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

[Sincerem]

I have seen people who failed many times on their business creations. But never gave up, they succeeded after many trials until they find Success. So i don't think we should give up to our business irrespective of our early business failures, we should keep it going.

 

[Richard92]

You give up on a particular business when you know that what you are dealing in is outdated and is no longer in use by customers.when you have no target audience or customer then there is no need for such business.

 

[Chibson]

that is the reason why it is not advisable to people to venture into my business because they see others venturing into it. before you venture into any business, map out plans and strategies to make the business work. I don't think it is advisable to give up in your business.

 

[Ayokex]

I don't think there is any best time for an entrepreneur to give up on a business because you never planned for the business to fail at the beginning. One should just keep pushing hard until there is actually nothing else to do.

 

[Alisco]

A good business tycoon Should have the mindset of quiting a business he has started, business attimes can run into loss but it is not enough for you to quit it as with time it will still rise.

 

[Kelly5]

Giving up is one of the hardest things to do for a failing business. We find it very difficult to let it go all in the hopes that it can get better in that particular business. But it never does. We need to let go when all they is needed to be done have been done already without success.

 

[Ayokex]

A business owner should abandon a business, when the business is causing him or her loss then gain for a long period of time. But in most cases, most businesses owner actually give up and stop trying when they run out of capital in continue running the business.

I will say that giving up on a business is not the best idea because there must be a better way to handle the dying business and make it work again. The truth is that if the same business is handed over to another person, one maybe surprised who great the transformation would be.

 

[Dowenship]

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?

There are two stages where a business order can give up his our her business... the first stage is when there's no enough capital to sustain the business and the business is under debt.

 

[tyrim88]

Many people think about starting a business, but not many of them end up becoming a successful entrepreneur and business owner.

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

To become successful in a business venture requires a lot of factors in place to be able to meet a certain level of stability.Discipline is ok,as it will help you to be descrite in your finance and the patience to learn about the sector you are in.But you need to get a good mentorship with those who has been on the field to avoid making mistakes.
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Any one that gives up that early shouldn't have gone into business in the first place, the person should look for employment instead where he is sure of getting salary every month. Business requires patience, you may not even make a single sale on some says but that doesn't mean you give up, better days are still ahead.

Tanacity and patience is a good factor an entrapreneu should have while going into business.Quiting should not be the option when things are not going well.Some periods of 'lows' in the business should be used as a learning period and a time to come up with a better strategy on how to improve sales.

 

[Sotherefore]

I don't see the need for a business owner to abandon the business he has already established because the same business you are abandoning is what other people are looking for,try as much as possible to make your business to stand out,you can re-strategize your business area and focus on the business area that is profitable.

 

[Elizaukpe]

There are quite visible signals that one should not take for granted,if you are always running on loss or the business is not expanding,you can diversify to try other things.

 

[cowantussie]

1. When market research shows there is no need for your product
2. When you find you no longer believe in the cause or root reason for the business
3. When risk outweighs reward
4. When it’s a brand new business model that has never even been tried
5. When you realize there are others already doing it, but better

 

[Blue house]

Well many people believe in not giving up, but as for me when the business is not prospering and moving forward and you have given it all you got, then you may give up.

 

[Kane]

When I gave up on my business, I was already incurring a huge loss, my debt was increasing day by day and my sales had substantially reduced> there is no point in continuing with failing business

 

[Sotherefore]

To avoid all these things you should try and avoid any business that you do not have an understanding about because these are the things that will not make you succeed in the business you are going into,if you can try to avoid this you will not lose the money you have used to establish the business you are abandoning.

 

[Setho]

A business owner should start to question the business if it has reached its invalidation point which everything has been tried to get it back up but failed and also if it is not scaling.

 

[Sotherefore]

Giving up in business shows that you are not confident in the business you have started and the little challenges you are facing ,you are now thinking of giving up,I think you should better think on how you can improve your business.

 

[Prettyjanie]

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.

I think you have just hit the nail on the head. There are a lot of businesses today that experienced a whole lot of challenges at the beginning but today, they are household names.

 

[Senator]

A business owner should not just give up on a business at the first sign of challenge. He should try and see it through to the last before letting that business go and find something else to do

 

[Richard92]

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

A business owner I should give up on a particular business when he or she knows that there's no hope in that business and the business is outdated in the society.