These signs mean it’s time to let go of your startup (but moving on is never easy)

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“Hey John, it is good seeing you on social media and how your company X has progressed thus far these few months,” I said encouragingly during a regular meetup with an entrepreneur I had mentored for a year.

John (not his real name) had posted about the developments of his company on social media and had recently raised a good seed round with quality VCs.

“Yes, but I have something more exciting for you,” he smiled. “I got a new idea which I am thinking of starting off with some new co-founders. Do you think I can get funded on this?”

My face turned grim. “What do you mean new idea with new co-founders? Aren’t you moving along with your company and getting ready to grow it with your new funding?”

John shrugged and sighed, “It is just not the thing I am excited about anymore,” he said. After I prodded him gently, John began to share the struggle he faced. He no longer believed in the product he had set out to create. The product had become a commercially viable and scalable one, but the transition was not what he expected. He clashed often with his co-founder—who was also the CEO of the company—and dreaded going to work. He was even bothered by how “the new hire that just joined the team walks strangely.”

Not all is good like what the news reports

In the last six years, I have mentored many entrepreneurs, some of whom I have kept up with on a regular basis. But recently, more entrepreneurs like John have been asking me whether they should continue with their respective startups or not. Some act as if everything is fine, but are actually in denial that they want to quit or close down the business.

Despite posting about their expansion plans on social media and looking excited on the outside, they are actually demoralized internally. The spark and honeymoon period have gone away and reality has sunk in, where building a company and getting back returns has become an obligation more than anything else.

Signals that you might be wavering

So what are the signs that you might be wavering? Here are some of the stories that have been shared by entrepreneurs.

A business is going faster than you can keep up

One entrepreneur was passionate about his SaaS product and expanded his business to two other countries. As the business grew, he found himself trying to learn new aspects of managing a group-level business. However, he lost his first love, which was to build his product and give personalized customer service to his clients.

Things got messy, and he hired a CEO to manage the company operations. Despite the company being profitable and growing, the entrepreneur felt lost in strategic planning and finally exited his company. He shared that he was not a natural leader and had found the business growing too fast for him to keep up.

Sometimes, we have to consider whether we are able to handle the onslaught of growth in a business. Many may eagerly embrace the challenge, but it takes a toll on others and affects their ability to perform.

Are you losing your family and yourself?

Removing emotions and making the right decision

Ending thoughts