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Navigating Entrepreneurial Challenges: Persist, Pivot, or Throw in the Towel?

Being in business is tough. Hard times come, and sometimes they go on for a long time. Have you found yourself asking, “Is it worth it? Will it EVER get better?” You are not alone–but are experiencing common feelings of most entrepreneurs. The big questions are: How do you know if it’s time to quit? How do you know when to keep going and persist? Join Dr. Sabrina as she dives into this topic and shares the reality that challenges will come to small businesses, how to persist, and when to let go.  Whether you're on the brink of giving up or seeking ways to persevere, this episode offers practical guidance to help entrepreneurs thrive in the face of challenges. Stick around until the end of this episode because Dr. Sabrina shares her story of wanting to throw in the towel, how things change, and what the Tap the Potential team has learned along the way.

Profit by Design is a Tap the Potential Production.

Show Highlights:

  • Burnout, the survival trap, and a crisis mindset (Have you been there?)
  • My advice to a small business owner who’s ready to throw in the towel:
    • Stop, pause, and give yourself 30 days to think, diagnose the problem, and make good decisions. (Take our Better Business Better Life Assessment to learn more.)
    • Diagnose the REAL problem–not just surface-level issues. (Hint: 90% of the time, it’s NOT a sales problem.)
    • Niche down with a clearly defined sweet spot by aligning your products and services to your clients’ most urgent needs and problems.
    • Identify your cash flow problems and become more efficient.
    • Address your people's problems. Enlist the support of a solid business strategist, coach, and a peer group of entrepreneurs.
    • Don’t rely on traditional hiring practices to attract A-players to your team.
    • Consider the short-term vs. the long-term. (Where will you be in six months?)
  • Top causes of burnout: a lack of systems, hiring problems, no clear sweet spot, and no protective filters in place
  • My story of being ready to throw in the towel in 2019: what I was thinking and feeling when the hits kept coming, the steps we took to get through, and what I’ve learned through the process

Links and Resources:

Ready to take your life back from your business? Want more time for what matters most and more money in your bank account than ever? Book a call with us today!

Get your copy of A Guide To Talking To Your Team About Profit!

Master your time and profit as you plan ahead for 2024! Give us 20 minutes of your time, take the Better Business Better Life Assessment, and receive a free paperback copy of my book, The 4 Week Vacation®️.

Learn more about our courses, Coach Approach and Leadership Bootcamp at www.tapthepotential.com.

Join the Tap the Potential Community on Mighty Networks: www.tapthepotential.com/group

Let us help you manage your time, your most valuable resource! Get your FREE copy of the Tap the Potential Strategic Planner for 2023 at www.tapthepotential.com/planner.

Download Dr. Sabrina’s Introductory Training: How to Make Your Time Worth $10,000 an Hour

About The Author

Dr. Sabrina Starling, The Business Psychologist and international best-selling author of the How to Hire the Best series and The 4 Week Vacation™, is the founder of Tap the Potential and host of the Profit by Design podcast. At Tap the Potential, we work to free business owners from the constant demands of a growing business.

We believe work supports life, not the other way around. Clients in our Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had. Next, we send them off on a 4 Week Vacation™ to celebrate their hard-earned journey to take their life back!

Dr. Sabrina and her team at Tap the Potential are on a mission to change the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. The Tap the Potential Solution™ and our Tap the Potential Family of Business Owners are disrupting small business as usual. We are on our way to making the Tap the Potential Solution™ the mainstream model for growing business.

By 2023, 150 Tap the Potential clients will have taken 4 Week Vacations. These are the trailblazers, role modeling what’s possible for entrepreneurs. In many entrepreneurial circles, it is becoming more and more common for one entrepreneur to ask another, “Have you taken a 4 Week Vacation™?” (as opposed to asking “How many employees do you have?” or “What is your annual revenue?”). Taking a fully unplugged 4 Week Vacation is rapidly becoming the recognized symbol of entrepreneurial success.

Never one to accept the status quo or back down from a challenge, Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

As The Business Psychologist, and with her years of driving profit in small businesses, Dr. Sabrina knows what it takes to find, keep, and motivate exceptional performance out of your biggest investment—team members.