Dear Aunty B,
I am in the second year of my new online business. It has been such a hard slog and although I feel we have come up with a highly innovative product that I think is the best in the world, it is a huge struggle and many months we barely break even.
Someone told me on the weekend that quitters are winners – and that it may actually be more brave if I moved on to something else rather than struggle on.
What do you think? I do have a great new idea…
Dear Great New Idea,
Are you nuts? Think of all the time and money you have invested so far. You want to waste that and the gains you have made so far? If it was worthwhile starting the business, why on earth would you consider throwing it all away because of a barbie chat with the ill informed?
Several things you must know. The first two years are the hardest. The first year is a nightmare. Panic attacks, gnawed fingernails and moments of “what the hell have I done” are just part of the package.
But our research on start-ups consistently shows that by year three the sun emerges and by year four you will have arrived at what entrepreneurs call “The sweet spot.”
This is the time to buckle down and do not be distracted by the big new idea!
I was reading a new book the other day by Seth Godwin called The Dip. He makes the point that The Dip is the secret to your success. The people who set out to make it through The Dip are the ones that make it and become the best in the world. As most people won’t make it through the dip, those that do have the competitive advantage, The Dip is actually a massive barrier to market! Seth makes the point that if you are going to quit, quit before you start – but certainly not when you are in the dip.