How to Know That You’re in the Wrong Business?

Is your business making you dejected lately? Does success evade you every time you think you are closer to it? Should you keep fighting the good fight, or should you consider a new line of work? In this blog, we explore some of the alarming signs that indicate that you might be stuck in the wrong business.

You started the business with complete resolution that you are going to be successful, but it might be hard for you to really know whether you are onto something until you get it out into market. A promising idea need not be unique. Some brand-new ideas in fact, could be difficult to develop or one may have inadequate finance to launch it. Being able to make the product, deliver the service, or to create a market and introduce people to a new idea are not easy tasks, and may be detrimental in determining if an idea is realizable. But once you have already initiated a business, yet feel something does not quite fit right, it is important to evaluate if it is the right business for you.

So, determine if you have been feeling the following ̶

Going to work takes a toll on you and feels uninspiring.

According to me, being a business owner translates to working for oneself; you are not working for anyone else besides your customers. Being your own boss means to have the freedom to decide how, when, and where you want to work. Despite this, if you still feel an apathy to go to work, it may indicate that you are in the wrong business.

Work is demotivational. It is difficult to stay productive.

A startup or a business is made from a dream; an aspiration. One of the things that remains essential in its success or failure is the degree of passion within its founders and members. While passion acts as the fuel, grit leads to persistence. The passion and the stimulation make work enjoyable, promoting productivity and creativity. However, if work seems barely tolerable, productivity is bound to take a hit.

A burnt out is settling within.

Burnout is a psychological syndrome that arises from prolonged exposure to chronic interpersonal stressors involved in the job. Primarily, it may manifest as an overwhelming exhaustion, feelings of cynicism and detachment from the job, and a sense of ineffectiveness and lack of accomplishment.

Most of us go through this condition at one time or another. When every work day feels joyless, and you feel a worn-out stupor, it is time to make a change because no one should have to endure that kind of exhaustion day in, and day out. The accompanying stagnancy or decrement in quantity and quality of work may eventually lead to an inevitable crash in the business.

I believe that there can be many conditions that create a negative impact on businesses and no matter what, it is the business owner who suffers most. A struggling entrepreneur may have to face double edged sword. At times they reevaluate their choices and try to arrange more resources with lots of fear and confusion in mind. And sometimes the same business owner who started business with passion and confidence try to find ways to exit.

While giving up on an already existing business may seem disheartening, getting out from the business which seem to wrong need not be as bad as it seems. It may in fact be liberating. It may bring you to explore new opportunities and new endeavors at which you might be far more successful. When taken with awareness while keeping check on negative emotions, some decisions can change life for good. So, it can be beneficial for a business owner to see what is helpful, keep on running the show with existing or new ways of doing business, or planning an exit.

 

To know more about how i can help you.

 

Author- Gurveen Bindra

As a Commercial Real Estate Associate at Royal LePage Commercial, this blog is where I share insights and advice on navigating the world of commercial real estate. My goal is to provide you with the expertise and support you need, whether you’re buying, selling, or investing in hotel or industrial properties.

Request a call back!