My idea didn’t pan out the way I expected.<\/p>\n
Yet, it would be too much of a blow for me to accept defeat.<\/p>\n
So I push on endlessly, hoping against hope, that a miracle would turn the tide and my fortunes.\u00a0<\/b><\/p>\n
Learning No 26: While it is important to have perseverance, stretching an idea beyond its life span, is suicidal.<\/p>\n If you have tried (and really tried hard) to make it work, but it still does not show results, exit it.\u00a0There is no point flogging a dead horse.<\/p>\n In one of the companies where I worked, the promoters of the organization came up with an idea of streaming live video\u00a0from entertainment events.<\/p>\n Great idea in today\u2019s world? Yes.<\/p>\n Unfortunately, they planned over 14 years ago, in an era when internet connections were really slow, internet penetration was not as high as it is today, laptops were a luxury and tablets\/smartphones were not invented yet.<\/p>\n The limited number of users who wanted to access the service, weren’t thrilled to bits watching live streaming which played for 5 seconds at a time, followed by 30-45 seconds of buffering.<\/p>\n So the idea bombed.<\/p>\n Great idea. Wrong timing.<\/p>\n Did the promoters give up?<\/p>\n No. They accepted that it wasn’t working, shut down the business and got on with another venture. They went back by a few years, but came out stronger than before.<\/p>\n As an entrepreneur, you would need to be eternally optimistic. Looking at every problem and trying to see a positive in it.<\/p>\n Yet, there are times when you need to face up to a situation and see it for what it is, not what you hope for it to be.<\/p>\n If its not working, accept it.\u00a0And learn to let go!<\/p>\n So what if the idea did not click. There\u2019s more where that came from.<\/p>\n The only thing you would lose is some time and money. However, the more you delay the decision, the more the time and money that you would lose.<\/span><\/p>\n As long as your attitude is right, short-term money losses can be covered. It is just a matter of getting it right once.<\/span><\/p>\n There are no failures. Because every time you fail, you get better at what you do.<\/p>\n There are many successful entrepreneurs who have run multiple, limited success ventures before hitting the big league. Why should you be any different?<\/p>\n Be realistic in the amount of time you commit for a business to start giving you returns.<\/span><\/p>\n If the turnaround extends beyond your time calculations, take a long hard look at the way it is functioning.<\/p>\n If you do not see any light over the horizon, call it quits!\u00a0It will give you more time to work on an idea that could actually be successful.<\/p>\n Don’t get caught in the self-rationalization trap. The only person who will be harmed by it, is you!<\/p>\n Live to fight another day.\u00a0Call a spade a spade. And move on.<\/p>\n You owe it to yourself!<\/p>\n <\/p>\n TO BE CONTINUED\u2026 photo credit: tokyoform<\/a> via photopin<\/a> cc<\/a><\/p>\n <\/p>\n
\n<\/b>There are no failures.<\/b>\u00a0<\/b><\/em><\/p>\n
\n(This is part 24 of a series of blogs on my learnings as an entrepreneur )<\/p>\nRead\u00a0Part 25 here<\/a><\/h5>\n
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