At what point would you give up on a business?

[Niyi]

There are people that have been trying to make a particular business work out for so many years all to no avail. Say like 7 years.

Would you advise such a person to quit the business?

 

[Imran_Noori]

If your business is not doing well then you can change some strategies or add more budget for it, if despite of change in strategies and adding budgets it is not working then it is time to quit it, 7 years is a long time, you can do many things in this period of time.

 

[Niyi]

If your business is not doing well then you can change some strategies or add more budget for it, if despite of change in strategies and adding budgets it is not working then it is time to quit it, 7 years is a long time, you can do many things in this period of time.

I believe that if it is not working, you need to quit and find something else and do. Motivational speakers would say that people have to chase their dreams till it becomes reality. It doesn't make sense wasting resources and time I. A business that might not work.

 

[Imran_Noori]

I believe that if it is not working, you need to quit and find something else and do. Motivational speakers would say that people have to chase their dreams till it becomes reality. It doesn't make sense wasting resources and time I. A business that might not work.

No business will become successful just by one move, one strategy and one time investment; if you want to have a successful business then you need to try different ways for it, this is not the way to give up quickly when it doesn't work on first try.

 

[Shavkat]

In my view, if the business is not gaining profit that much, then it is high time to declare bankruptcy. We need to do this, so that you will save the workers and they can have time to find their new jobs. It is still a part of incorporating social responsibility.

 

[Iboro]

There is a difference between illusion and reality. Reality is when you invest funds, resources, time and strategy in a business and it doesn't work in the first five years. It is time to quit that Business

 

[Salt]

When you are sure that your business cannot help you earn any profit and is running into losses and there is no hope of revival then better to shut it off

 

[Good-Person]

If your business is not doing well then you can change some strategies or add more budget for it, if despite of change in strategies and adding budgets it is not working then it is time to quit it, 7 years is a long time, you can do many things in this period of time.

Well, if i am 100 percent sure that the business will not succeed, then I may stop conducting that business and start seeking alternative ways.

 

[Salt]

If we cannot manage the business and don't have any of our family members that are interested in managing or helping us and its in losses then better to close it down

 

[Good-Person]

If we cannot manage the business and don't have any of our family members that are interested in managing or helping us and its in losses then better to close it down

There are many people who try to open a business. However, their family members never support them, but still they never give up at all.

 

[Salt]

There are many people who try to open a business. However, their family members never support them, but still they never give up at all.

Its a good thing that they are able to manage it even if they are not getting any support from their family but its tough

 

[Kane]

When I liquidated my restaurant, I had over $3000 in debt. I had not paid rent for over a year and the staff salary was due for 6 months.

 

[Salt]

Its not easy to manage a business and this is why we need to be mentally ready for all such consequences.

 

[Bisolami]

In my view, if the business is not gaining profit that much, then it is high time to declare bankruptcy. We need to do this, so that you will save the workers and they can have time to find their new jobs. It is still a part of incorporating social responsibility.

Exactly
I don't know why I will even continue to run a business that is no more yielding profit for me.

 

[Salt]

We need to see if there is any way left to try and if there is no hope then better to declare bankruptcy