How to know when to give up on a business?

SUCCESS IS RELATIVELY RELATIVE:

 Success Is Relative.

 There is no universal definition of success.

 In business, many people rate or scale success in many different ways.

 It could be monetary or by reaching certain goals.

 Failing in the business world is a norm. You can fail many times but you only need to success once. And every failure is a chance to learn what works and what doesn’t.

 The best business men and women are the ones that know when to keep trying and when to give up and try something new.

WHEN DO YOU GIVE UP?

 There is no set number of failures before you should give up.

 Some people fail a few times and make the right choice or giving up and others may take many more failures before it becomes clear that the venture will not succeed.

 Some people give up too early, just before they succeed and other give uup too late and waste both time, resources, and more.

Whether you give up on a business or stick it out has more to do with developing a greater assessment of your specific situation.

WHAT DO YOU OFFER?

Do you have a product that is better than your competition and is something people are willing to pay for?

 Do you have a loyal fan base or in a niche market where you have authority on a subject or subjects?

 Do you have the right connections to open the right doors or can you hustle and make it happen?

Are you making progress in your business on a quarterly, monthly or even weekly basis?

These are all questions to consider on how viable your business is.

CAN YOU SOMEHOW SUCCEED:

What do your customers think of your product or service?

Is it something they think is okay or is it something they can’t live without?

Can you rely on family or co-founders or a solid team or is your business affect your personal and family life?

If your business is causing un-neccessary stress, adding on debt and not progressing, then it is clean the business needs to be stopped.

If the business is progressing, you have the support of friends and family, and you have a solid team to back you then it might be feasible to tough it out a bit more.

The choice is really yours; and really depends on your specific circumstances.

If your business is making you unhappy and it doesn’t mean the same to you today as it did when you start then you have some choices to make.