Founders Dilemma
2-min read
Andy Dunn, the co-founder of Bonobos, once said, “Companies don’t die because they fail, but because entrepreneurs give up”.
This year, I’ve talked to more founders about quitting than I’d have cared to. I’m hearing from founders who have been diluted or lost control and are no longer passionate. If you aren’t doing it anymore for the reason you started it, I’m here to say it’s OK.
The backstories of famous brands like Stoneyfield Farms, Mary’s Gone Crackers, and Kodiak Cakes normalize founder hardships and near-disasters. They make us feel like it’s OK to take outrageous risks. We’ve heard about maxing out credit cards, taking parent’s home equity, and halting promising careers.
These stories are only fun because we know how they end. They are the exceptions. Take Kodiak Cakes - after 15 years of toiling away, they finally catapulted.
The founder Joel Clark had every reason to throw in the towel along the way. The only reason the business didn’t die is because he never lost the motivation.
If you are only staying in your business to pay back investors, but you are suffering, I say let it go.
Life is short. You have a lot to give, and every investor takes responsibility for their own risks.
If you want to keep going, get back to your motivation and rediscover your passion in 2024.
For tips on selling your business go back to my archives here and here.
All my best,
Jennifer
___NEWS_____
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