I quit my job to start a business, but now I regret that decision

Q. I quit my job as a sales executive two years ago in favour of entrepreneurship.

Throughout this time, however, the business has registered loss upon loss. Many times I have regretted my decision to resign. My former bosses and colleagues have repeatedly asked me to re-join the company, but I have declined, fearing embarrassment.

But I hardly seem to excel in business. Should I swallow my pride and go back to work?

I truly sympathise with your situation but only you can make the right decision. Every business venture has its own challenges and as much as you are at the point of giving up, it is important to understand reasons for the challenges affecting your business. You need to to be clear on your formula for profitability depending on nature of your business.

Two years does not seem long enough for any business and giving up at this point may be premature. You, however, need to examine the key cause of your losses – is it sales not picking up, or is it driven by high expenses. Once you nail the key driver, find the right solutions. If it is sales, re-examine your sales or distribution channels. If it is costs, check what can be avoided or reduced. Some solutions will be within your reach while others may need external support. Try and explore every possible solution before you fold up.

Now about your other dilemma, first to have an ex-employer who is still keen to rehire confirms you were a valued employee. Count it a blessing to have such a door still open for you given the current rates of unemployment. It seems you also had a good working relationship with your colleagues and I believe they admired your bold step to pursue your passion.

Will they laugh at you? Probably yes, but you know your immediate needs and your pride will not solve them. They say pride comes before a fall, be sure this does not apply to you. True wisdom is not about never making mistakes, but is more about rising up every time we fall. And that takes courage.

I know many people who left comfortable jobs to pursue their dreams as entrepreneurs. Not many made it the first time, but they quickly learned they needed to get back to fulltime employment for one reason or another. They did not abandon their dreams but just postponed them to await a suitable opportunity. And so there is no shame in going back to fulltime employment as you evaluate your options.

I know you have learned many valuable lessons during this journey. Keep these close to your heart they will be useful in your next venture.