Business
Today's Question Today's question comes from an anonymous listener. I've been working on my startup for about 18 months, but I feel like it's been forever. I don't like the industry I'm in due to regulations and there's no grand vision for the product - I'm only doing it to make money. How do you know when to keep going or when to walk away from your startup? Jake's Answer A lot of founders go through this same thing. Over the years, I've been able to pinpoint when founders will feel like this in their journey. Most of the time, it's when the features are about 90 percent done. The last 10 percent usually takes just as much time as the first 90 for tech startups. This also happens when a product is ready to launch, which is usually related to imposter syndrome. Founders simply think their product isn't ready or they aren't the right person to launch it. General principles for knowing when to stay or walk away Have you created a list of reasons why you don't want to do this? If you have a list that means you've done more than just think about walking away - you've started taking action toward it. Have you felt this way over time or have you had ups and downs? Most founders don't spend enough time with self-awareness so they have a hard time tracing back their feelings to specific reasons or events. What's the alternative? Even if you meet these qualifications, that doesn't necessarily mean you should walk away. If you are at this point, then you should take the next step and think about what walking away really means. Do you really want to start over? Do you have something else lined up? You could even exit now and just sell your company and move on. If you are ready to walk away, then it's ok to do so, too. It's just important to think through everything and make sure it truly is time to walk away. "All founders go through ups and downs, but it's important to be able to trace those feelings back to specific triggers or events if you want to truly understand your mindset." Ask your own question Got questions about startups and/or startup culture? We’ve got answers. Head over to LaunchChat.io and record your own question to have it featured on the show. Join our mastermind for Startup Founders Join our free Facebook Group for founders working to build, launch, & scale together with the help of our startup experts at Launchpeer! Get more details and join the club at Launchpeer.club. Launch Recipes Book Our team is writing a book and it's nearly ready to ship. We profiled 40 of the biggest startups of the 21st Century and documenting how they scaled their businesses. If you want to claim your free book, visit LaunchRecipes.com. Stay in touch Ask your own question Follow Jake Twitter Check out Jake's articles Medium Jake's personal site Check out Launchpeer Follow Launchpeer on Twitter