Quite a few entrepreneurship heavyweights have weighed in on the issue of quitting.
Paul Graham, founder of Y Combinator, one of the leading accelerators in the world, says that companies fail for one reason and one reason alone: The founders quit.
Let’s face it: Startup life is brutal. The failure rate is high. Even the companies that succeed face long, grueling slogs. You also have to deal with a constant stream of criticism, from customers, competitors, co-workers, and sometimes, investors. If anything goes wrong, rest assured, it’s your fault. And startups often rip you from your comfort zone on a daily basis. There is no soft couch to sit on. You are usually in a fight for survival, relevance, attention, sales, revenue, talent, and funding. Relax for a minute—and you’re toast.
That’s why I tell my students contemplating launching new ventures that the first thing they need to get right is their mindset.
The proper mindset for a fledgling entrepreneur is that of… a rhinoceros. Sure, rhinos are known for their massive horns and tough skin. But there are some lesser-known qualities that rhinos and great entrepreneurs have in common. Read more.
by David Ning
Personal finance blogger
David Ning’s startup story isn’t traditional, but he nonetheless embodies a quality that you must have in order to succeed in starting your own business: “Being open to change helped me tremendously along the way.” Check out his passion project — MoneyNing.com