I can’t count the number of times I’ve asked myself this very question. I had the initial idea of my software around 9 years ago. Granted, it’s taken quite a while to bring it into reality, but it’s been a long road. If any of you are entrepreneurs out there, I’m guessing you’ve experienced the exact same thing. You work the long hours, the spend precious money, all trying to make this dream a reality. But inevitably, we all hit the wall sometimes. And when I hit the wall, I often find myself wondering if my idea was just flawed… or am I just on the brink of wild success. So the question is, how do you know?
I wish I had an answer to that. My consulting business has certainly reaped the benefits of my software business. For example, much of what I’ve done with this blog, my website and my e-books was done to help gain attention for my applications. But I’ve been lucky in the fact that my consulting arm of the business has done incredibly well over the past few years. The only problem with this is that I want to be an entrepreneur, not a contractor. If you are unfamiliar with the difference, one of my favorite podcasters, Jack Spirko, summed it pretty well. If you are paid hourly, if the business stops when you stop, if you only get paid when you work… you are a contractor. A real business is something that pays you even when you aren’t working, and ideally will grow way beyond you, giving you the chance to work yourself out of the business. That’s where I want to be.
Everything takes time, and I keep reading that so many of the big breakthroughs came after pushing just a little further. These stories are inspirational, motivational, and helpful. But, what if your idea just isn’t meant to be? I don’t say that in a fatalistic way, but in a realistic way. What if the market you are trying to sell to doesn’t exist? what if the business model was wrong from the beginning? How much time and money do you continue to “invest”? When is it best to walk away and find a better business to pursue?
So many questions… and I guess only time will tell. If any of you out there know the answers, I’d love to hear it.
Thanks for reading,
Mike