Business failure- when to quit
There’s been times in the past when I struggled with not knowing when to stop or walk away from a business. It’s a bit like any relationship really.
I’ll use a relationship as an analogy here.
Sometimes you get to that point in a relationship where you’ve tried all the counselling and you’ve done everything you can and it’s still not working. Then you’ve got to ask yourself the question, at what point is this unhealthy to stay in it?
The moment something becomes unhealthy that’s the moment you should become compelled to do something about it.
So for me, the same rules apply in business.
If you’ve been in the business, trying this and trying that, you’ve been getting help, and it’s still not working then you’ve got to look at, is this really the business model for me?
There is a possibility that you’re just in the wrong vertical, or you’re not executing on everything that you say that you are.
When a business isn’t working it comes down to, are you doing the right thing? Meaning are you pursuing something that has a worthwhile purpose to you? And, are you doing the right things? Meaning are you doing what’s being recommended to you to do?
Also, are you functioning in the right way in the context of your health.
To me, when ever anything becomes dysfunctional, or creates a level of stress, or isn’t working to the degree it starts to affect your health you’ve got to ask yourself the question, is it really worth it?
That’s when you might look at taking a step back, even getting a job while you cool your jets. Maybe reconfigure, rebuild, reestablish before you go out and do it again or maybe you just take a bit of time off and do it again.
I never think it’s an either, or. This business doesn’t work so I’m meant to be an employee.
Business is a Baskin Robbins scenario, there’s 52 flavours out there, times infinity, and just because this flavour didn’t suit you doesn’t mean there’s not another one out there that will.
Sometimes you just need to find your flavour.
I help Entrepreneurs and Companies with ??Business Development + Digital Marketing Strategies??+ Certified Scrum Master ??
4 年I totally can understand how hard it is making that decision. From the annoyance of failing to thinking about the negative reaction people who told you not to Start in the first place will have. To the loss of capital, for some people the payment of debts incurred in the process of the failed business To how to start all over again and the fear of "can I really do this again" All of these can initially shut one from truly know that it's time to quit but truth be told, the signs will always be there. There will always be red flags that we deliberately ignore But in the end, failure is part of the process of Success. And so even if your business failed, dust yourself, restrategize, pick the vital lessons learned and Start again! To everyone struggling with a failed business and needs to make the decision right now, Hear me - It will be alright ????
Operations excellence and process optimization leader | Freelance Project Manager | Independent Consultant | Freelance Program Manager | PMO
4 年I can imagine that a failing business will have legit negative health effects.? Stress can really do some work on these machines we run around in