As expat entrepreneurs we have one day or another left something behind and moved to a new country. Many people are looking at New Year resolutions and projects for 2011. I personally prefer to make a stop-doing list.
Embrace the future
In order to really accept the future and greet change you need to discard what doesn’t work, what slows you down. If you want to start new projects you need to abandon the ones which aren’t giving you the results you expected.
Force yourself to think about where a lot of energy and time goes with little or no return. Many of us are ‘busy’ working on our expat business, repeating the same actions and holding on to projects, products or services which are leading no where. Seth Godin wrote a great book, The Dip, teaching us to know when to quit and when to stick.
“Winners quit often and fast, the saying is wrong. Smart quitters understand the idea of opportunity cost.’
As the year comes to an end look at what your results are for each action, are you on target?
Recognize failure
What are the barriers to seriously letting go and abandoning non productive projects or services? Our expat entrepreneur ego, we have huge issues letting go an idea we worked hard to put into action. Now is the time to look at what results it achieved and decide two things,
- Do you have the resources to continue?
- Is the reward worth it?
Continue only if you can answer yes to both, and if you are already asking yourself these questions then you know they are both big NOs. As Peter Drucker says ‘in order to build you must tear down’.
Don’t postpone, abandon
If you built a large company, your organizational structure makes it hard to abandon a project. If you run a smaller expat business, this will be easier. Remember I am not talking about passively neglecting the project, but actively abandoning it.
This will free you emotionally to tackle other projects. This is the discipline of discarding what doesn’t work, does not fit in your business. Cancel that service, remove the product from your offering,
The skill of the expat entrepreneur is to find out in a new market with no established references when to quit.
So you decide short-term pain or long term gain, which one will you choose?
Hi I'm a coach who believes life is an adventure, and entrepreneurs need to cultivate an adventure mindset to succeed.
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Great post John. It is very difficult to walk away from a project after you have put some much time into it, but I agree, you have to know when to fold your hand and try again. The next adventure will have new energy and wisdom.
Exactly its tough, emotionally to let go of something a lot of sweat and ‘blood’ has gone into. Thanks for your input Eric, it matters to me to know this has a meaning to you.
Great post John. It is very difficult to walk away from a project after you have put some much time into it, but I agree, you have to know when to fold your hand and try again. The next adventure will have new energy and wisdom.
Exactly its tough, emotionally to let go of something a lot of sweat and ‘blood’ has gone into. Thanks for your input Eric, it matters to me to know this has a meaning to you.
Excellent concept! I’ve long been a non-fan of the typical New Year’s resolution. Deciding what to abandon is a very elegant alternative!
In 2011, I’m going to abandon a life that’s limited to mere survival.
Thanks Susanna. It is also a business equivalent of your idea of the ‘untethered expat’. I use abandon in a business framework here but it should be used in many aspects of life.
We keep adding more and more items to our goals and to-do lists year after year, how many do we actually accomplish?
Abandon the ones we are not going to achieve or are useless to us, is a good way of looking at 2011.
Thanks for stopping by and sharing your thoughts.
Excellent concept! I’ve long been a non-fan of the typical New Year’s resolution. Deciding what to abandon is a very elegant alternative!
In 2011, I’m going to abandon a life that’s limited to mere survival.
Thanks Susanna. It is also a business equivalent of your idea of the ‘untethered expat’. I use abandon in a business framework here but it should be used in many aspects of life.
We keep adding more and more items to our goals and to-do lists year after year, how many do we actually accomplish?
Abandon the ones we are not going to achieve or are useless to us, is a good way of looking at 2011.
Thanks for stopping by and sharing your thoughts.
Abandon! What a strong word you choose there, John. However, in this instance I have to agree with you. Abandon and don’t look back at an activity or project that was going nowhere fast.
Good advice!
Monica
Hi Monica, always a pleasure to read you. Yep abandon, a strong word. If we think about the number of tasks we carry out which have very little ROI, abandon and tear down the old habits to make room for the new ones.
Abandon! What a strong word you choose there, John. However, in this instance I have to agree with you. Abandon and don’t look back at an activity or project that was going nowhere fast.
Good advice!
Monica
Hi Monica, always a pleasure to read you. Yep abandon, a strong word. If we think about the number of tasks we carry out which have very little ROI, abandon and tear down the old habits to make room for the new ones.
Thanks! I’m just starting up and I can see this sage advice will help me stay focused on what I love to do, not what I think I should be doing. Don’t postpone, abandon – noted in my sketchbook!
Great! I love new beginnings Barbara, they carry so much hope and energy. I look forward to your tweets.
Thanks! I’m just starting up and I can see this sage advice will help me stay focused on what I love to do, not what I think I should be doing. Don’t postpone, abandon – noted in my sketchbook!
Great! I love new beginnings Barbara, they carry so much hope and energy. I look forward to your tweets.
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