When is it time to move on from your startup idea?

Applying lean startup principles or human centered design is crucial for every startup. - start as early as possible to ideale and validate the problem and also the solution -if your user /client doesn’t need your solution or it doesn’t flail be a problem the client has /is willing to pay for, it’s time to move on!

If your startup isn't getting traction, you're under continual financial pressure, and you've tried many pivots with little success, it's time to move on. Consider reassessing if basic problems appear insurmountable, you're experiencing burnout, your team is disgruntled, or external influences turn against you. Seek advice from advisors and mentors, and if they express concerns or propose investigating other choices, consider it. It is critical to balance persistence with practicality; remain open to new prospects while learning from your present venture's obstacles.

Pivoting is a mindset that every start up enthusiast should possess. A deep attachment to a business idea is counter productive and holds you back. No business, be it conglomerates like PepsiCo or startups like Twyn, can succeed without pivoting.

Passion is everything. When you don't love it anymore it might be time to move on. This includes If the startup idea is profitable or not. Always create an exit strategy no matter the situation.

Here are some indicators to move on: 1 )Lack of traction. If you've received clear feedback from potential customers, investors, or industry experts indicating that your product or service doesn't address a real pain point or need in the market. 2) If your startup is consistently facing financial challenges, struggling to secure funding, or you're depleting your personal savings. 3) If you've lost your passion and enthusiasm for your startup idea. 4) If your startup is causing you extreme stress, negatively impacting your well-being, and affecting your personal life. But moving on from a startup idea doesn't mean failure; it can be a wise decision to free up your resources and energy for new opportunities, or pivoting your startup idea.

In early stage innovations, you want to measure product /market fit Such as - usage of your product, retention /returning customers For growth stage it’s more about user growth, financials erc

When I work with startup founders, I find them to be optimistic. And they have to be, because failure is constant. An optimistic outlook helps to overcome obstacles, and move on. But when it comes to the viability of your startup, being optimistic can make you blind for the reality. There’s always hope that next client will sign the contract, or that the solution is being picked up by another company. It’s good to set realistic goals, and I recommend that you also create the exit strategy at the same time. Even better when you discuss it with some outside mentors, who can keep you to it. The majority of startups fail. Being professional about the potential end of your startup is what makes a founder great.

In early stage of the startups, you should have clear milestones to measure the products like MOM growth, retention of clients, reducing CAC etc. Spend on the actual requirements rather than spending team offsites. Once you reach at Growth Stage, financials become more important. you need to work on reducing Cost and on turning profitable

Prioritize milestones and track your progress with objective measures where possible. You often might have a small team, and while every milestone is important, some are more so than others. Question yourself around ...what is the impact if milestone A over B is achieved? Examples - Is a critical technical question answered, does it address some key failure concern, does it reduce some key investor concern etc?

Deciding when to let go of your startup idea is like checking how well you're doing—it's about measuring your progress. Keep an eye on whether you're reaching the goals you set for your business, much like making sure you're going in the right direction. If you notice that things aren't getting better despite your efforts, it's a sign to rethink. It's a bit like realizing you might be stuck in one place; measuring your progress helps you see if your startup idea is moving ahead or if you need to change your plans. By paying attention to how things are going and making changes when needed, you make sure your startup is on the right path to success.

When it no longer makes you happy, it’s time to move on. Until then, keep experimenting, keep tweaking things, and keep asking for help.

Be receptive. That's the common feedback to all the startup founders. Until the product is not become market fit, experiments is the key. Founder will have to keep on brainstorming on the products and work towards improving it. Do not shy away asking helps from your mentors, advisors. In early stage, you need extended hands who will support you in your GTM.

Feedback is a gift, though sometimes it's a tough one to accept. In one of my startups, we received consistent feedback about a particular pain point, but we were so attached to our vision that we ignored it. The market didn't. Advice: Always be in listening mode. Whether it's from users, mentors, or even detractors, feedback can offer invaluable insights. If the same issues keep cropping up, address them head-on. Sometimes, the market is telling you something your heart doesn't want to hear.

Let us assume that the necessary ground work has been done and the start up is operational. In the business plan we have taken into account a gestation period and have provisioned for money accordingly. Suppose, the gestation period is over and the money has eroded. IWhat do we do now?What is the period for which we would let it run assuming we have deep pockets or assuming we can raise some funds. Often we see people stop as money is not available - even though the passion or the conviction is intact. Objectively able to assess the ground reality, market feedback and our own conviction gives us the answer when to stop. If need be we need to stop before the money runs out or sometimes raise money to continue

Having a solid sounding board of people in different roles that can regularly or occasionally contribute to the ideation and development process is a treasury for every startup. Actively seeking for people with expertise in different domains is important, specially at the beginning, at least the following domains should be covered: - finance (and investing) - go-to-market - research to evidence product-market fit - marketing strategy

Without passion, you will get nowhere. Every entrepreneur is the number one evangelist of his venture. However if after some time - say 6 to 12 months, or 100 discussions - you still have no believers or followers; be they partners, employees, clients and/or investors: you may start to wonder! It may not be your idea which does not mobilize, it could be you too! Also seek feedback on the impressions you leave, your communication style, your arguments... Not just your idea. You will have to attract people like a magnet to be successful; it is not just about your idea: it is also about you.

