Lost,That,Lovin,Feeling,You,kn business, insurance Lost That Lovin' Feeling?
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You know the excitement involved in starting a business, but what happens when you've lost that lovin' feeling? I'm not talking about needing a mental health day or wishing you could take the winter off and drink pina coladas on a tropical island, but about the growing knowledge that it's time to make a significant change in your relationship with the business you started and built. There are three basic reasons to consider altering this relationship: the business no longer meets your passions, your life plans have changed or the business is no longer viable. So what should you do about these situations? You've Lost Your PassionOne of the most common reasons for starting a business is you're so passionate about what you do that you want to enter the marketplace on your own terms. You know there's nothing like the thrill of designing a business and having it come to fruition, then making it grow. But as Michael Gerber says in E-Myth, there are three types of personalities necessary for a business to be successful in the long term: entrepreneur, manager and technician. If your loss of passion is due to being bogged down in a role that doesn't suit you, bring on a person whose skill set allows you to go back to doing what gives you joy. While this is a clear solution, it isn't always easy or quick. Still, knowing there's a plan to solve the problem can be enough to carry you through a rough patch. To help rekindle your passion, ask yourself:Why did I start this business?In the beginning, what was the most fun, exciting facet of running my business?When did the fun diminish? Who could take over the part that doesn't fuel my passion? Things Have ChangedIf the reason your business exists is to add to your family income and your kids are out of college, the incredible hours you're putting in to keep your business humming may no longer appeal to you. Or if you're married and your husband retires, it might no longer suit your lifestyle to be responsible for your company. A long-desired trip is more appealing than worrying about meeting sales projections. Or your previous delight in attending conferences may be replaced by attending tango competitions. Now is the time to look critically at the business you've built. Can it be reconfigured so your new passions can have a significant place in your life? Using technology, can your business become entirely mobile? Can you change your company's staffing so you can have a different work schedule or position yet still retain ownership? Is there someone who would like to buy your company? When things have changed, ask yourself: What did I want the business to provide? What has changed in my life? Can I reconfigure the business to meet my new realities? Would someone buy my business? The Business Isn't Viable The most painful reason of all for needing to make a significant change is when there's no getting around the fact that your business simply isn't viable in the marketplace. Entrepreneurs are optimists and believe that they can surmount almost any obstacle. When the time comes that what lies before you can't be overcome, the decision to close up shop is very difficult. Whether the business is a one-person operation or has hundreds of employees, the sadness is the same. A big part of your identity is changing. There are many legal, financial and personal details to attend to. Tasks occupy your time, making the transition somewhat smoother, but it's a very tough time emotionally. Having a business coach to sort through corporate and personal issues at this time is invaluable.Each of these situations involves a process we'll probably resist--change. But your entrepreneurial spirit is one of the best qualities to have at these times. Entrepreneurs are good at seeing things differently, finding possibilities where others don't and being flexible. And you're a can-do person. These qualities will help you negotiate whichever solutions you choose to get the passion back in your life.
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