At What Point Should A business Owner Give Up On A Business?

[Hrtbeat]

There are some businesses that are not profitable nowadays as before. For instance selling of kerosene is not profitable now in my locality why because 85 % of peoples see using Gass as more affordable and reliable than use kerosene.

 

[Seno inyang]

As a business owner today, if you could survive a business at the starting point with all the challenges faced during that period then I see no reason you will want to back off along the line. Challenges exists in spheres of life and there are better ways to sort it out.

 

[Mayox25]

It is not ideal to quickly throw in the towel when a start up isn't doing well in the initial stage because persistence pays. But if recurrently money has been pumped into it and it continues to fail then it is better to give it up.

 

[Toyoabasi]

We all know the purpose of any business venture is to make money or reasonable return on whatever is being invested in the business. I see most inexperienced business owners abandon their startups because they couldn't make profit or break even at such an early stage in business.

is it a wise decision to close a business at such an early stage?

One would have no choice if the business is not yielding profits.
If the business is not moving as planned even after giving a second or third trial, then it's best to quit and plan well for another business, instead of hanging around, wasting funds and expecting a miracle.

 

[Ub40]

Maybe it is ignorance that would cause a business owner to abandon his or her business at the early stage. That is why it is always advisable to know about a business very well before going into it to avoid early closure.

 

[YERUS]

We all know the purpose of any business venture is to make money or reasonable return on whatever is being invested in the business. I see most inexperienced business owners abandon their startups because they couldn't make profit or break even at such an early stage in business.

is it a wise decision to close a business at such an early stage?

Business owners should be more patient with their businesses.
A business that fails early had suffered poor planning, and so the business owner should ensure to make things right once signs of failure pops up.
Instead of giving up, give it a second chance and do things right.

 

[Lucy ID]

There are obvious signs that a business has come to the end of itself, majorly when the business is in a huge debts, with so many losses, no profits at all and foods and services available to be rendered

 

[Skysaint]

One thing I know in life is that we should try as much as possible not to decieve ourselves. Some people do go into business not because they have passion for it or interested in what the business is all about but just because they see others making it big from it. So when we start facing consistent failure then we should help ourselves by backing off

 

[Laurentta]

It Is not wise to close up a business at an early stage just because you are facing some difficulties. The best thing to do would be to work harder and seek professional help also.

 

[Kingstone]

There are many conditions that may warrant a business owner to quit it is not advisable to quit at an early stage of the business. The returns may not be coming at first and that is why you need to give it time to grow.

 

[Godspower]

A business owner should not hesitate to walk away from a failing business if he has tried his best to resuscitate it and it still fails. Failure to quit will only lead to running into debts and bankruptcy.

 

[Justin]

If the loss is bigger than what you can afford, you should give up on the business. If the outstanding loans is higher thank you can afford to pay back, you need to give up on business.

 

[Immilash1]

We all know the purpose of any business venture is to make money or reasonable return on whatever is being invested in the business. I see most inexperienced business owners abandon their startups because they couldn't make profit or break even at such an early stage in business.

is it a wise decision to close a business at such an early stage?

Giving up on business isn't the best option. It is not wise to quit a business after making a lot of investing on it. Just find a possible way to solve the problem and continue. But quiting is not the best option.

 

[Stnicholaz]

We all know the purpose of any business venture is to make money or reasonable return on whatever is being invested in the business. I see most inexperienced business owners abandon their startups because they couldn't make profit or break even at such an early stage in business.

is it a wise decision to close a business at such an early stage?

Starting a new business is never an easy thing and we more people to understand that. Some people are not ready psychological to start or own a business.
Having said that, closing a business at early stage is never a good idea but if the signals or figures are not adding up it, making more loss instead profits and you are running into debts. The best thing to close the busines and start something else.

 

[Immilash1]

Starting a new business is never an easy thing and we more people to understand that. Some people are not ready psychological to start or own a business.
Having said that, closing a business at early stage is never a good idea but if the signals or figures are not adding up it, making more loss instead profits and you are running into debts. The best thing to close the busines and start something else.

That's very true. Starting a new business isn't something easy, it is not wise to abolish your current business and start up another one. Just find a possible way to solve the situation and move on.

 

[Lens]

I would give the business a space of 14 months at most to see if it would survive all hurdles. If i discovered that the business isn't improved at the stated time, I would give up.

 

[Immilash1]

I would give the business a space of 14 months at most to see if it would survive all hurdles. If i discovered that the business isn't improved at the stated time, I would give up.

That's nice.i am not the type that give up on business so easily,you have invested a lot on the business,then you should find a possible way to revive the business.

 

[eLdavis]

I would give the business a space of 14 months at most to see if it would survive all hurdles. If i discovered that the business isn't improved at the stated time, I would give up.

Which means you have a specific target right? What if the business actually grows a little within that period, it did not go as you have planned but there is little growth, what would you do?

 

[kinqzbitz]

Well I think when you realize that there is no significant growth despite all your efforts but then one must not give up easily you can still fight for it and revive it if you wish to do so

 

[ahmedo24]

If you have exhausted all strategies that you know and those that are recommended by an expert in the business then you don't make progress you quit and try and other business.