I have been an Entrepreneur for most of my adult life. My businesses have not always been successful, which got me thinking...
When does a business end? Whe does it shut down?
Is it when it is in a financially stretched state the the Entrepreneur cannot get out of? Is it at the point of liquidation? Is it when the business owes a whole lot of money to a whole lot of people?
If those were the criteria, I could have closed my company down many times. There were periods when I could have shut down every month at month end. Many entrepreneurs will beg, borrow, co-erce and convince whoever they need to to pull their business through such times. Those who survive to thrive will find any means to pull their "child" through the difficult times.
This said, when does a business end?
I believe that it happens in a moment, and there is only one cause. It happens in the moment when the Entrepreneur gives up, and says "I cannot do this anymore." The single biggest cause of businesses failing is that people give up.
It is tough. I cannot kid anybody and claim that it is easy to perservere. I do not blame people for giving up.
If you are an Entrepreneur and you want to build a successful business, the best piece of advice I can give you is to never give up. If you never give up, you will surely get there. Don't shut down the dream, look for another way, even if it does not seem that there can be a solution. Look for another way.
Have a great day in full colour!