If at first you don't succeed...pull the plug!

Yesterday the Wall Street Journal ran an article about not giving up when you believe you've got a talent that the rest of the world hasn't recognized yet. They gave some classic examples of people we'd consider at the top of their fields who faced loads of early rejection. Julie Andrews as told she wasn't photogenic enough, JK Rowling went to a dozen publishers before a small firm "took a chance" on Harry Potter, Walt Disney was fired from a newspaper for "a lack of imagination," Michael Jordan was cut from his high school basketball team, even the Beatles were turned down by Decca Records because they "didn't like the sound" of the group.

In America we're fortunate that a dominant cultural theme is "you can be what you want to be" and both girls and boys are encouraged to go after their dreams, to "try and try again" as necessary. This is of course a positive message and there's quite a bit to be learned from the fact that it took Thomas Edison more than 1000 tries to successfully develop the light bulb (he calls it 1000 improvements!). That said, there is also something important about knowing when to pull the plug and it is perhaps here that there is less guidance, particularly for women.

When I started EDImports in 2003 I didn't know if it would be successful in the traditional bottom line sense, though I was pretty sure I could make a positive impact on the lives of people living in developing countries. I had specific goals for both the financial returns and the other elements of the business. At the end of four years I looked at the numbers and made the rational (i.e., non-emotional) assessment that I could work for years with very little improvement in the numbers despite my best efforts. Without significant external capital I did not see a clear path to growth and I felt if the business was not financially sustainable for me, as well as for the women I was hoping to "aid through trade," then it was not what I would term a "success." I did not, however, feel like therefore I had "failed." On the contrary, I thought many things had gone very well and that making the decision to close the business and move on to something else--bringing with me all that I had learned--was in fact trying again and not quitting.

In business, and particularly entrepreneurship, there are many wins and many losses along the road. Too often, people don't realize that you can't get back the sunk costs and that these costs should not be factors in deciding to stick with what you started. I think this is more often the case for women, who often become more emotionally attached to their work, and who perhaps feel more pressure to not be seen as quitters. Perseverance is an important lesson to teach young people (and to remind us older folks) but rationally assessing your situation and making the decision to move on is also an important lesson that should not be forgotten. Often it is more about finding the right lessons in what you have done in the past and effectively using (and marketing!) that learning to make your future endeavors even more successful. For me that has meant closing EDImports and opening EDImpacts, a consultancy that leverages what I've learned for the past four years. So far, the strategy is working--even if the new website isn't up yet!