Why Most Entrepreneurs Give Up

Starting a new business or project can be tough, painful, scary, confusing, and unrewarding for months on end.

And as a beginner entrepreneur… or with a new project that isn’t “taking off”…

You’re probably not fully locked in…

You’ve got a back up plan… an escape route.

Or just no real consequence for failure.

You’re not 100% committed.

And so…

Most people quit.

Relief from the short-term pain is far more appealing than the uncertain outcome of business.

It’s the same reason people quit marathons, weight loss programs, courses, and relationships.

As soon as things get hard… taking the easy way out becomes very attractive.

Last week Bedros held another “Project”.

Where a group of men undergo a 75-hour test of physical endurance and mental will.

Twenty one men started… fourteen finished.

That’s a 33% attrition rate.

I often ask Bedros, “What separates the men that finish from those that quit?”

“Commitment, Craiggy,” he says, “It’s always commitment.”

(Shout out to client Chris Barth… my only client to have gone through the Project – and finished!)

So how can you make sure you have the commitment you need to finish the important things you want to do?

Here’s 3 things that will help:

1. Clarity of Vision

There’s no shortcut for this one.

You must spend time getting clear on what really matters to you and how you want to live your life.

This isn’t easy but here’s a few starting points:

In your ideal life…

WHAT meaningful contributions will you make?
WHAT does your day-to-day look like?
WHERE do you want to be in the world?
WHO do you want in your life with you?
HOW do you want to be remembered?

Once you can answer some of these things with crystal clarity you can develop your “WHY” — your burning reason for accomplishing your goals.

The stronger your “why” the deeper your commitment to seeing things through.

2. Public Accountability

If no one knows about our commitments…

When there’s no risk of judgement or getting called out for not doing what we said we’d do…

It’s too easy to back out.  Public accountability is an insanely valuable tool if you’ll simply use it.

When I challenged my friend and client Zander Fryer to get accountable to his goal of finding his perfect partner…

He announced to a room of 300+ entrepreneurs that he was GOING to find the love of his life.  7 months later he met his now wife, Maddy Fryer.

And yours truly, ol’ CB, just tied the knot thanks to some very similar public accountability.

Back in 2019 at my Perfect Life Retreat, I shared with all in attendance my vision to find my perfect partner…

Within a couple months I met the woman of my dreams…

And two weeks ago today, I married Mrs. Michelle Ballantyne!

But public accountability works to hold you to any type of commitment…

Whether it’s launching a business, dropping 10 lbs, or just kicking a bad habit.

It’s worked for me, it’s worked for Zander, and it’ll work for you too.

3. Consequences

In case you hadn’t noticed…

Upping the stakes ups your commitment level.

That’s why using the power of pain to help you achieve your goals is so effective.

If you’re trying to stick to a regular date night every Thursday at 6:30 PM…

You’ll likely find yourself more committed if you attach a significant consequence for failure.  This can be anything you find undesirable.

For example, you could write a check equivalent to 10% of your monthly income and donate it to a cause you dislike if you fail to keep your date night commitment.

(If you think you’ll be tempted to not follow through — I recommend enlisting a friend or mentor to hold and send this donation for you 😉

Whatever the case, if you make failure painful enough…

It will be much easier to stay committed to your goals.  So the next time you’re ready to start something…

Ask yourself first…

Do I mean it?  Am I really committed?

And if you think you are …

Put these 3 tools to work for you.

All that extra incentive can get you through the tough times and across the finish line.

Success Loves Speed,
Craig Ballantyne

Facebook Comments