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

[kayode10]

@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.

You are very correct man, the same thing has happened to me in the past. Instead of let go of the business due to poor sales, I held to it firm hope that things will turn around by itself. The time I have wasted since that time is enough to build another profitable business using my experience.

 

[Akinwale701]

@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.

I know there is a cost of switching from one business to another. This is why I don't really suggest giving up a business just like that but once it can be ascertained that a business isn't selling anymore, looking for another is the best option in that respect.

 

[maventiger]

I know there is a cost of switching from one business to another. This is why I don't really suggest giving up a business just like that but once it can be ascertained that a business isn't selling anymore, looking for another is the best option in that respect.

@Akinwale701 The more reason it advisable for young entrepreneurs to always have flexible business plans that gives room for new ideas and implementation. This allows the business improve it previous plans to accommodate new business trends and policies to help the business grow.

 

[Sake]

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.

Just learn and continue to accumulate knowledge from your mistakes is the only way to make things right for me

 

[Hdre3m3n]

A business owner can give up on a business when he or she notice that the business is something that he can use to plough back many things that will bring a very useful asset to him and his family because business is something of his own asset.

 

[Godleads1]

A good proprietor must be stubborn. This simply means that a business owner should be able to refuse to accept defeat and failure if business by continuously seeking a way out for the stability and growth of the business.

 

[Milz]

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.

 

[kayode10]

A good proprietor must be stubborn. This simply means that a business owner should be able to refuse to accept defeat and failure if business by continuously seeking a way out for the stability and growth of the business.

There is a difference between being stubborn and persistence on the path to success. Stubbornness comes when you know that you are on the wrong part but continue and expect a positive result. Persistent on the other hand happens when warm plan fails in your adopt another one in order to to succeed. Doing the same thing over and over and expecting different results is one of the signs of insanity.

 

[Ridorz]

There is no particular time a business should be advised to close up in as much the owner of the business still have reasons to continue despite challenges. If a business is faced with financial challenges at early stage of starting it, it is advised the owner restrategize instead of closing up

You are right of what you said.
It's advisable to quit a business because I believe that there is no business that doesn't profitable and lucrative if you have a good knowledge and commit a good effort on it. And there is no how that you will not face a challenge in a any kind of business but you have to be strong conquer it. Unless if you choose a wrong business.

 

[Bilal0087]

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?

I think there is no need to close a business rather, a person should have a backup plan to survive in emergency conditions.
if a person is facing down trend in a business, he should look for another alternative to earn money and then invest in his business.

 

[Hellen]

To start your own business and become a successful entrepreneur, you need special disciplines; disciplines that are practiced by all successful entrepreneurs and self-made business millionaires

 

[Deebabs123]

The business owner has ultimate control over the company and decides what to delegate and to whom. Though a business owner can earn a monthly salary, he or she is not an employee and is the only one in the company who has the right to take a net profit at the end of the year or reinvest that money back into the company.

 

[Samuel77]

I don't think a business owner should ever give up on his business, this is because business is all about lost and gained as a business owner you need to have believed in your business and also never give up on your business with time your business will bounce back to form.

 

[Ehizzy1]

Instead of the owner giving up ,the owner could change plans and directions ,then find the best possible ways to lift the business higher to another level. There is always an advantage and disadvantage

 

[Sheyemanu]

I really don't think 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 learn from others mistakes and learn from their mistakes and move forward and not dwell on their lows

 

[Ehizzy1]

I really don't think 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 learn from others mistakes and learn from their mistakes and move forward and not dwell on their lows

Yeah no matter how hard it might be to move the business platform forward. The owners should always try to put the business forward despite the competition

 

[Victor72]

I do not advise anyone to invest in a business you don't really understand. At a points when you feel the business is not good enough for you or you don't really understand the business I suggest you should give up on the business

 

[Klismannm12]

Business is never an easy venture and most people who maybe have not gone into it might still come here to tell you how easy it is help people give up or believe you me it is never easy when you begin to lose money your time everything begins to go against your plans you get frustrated and then you move out

 

[Billy]

I don't call it giving up, but making an informed decision. Depending on his or her own analysis of the trends, an owner can choose to let go of an engagement. But this should be well informed and advised by detailed research on the pros and cons.

 

[Senator]

A business owner should only give up on a business and only when he has done all that he is supposed to do to salvage the business and all was to no avail, he can then end the business