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Picture partners quarreling, products/services not selling as expected, mis-hires, documentation in a mess, and just too many loose ends pulling everyone back. Most entrepreneurs will relate to all or some of these factors at different points in their startup phase. I know I have been there several times, and it is not a good place to be in. However, it is part and parcel of the path we chose. If you haven’t ever started your own venture, I do not want this post to give you a wrong idea, but these things do happen. Many a time they are inevitable and we have to roll with the punches. There are however a couple of choices that an entrepreneur has at times like these, and hitting the re-set button is one of them.
For example, a business has been running for a period of 18 months ,and has not being doing as well as it could . Some of the partners are aware of this while others may be oblivious to the opportunities lying literally under their noses. At times like these, if you have the passion and drive to take the business forward, the re-set button will involve purging the current status of the business by removing partners, getting your processes streamlined, setting realistic targets and clarifying your business vision. This process will be long, tedious and will involve lawyers. People tend to hang onto their equity with dear life even when they have lost all interest in the business venture. This is probably the most complicated part of re-setting the business. However ,when all is said and done, the feeling can be absolutely liberating. Having been through such a process, I know first hand the difference that can be made by starting afresh without the baggage that may have been holding you back.
When you really believe in something, and it has not worked out for you the way you had planned it too, it may be time to get some advice on how you could hit the re-set button and start again. Embracing your failures will not only make you stronger, it will give you the confidence required to succeed. I think Warren Buffer said it very well:
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Good advice and timely too! Thanks Usman.
Glad you enjoyed it.
Best of luck in your new venture. Let me know if I could be of any assistance.
Agree with it 100%
I’d touched on the same topic on my blog a few months back, and totally understand where you’re coming from.
link to my blog entry and my perspectives on the same topic
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When all fails..Reset?
http://faizanlaghari.com/fl/business-y-things-startups-how-tos-a-more/146-when-all-failsreset
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Thanks for the link Faizan.
Definitely think along the same lines here.
Hitting the reset button is definitely a big step and requires a lot of self confidence in your own abilities and what you are doing.
How do you deal with the all the internal questions and fears that you may have before pressing the button?
I guess everyone has their own way of getting to grips with all the questions and fears before they push the reset button on all that they’ve worked so hard for.
An easy and extremely simple way would be to just make a Good vs. Bad list.
What you think is Good about the current situation and makes it worth your while, and what is Bad about it which makes it okay to start afresh! Now I know it may seem too simplistic, but that’s what it boils down to in such situations in order to get a clear picture.
The more complex the decision-making process, the more likely you are to be stuck in the same situation for a longer period of time.