Yesterday, David wrote about entrepreneurs taking chips off the table. I agree fully with his post. I’ve seen entrepreneurs act with more confidence and function at a higher level after they have removed some of the risk for their family.
This is usually a conversation for entrepreneurs who have built substantial value in their company, but there are many more who aren’t yet to this stage where taking chips off the table is an option. For these entrepreneurs, the Vegas metaphor that I like (from Tony Hsieh’s book) is that you may be playing at the wrong table.
Sometimes the best option is to cash out at your current table, accept that you are break-even, learned a ton, and can now play at a different table.
NOTE, this may not mean cashing out of your company completely.
It may mean you are playing in the wrong market. Or maybe you have the wrong team assembled. Perhaps you haven’t been able to identify the painkiller that you thought, and it’s time to do some blue sky sessions and dream bigger to find a true pain.
I’m a big advocate for entrepreneurs who are fixated and spin their wheels with no traction after a long, long time… that for these guys, making a big dramatic change is just what they need to gain some self-awareness and visibility into their actions.
Entrepreneurs aren’t mean to be static creatures. We can’t learn and accelerate when we’re stuck in one place. Sometimes, “cashing out” and taking your money to another table is a great option that will help you continue the hunt for the big fish.