them see that what they're trying isn't working and they need to try something new. For a lot of entrepreneurs, they get so close to what they're doing. It's their whole life. They've poured all of this time and energy and money into it that they just keep going with the same pattern of behavior and don't realize that if they just made some tweaks and changes and got some outside perspective, maybe paid someone to help them with part of their business, that they'd actually see that success. I also think people just give up too soon. They try and try and try. It doesn't work. Maybe they get a little bit of advice, but it doesn't work and they immediately quit. It's a tough business.
Video 8 Transcript
I would say why a lot of entrepreneurs quit is because they don't have a clearly defined why they do what they do. A lot of times they may be infatuated by what they're doing or how they're going about it, but if they had a clearly defined why initially when they first get started, I think it would take them so much further to be able to continue realizing what they're really trying to accomplish. Another thing is the fact that they may be working 60, 70, 80, 90 hours a and they didn't realize that the entrepreneur rollercoaster would be this hard. But I hear for people to be able to really stick it out so you could be able to accomplish a lot of the goals of what you have in mind. And at the end of it, you have to be an independent thinker because the other people that may be putting you down, they don't have the vision that God has given you, I believe, and also they're not paying your bills as well. So at the end of the day, truly trust in yourself, trust your system, trust in God, and I believe you could be able to stick it out and do some great things in life.
