How long should one be patient with a failing business before quitting?

[Bookwormlux1]

Most times, we don't make enough profits from a business as we imagined and would want to quit, though we are always advised to be patient. How long should one be patient before quitting to focus on another one?

 

[Sariana23]

I believe that when you start a venture, and the profits are not what you expect, you should evaluate where the fault lies, what you are doing wrong and try to correct it. When you start a business you should project and know if it is viable according to the demand in the community. If after reviewing it and there are definitely no options to restart, it is better to stop.

 

[Sincerem]

Most times, we don't make enough profits from a business as we imagined and would want to quit, though we are always advised to be patient. How long should one be patient before quitting to focus on another one?

Even when we fail 100×, we should find a way to move our business forward. Failure to move on and achieve success, dents our entrepreneurial profile black which isn't nice for our future business plans.

 

[Adventurer]

There are a number of factors that make a business unsuccessful, so when you analyse these factors if there is no improvement, dust yourself up and try again

 

[Shigobad20201]

Most times, we don't make enough profits from a business as we imagined and would want to quit, though we are always advised to be patient. How long should one be patient before quitting to focus on another one?

We should be patient until we can finally see the end of the business before we give up on it, there are business that are always slow at first, there wont be sales and you will feel like closing Down, but before that , you have to give a fight before accepting defeat.

 

[Justin]

If your debt starts increasing, you should shut down the business. If you continue with failing business, you will incur more debt.

 

[Kane]

I continue working on the failing business until I had hope. Once I lost hope, I shut my business and started liquidating.

 

[cowantussie]

One of the hardest decisions in an entrepreneur's life is knowing when to call it quits. While most people go into a business thinking about their measure of success, they don't fully define the boundaries they are willing to accept to reach it.
50 percent of businesses fail within five years, and 96 percent fail within 10 years. If you knew your company was one of those 96 percent destined to fail, wouldn't those years have been better spent working on something that had a chance of being in the four percent?

 

[Kunkun]

Well starting a business in the first place would mean research and effort have been put into it prior, so if things aren't working out as hoped then it's important to double the effort more

 

[Heatman]

Most times, we don't make enough profits from a business as we imagined and would want to quit, though we are always advised to be patient. How long should one be patient before quitting to focus on another one?

When there is no plan for a business and you already aware that the business is going down there is no need for you to wait as the business to gone but for you to make a hay while the sun is shining.

 

[Trexxxy]

Well starting a business in the first place would mean research and effort have been put into it prior, so if things aren't working out as hoped then it's important to double the effort more

Or count your losses and move on. Either way, if after everything the business isn't progressing as it should, I think you should learn from that experience and move on.

 

[Kunkun]

Or count your losses and move on. Either way, if after everything the business isn't progressing as it should, I think you should learn from that experience and move on.

True there is also that too, one can't keep filling a basket, as a business owner when a business is failing and it's clear turn around might be hard or impossible then it's better to cut ones losses

 

[Trexxxy]

I think that's bad advise. As soon as you discover that an employment isn't heading towards a direction that would profit, you should begin to look for options elsewhere.

 

[Alexandoy]

This topic would depend on the type and size of the business. The bigger the business, the longer you can wait before you surrender. However, when the capital is being eaten by losses you have to decide soon when and how to close shop. It is not easy for the workers to lose their job so there should be consideration on that matter.

 

[Bookwormlux1]

When there is no plan for a business and you already aware that the business is going down there is no need for you to wait as the business to gone but for you to make a hay while the sun is shining.

Thanks for this. Sometimes people tend to give themselves false hope thinking the business would still return back to normal, but unfortunately it doesn't.

 

[Kingsley]

No doubt when working on either a new business or an existing one it can be frustrating sometimes and one might not find it easy in anyway. So it will only be wise to be very patient with the business as Long as you are not incurring expenses that are beyond the capacity of the business.

 

[eLdavis]

Before you think of quiting, you should make sure you have tried every possible way, you have made every possible research to improve on areas you where not good at and if possible enlist the help of professionals to assist you and if after all these, there is still no good result then you are free to quit

 

[Kelly5]

Read the writing in the wall as early as possible as you can. This will help you from further getting into more losses instead look for another business you can actually do with better potentials

 

[Heatman]

Thanks for this. Sometimes people tend to give themselves false hope thinking the business would still return back to normal, but unfortunately it doesn't.

Seriously, when it comes to life, I'm a realist and I tend to see things more clearly and very easily more than how other people find it difficult to do so probably because of their bias.

 

[Shigobad20201]

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Most times, we don't make enough profits from a business as we imagined and would want to quit, though we are always advised to be patient. How long should one be patient before quitting to focus on another one?

One should be patient to the last straw before giving up on a business structure, you should have tried everything to safe the business and if there's nothing else to do in saving the business , then you have to let it go.