The last few years have seen an explosion in the number of people deciding to strike out on their own and set up their own companies. Founding a start-up is no easy task, however, and many budding entrepreneurs will have underestimated just what it takes to create a successful company from scratch. The level of planning and commitment needed can be overwhelming for some, so how do you decide whether a business is worth pursuing, or whether enough is enough?

Sink or swim

The most important characteristic any new entrepreneur needs is resilience. The early months and years of a new business will throw all sorts of challenges at you, and the mental toughness needed to ride them out and carry on fighting is immense. A very large proportion of start-ups don’t make it beyond the first five years of life, with many failing within the very first year.

In order to ride out those difficult early stages, you need to build up your resilience so that you have the power to work out how to overcome any obstacles. You also need a firm belief that what you are doing is worth it. Without that sense that something is worthwhile, there can be no hope for a fledgling business – without purpose, a start-up is as good as a rudderless ship.

Should you have a “Plan B”?

For those who have set up their own companies, it can often feel as though the door back to salaried employment is closed. You quickly become used to setting your own rules and having your independence, so a return to the 9-5 may seem impossible and full commitment becomes critical.  Not only will there be a gap on your CV, but you would have to completely adjust your mindset and relearn what it means to work for someone else.

There is no viable ‘Plan B’ in such instances, the challenge can be too great. If you’re going to make your own business work, then you need to throw yourself into your start-up mind, body and soul. More important than investing time and money is investing yourself, because without 100% personal commitment, your business is never going to give back to you. Doing things half-heartedly will only lead to failure, so to find success, give your everything to your business until it is through the danger period and is starting to work for itself.

The big question

In order to decide whether or not to stick with your business idea or cut your losses, ask yourself why you chose to start it in the first place. If those reasons mean as much to you now as they did then, then your business probably has legs. If your commitment has been shaken and the passion is no longer there, then it may be time to face the cold, hard truth that it is never going to work.

You need to think long and hard about this dilemma and make the right choice for you. If you ask yourself how much your new business means and are honest in your answers to yourself, you will make the right decision.