Feb 19 2024 57 mins
In this episode, Amanda McKinney and Erika Lucas discuss the topic of knowing when to shut down a business. They emphasize the importance of listening to customers and being receptive to their feedback and also checking in with yourself to ensure the business is still connected to your values. They also discuss failure, adaptability and getting support from other entrepreneurs. The combination of understanding data (revenue, product-market fit, etc.) as well as your capacity and willingness to continue are the keys to understanding if it's time to shut your business down or address burnout. Throughout this conversation they both share personal examples and highlight that all entrepreneurs have moments of doubt so you're not alone if you're feeling this way.
Takeaways:
Listen to your customers and be receptive to their feedback.
Failure is a natural part of the entrepreneurial journey and should not be attached to personal identity.
Adaptability is crucial for success in entrepreneurship.
Self-evaluation is important to determine if your business is still aligned with your values and goals.
Seek support and guidance from other entrepreneurs who have experienced similar challenges.
Resources Mentioned:
StitchCrew: https://www.stitchcrew.com/
VESTHer: https://www.vesther.co/
VESTHer Podcast: https://www.vesther.co/podcast
Erika's LinkedIn: https://www.linkedin.com/in/erika-lucas-51207911/
Erika's Instagram: https://www.instagram.com/erika_lucas07/
Erika's Tiktok: https://www.tiktok.com/@erika_lucas7?lang=en
Erika's Threads: https://www.threads.net/@erika_lucas07
Amanda's Free Resources: https://www.amandamckinney.com/free
All podcast episodes: https://pod.link/1473751874
Amanda's Website: https://www.amandamckinney.com/
Amanda's Coaching Options: https://www.amandamckinney.com/coaching
Amanda's Book: https://www.amandamckinney.com/book