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

[Bookwormlux1]

I always have it in mind that is is not easy anywhere, so I make sure to do my own part, but giving up is never part of my plans. I am into a new business now and still exercising patience to learn what's working.

 

[Syldan]

The truth about business, is that there is no specific time duration which is expected of an entrepreneur to wait before quitting a falling business but as long as you can be patient enough.

 

[Skysaint]

That's more of a reason why we should be very knowledgeable about the business we are venturing into and better still go for a business we have passion for because it will help you stay put no matter the condition.
Anyway, I guess when you have tried all you can to improve on your business and nothing positive happen, then I guess it's about time you know you aren't made for such business.

 

[Shigobad20201]

The truth about business, is that there is no specific time duration which is expected of an entrepreneur to wait before quitting a falling business but as long as you can be patient enough.

There will be a point in time where you will realised you have tried all your possible best in a business and you will just realised you have reached your limit, then that's the time to quit.

 

[Omotayo]

It is always better to slam the brakes on a business that keeps failing or keeps ending up on the red side. It is important to know when you are wasting money and effort and to quickly stop it.

 

[Bousine123]

Sometimes businesses fail due to lack of capital to improve the business, for example a hairdresser who needs money to open a saloon must not take too long to wait before stopping the business instead she can apply for a new job that will be able to carter for the need of her saloon business.

 

[kayode10]

Quitting is not an option when it comes to build a successful business. You can only take a break from the business if things don't go the way you want. You use the time to analyse a business and come out with the better way of running it for profitability.

 

[ganibade]

We need to excersise patient when we are doing business,at times business will likely to fall down but we need to stand firm to achieve our aim by encourage business to stand.

 

[greenie]

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.

 

[Syldan]

The ability to exercise patience in any form of business, is not found in every entrepreneur but its advisable for every business entrepreneur to have such qualities and it should be exercise as long as better options and solution can be dictated.

 

[joy101]

I think when you start up a business and you see the business is not giving you what you expect, what you need to do is check the environment if the type of business is really in invoke.

 

[jay]

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

This is actually why I will always advise any of my friend whose business is no longer giving them any profit to try as much as they can to cut their losses on time when it is not too late.

 

[Grandeur]

The sad truth is that a failing business doesn't need patience but what it needs is a review of the business from experts to know what exactly is wrong

 

[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?

If you actually have a very good plan on how to make the business survive and became very useful again then you should invest very well in that business but if you don't get it better to let it go.

 

[Shigobad20201]

The sad truth is that a failing business doesn't need patience but what it needs is a review of the business from experts to know what exactly is wrong

There are times when failing business need time in order for it to survive , tnough when there's no time to wait anymore , you need to check on the problem and provide an available solution.

 

[Grandeur]

There are times when failing business need time in order for it to survive , tnough when there's no time to wait anymore , you need to check on the problem and provide an available solution.

I believe that when a business would need time is when all the crucial aspects of the business has been checked and a solution as been proffered and introduced then one can now start to think how to be patient and see how it works.

 

[jay]

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

I don't really think that depending on hope is going to be enough to help the business because you need to have a lot of facts that is going to support you investing in the business that is going to survive.

 

[Heatman]

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

When you have actually done everything to make the business stand up again and start becoming productive and nothing is working it is better for you to look for on the business project to start out.

 

[Shigobad20201]

I don't really think that depending on hope is going to be enough to help the business because you need to have a lot of facts that is going to support you investing in the business that is going to survive.

In my dictionary, i still believe in having hope in a failing business , but for you to have hope , you must continue workinghard and be steadfast with the failing business .

 

[jay]

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

Some people would actually argue that it is useless for you to still invest your money into a business that is failing and just move onto the next project and invest on a new business that is progressing.