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

[Ghost1]

In my own dictionary, there's nothing like giving up. How will you seek for this advice? Do not give up upon a business. It might seems tough today but with persistence and passion that business will announce you to the world.
Tough time do not last but tough people do.

I understand your point but also a wise entrepreneur would know when to give up. Nobody is saying give up on life, but once you've tried everything for a particular business and it doesn't work it's wise to try something else

 

[Sotherefore]

Although this might be difficult but it is possible that you have to take this action to prevent yourself from being in a serious debt, when a business is not generating you a enough profit as it should, you will always be in debt to cover up some of the expenses in the business and that is when you should quit.

 

[YERUS]

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.

Yes, challenges are inevitable in businesses.
But then when you as a business owner keeps struggling to revive a failing business all to no avail.
It should be a good time to quit the business to avoid waste of resources.

 

[Oluwatobitomisin]

At a point in time when your Business isn't yielding profit but rather debt or loss, it is a better advise for the Businessman/woman to step down or quit the Business because it might bring up issues that won't make the Businessman/woman to want to even try starting another Business at all

 

[Ebro01]

A business owner has to give up on his business when the standstill or a situation where by the profits is no more coming and the real price begins to come down.

 

[Abasiama40]

When you've invested in a business, at some point, you notice things are not turning out to be the way you expected it to be and you are no longer excited about the project, don't let these become a deal breaker, instead of giving up, just try again.

 

[greenie]

A good business owner shouldn't have the mindset of quitting no matter how many failures he has encountered, what he needs to do is to repackage the business, seek professional help and understanding about the business then try again until he succeed.

 

[Kaffyfolla]

I see most inexperienced business owners abandon their startups because they couldn't make profit or break even at such an early stage so if you kept recording debt in business due to inexperienced, it better to quit

 

[Swazykid4all]

A good business owner shouldn't have the mindset of quitting no matter how many failures he has encountered, what he needs to do is to repackage the business, seek professional help and understanding about the business then try again until he succeed.

 

[Shigobad20201]

I see most inexperienced business owners abandon their startups because they couldn't make profit or break even at such an early stage so if you kept recording debt in business due to inexperienced, it better to quit

When there's no profit in a business during the first year , a businessman or woman gets weary and tired of the business and feels like giving up , but all she needs is to be patient and consistence.

 

[Ononivami1]

After you must have ensured the business for close to a year without any profit . It would wise decision to stop trying inoder not to go bankrupt. It means that the business cannot strive .

 

[Setho]

In as much as it is good to be resilient in business it is also good to know exactly when you should quit. It will be a very good thing if you know exactly when to quit in business and that should be when you think that your idea has been invalidated and there is nothing you can do in order to regulate it .

 

[tyrim88]

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.

That is very true and correct,because in business you will always find challabges in the field,and your ability to solve those problems as it comes will altimatelly give you the neccessary experience to tackle more challanges as one progresess in the business.

 

[Syldan]

I dont really think it's a better and a welcoming idea for someone to give up on his business no matter how bad or much lost the business have suffered. lost and risk taking are inevitable in business.

 

[Matan_z]

If it's putting him in a position when he doesn't have enough money to pay the employees, and even doesn't has enough money foe himself so he have to take loans, then in such a case he will have to know that it is over and to close his business. Business owners shouldn't be that stubborn and not close a business when it is needed, and take loans and loans without an end, because it doesn't worth the risk they will put themselves in and they won't be able to recover from such actions. Business owners should know when it's time to give up and move on in life. It happens a lot that business get closed, it is a pretty common issue but it happens, as long as you know when it's time to close the business and you do it at the right time, then you surely lose less money than if you were a stubborn.

 

[Bookwormlux1]

Giving up is a most unfortunate thing that an individual can ever think of, and it is very important for people to not even have that mentality of giving up on something that they have started.

 

[Syldan]

Personally I dont think is really advisable for any business owner to ever give up on his business but should try as much as possible in finding out what the problem is and seeking better solutions to make his business stand.

 

[joy101]

I don't think there is any reason one should give up in a business, unless the person is not feeling too well and doesn't have any strength to do that business at that moment, that is only reason for giving up in a business.

 

[glitch]

This is hard to say because not every business is the same and not every struggle is alike. I guess this would depend on gains and losses. Some companies and businesses operate for years before they see a profit.

 

[Shigobad20201]

As an entrepreneur, giving up on a business should never cross your mind , most especially when you have been running the business for a very long time , you only look for another way out.