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

[solalal36]

When you have invested all the time and money you can get and you are still making losses. This is why I keep telling people business isn't for everyone, some people are made to to work for others. Our Government that asked graduate to make businesses don't know some will fail at it
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When you have invested all the time and money you can get and you are still making losses. This is why I keep telling people business isn't for everyone, some people are made to to work for others. Our Government that asked graduate to make businesses don't know some will fail at it

 

[Oliver 20]

Effective business visionaries who need long haul business and individual achievement put time and cash into their startup, yet additionally into their family. So if your family is at a limit, it very well may be an ideal opportunity to surrender it. Something contrary to an unneeded item or administration is fulfillment with its present presence.

 

[Shivay]

If you are getting in debt instead of profit then everyone will have a question in their mind about closing the business , but i think if you have potential then shouldn't stop it at an early age. Give it some time.

 

[Emma19]

Giving up on business is a very difficult thing to do because it's been your passion for a while,you have invested time,money and other resources. But every thing has an end especially when things are going right. The best time to quit a business is when it becomes obvious that nothing seems to give you the required profit or headway. You must have tried all possible ways to bring the business to boom but have failed even with consultants. At that time you call it quits .

 

[Kiwi]

Learning from one or two things from them and their strategies would help startups for sure. It might seems tough today but with persistence and passion that business will announce you to the world. But in most cases, most businesses owner actually give up and stop trying when they run out of capital in continue running the business.

 

[Caali]

There are many reasons why a business owner decides to shut down a business. Two of these reasons are unprofitability and fatigue.Unprofitability or bankruptcy. If your business can’t cover expenses (e.g. bills, production costs, and salaries of the employees) anymore, or you’re not gaining any profit from it, it would be better if you just close it down.

 

[Sariana23]

Making the decision to close a business at the beginning denotes despair, emotional instability and lack of self-control. When there is an enterprise, you must be clear and be predisposed to any situation that may arise. Have the courage to correct mistakes and continue fighting for the goals set.

 

[Nuonuh]

the only time I would advise a business owner to change a business is like after all alternative have been visited and the same results keep repeating it's self.. The approach should change but the results don't change.. It's best to change business to be on a more positive side

 

[Prettyjanie]

The reality still remains that, not everyone is destined to make it in business. So when you Know, that you have made several efforts in a business and nothing seems to be forthcoming instead, you are loosing money, then I think it is time to back down and try another business or leave the business line completely.

 

[Yunglegend]

The motive of any business is to make profit so quitting at any point is not an option there is no point in any business which you have to quit you must keep trying until you succeed that should be the goal before starting
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The motive of any business is to make profit so quitting at any point is not an option there is no point in any business which you have to quit you must keep trying until you succeed that should be the goal before starting

 

[Felixko]

i have seen ,many business owner giving up due to inexperience and unprepared before setting up a business. but to me, i will advise business owners should not always have the point to give up in their business because nothing good comes easy. moreover, they normally give up in sometimes because the always reach a setting level without making profit

 

[Akinwale701]

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 of the very important slogans of business is "winners never quit and quitters never win". You should never quit a business no matter what, although if you realize the business isn't worth it, you can switch to another one.

 

[maventiger]

@Akinwale701 what about the cost of switching businesses? personally, there is no assurance that after switching businesses. The possibility of being successful in any business is very slim and solely depend on the entrepreneur.

 

[Good-Person]

Well, it actually depends on how you define the term "early". Many people think that a few months is too early to quite a business. Many others believe that you should at least give it a few years and see the results. I think that any business takes a few years to get set properly.

 

[Grant]

It solely depends on the person running the show. Because some people would continue on until they're broke. Some would cut their budget, and some will try other methods. I think when you get to a point where you can't figure out a solution, it's best to then move on. Because I think when you hit this stage, that's it, it's time to start fresh.

Personally, when I can't earn a profit, and it's eating at my other profits, it's time to move on.

 

[zahidhussain]

Many peoples planning about starting the buisness but not have any idea about closing i think when you feel not physically fit and you need to rest you give up the buisness if your age is above60 you also give up

 

[mubinadaddy]

A whole lots of people venture into a business without not knowing how the business run. That's why many that goes into business are not likely becoming successful why because they fail to do what successful people are doing.

 

[Pousinha]

When your business is giving you more debt than profit. When people who works for you starts to quit because you can't pay them anymore. You can give up your business but it should not be the end of your career. Try again start new. What goes wrong in your previous business avoid doing that again

I know people who only accumulated tons of debts cause choosing a so called vanished professions. Lacking knowledge about a specific area's culture, together with illiteracy issue, makes people to mistake businesses. I give the example of house painting in my former area as a vanished profession. In the area where I was born, nobody calls a house painter since decades and I saw broken house painters. Everybody paints his/her own house/apartment. Cause culture in my former area, people is eager to avoid whatever expense different from edible stuff and to call a house painter is considered wasting money until you are so disabled you can't use your own hands to paint your apartment. I know house painters who got financially ruined or overwhelmed by debts at the point to owe money to John, Jerry and Jack Doe. So I think is better to quit a business when the chosen activity is the wrong activity. The wrong acivity meaning zero customers month by month, year by year doesn't make any sense.

 

[kayode10]

The business owner should give up on the system when the the product or services are no longer welcome in the marketplace. if the sales does not remove irrespective of the promotion and marketing, it is time to drop the business venture and move on to the next one. the business owners should give up when everything has been done to revive the business yet no good result.

 

[maventiger]

The business owner should give up on the system when the the product or services are no longer welcome in the marketplace. if the sales does not remove irrespective of the promotion and marketing, it is time to drop the business venture and move on to the next one. the business owners should give up when everything has been done to revive the business yet no good result.

@kayode10 I agree with you on this. Even at that it becomes difficult for an owner of a business to let go of a business they've invested their time and resources in. Over time most entrepreneurs tend to fall in love with the business world.