In the entrepreneur's odyssey, where challenges loom large, remember this: your dream is your north star. Every setback is a lesson, every obstacle a chance to grow. Resilience is your ally. Walt Disney faced rejection, Steve Jobs tasted failure, yet they persisted. Your journey may be tough, but trials forge wisdom. Embrace challenges, learn from setbacks, and let your dream be the beacon through long nights. Celebrate small victories, learn from defeats, and know each step brings you closer. Your dream is not just a destination; it's the fuel propelling you forward. Keep dreaming, keep building, and never give up on the extraordinary potential within your startup. The world awaits your unique imprint.

If you find yourself losing energy and motivation for your startup, it may be time to move on. Passion is crucial to driving your venture, but it's important to distinguish between temporary challenges and a deeper loss of interest. Discipline and hard work are essential, and you shouldn't give up at the first sign of difficulty. However, if you've tried multiple pivots and still can't find product-market fit—and your passion to keep pushing fades—consider taking a pause or even stopping altogether. Your energy is vital, and without it, sustaining the business becomes increasingly difficult.

La pasión es importante, pero sin duda su motor principal es el propósito. Sin propósito, no hay pasión duradera, no puede esta anclarse a la nada o al enamoramiento del solo hecho de hacer cosas.

Over the course of my career I've had both failed ventures and companies that I've built up and exited. When I reflect back on my journey to date I'd definitely say that passion was one of key differences between success and failure. Being passionate about the mission, products we sold and the challenges we were looking to solve was what got us through the hard times, it also kept us humble when things were going extremely well as it gave us a sense of purpose. It was also a contributing factor to the culture we built which proved to be a major reason for our success and the multiple we achieved in exit. Based on all that I'd say passion is extremely important for the success of any start up no matter how big or small the idea.

Founders consider exits if: ???? the startup's traction isn't in line with their ambition ???? they realise that the market itself isn't as big as they thought it would be ???? there is a constraint - money running out, regulatory changes impacting business viability ???? they no longer have the will to drive with the same gusto ???? an attractive buyout option has been offered

Great question but no founder should listen to the advice written here. It's too important and too personal. You know. You always know. Founders aren't normal. They have character traits more like artists than engineers. Artists never give up, they just redirect their energy. As a founder I'm compelled to keep building and creating. It doesn't mean I have to continue with what I started. Stopping is normal. Closing or exiting is healthy. But if anyone tells me that my dream is over, I won't be listening. My dream lives on, its expression and form just takes a different shape. Stay alive if you can. There are so many problems out there. Your time will come, if you listen within. You'll know when you turn down the noise. You just know.

Figuring out when to let go of your startup is like knowing your options when playing a game—it's about understanding how to leave gracefully if you need to. Learn about different choices, like selling your business or teaming up with another company. Think of it as knowing the different paths you can take in a game—each one leads to a different outcome. If you see that the current path isn't working out, knowing your exit options helps you make smart decisions. It's a bit like having a plan for when things don't go well in a game; understanding your exit options ensures that, if necessary, you can step out gracefully and look for new opportunities in the world of startups.

Deciding when to move on from your startup idea is like taking a thoughtful look at different things. Check if people really want what you're offering, see how much progress you've made, and listen to what others are saying about your idea. Ask yourself if you still feel excited and passionate about your startup. Think about different ways you can exit if needed. Also, consider if there are new options or things to think about. If your idea isn't working well despite your efforts, it might be time to explore new opportunities or make some changes. It's okay to move on, and it can be a smart move for your personal and business growth.

1- What's your exit strategy? Are you content with a Small to Medium Enterprise (SME) or are you aiming for exponential growth? What brings you satisfaction: generating revenue from day one or investing initially for a larger gain in the third year? 2- Are you content with a small, specialized market, or do you aspire to compete in a highly competitive market? 3- When do you plan to exit? Is it when everything is running smoothly and your team operates seamlessly, or is it when you secure a substantial investment and leave your team with significant expenses?

Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up. Don’t give up.

Interestingly, stakeholders love a founder who knows when the value exchange is no longer worthwhile. ?? It demonstrates an understanding of the limitations of resources, the effectiveness of a solution, and the finite human capacity. ?? People want to believe and invest in a person who understands when to cut losses and accept that something isn’t working. Building your brand as someone who understands what is worth your time and where you can make a difference is something that transcends businesses. This startup or idea does not define you, what you make of it does and how you tell your story.

I am going to talk about this from a closing shop POV. Walking away and years of shedding blood, sweat, and tears is hard. This does not mean you are a failure; it means you tried to live your dream and gave it your best shot. It will be disappointing for a while but there may be another opportunity down the road. Learn from all the decisions you made and take this knowledge into your next job or startup. Always remember you are an awesome person, and everyone fails. Onward and upwards my friends.

Too often in Asia, failure is still frowned upon and avoided like a plague. Both founders and investors need to realise that it is often better to fail fast and try again, learning from the mistakes of past rather than keep shoring up a sinking vessel in hopes of a miracle. As an investor, I would have a lot more respect for someone who has packed it in after trying his/her utmost best and coming to the conclusion that the best way forward is to close shop rather than just stay on life support until the inevitable end comes.

Be single minded ignore all the usual nonsense spouted from authors and others. Bootstrap and take no money until you actually find a customer who will pay for the product you are offering. If you fundraise don’t run around celebrating the fact that you have got a loan and given up equity. Remember everything is worthless unless there is a customer willing to buy the product or service.