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

[Skysaint]

The exact time you find out that you are not made for that kind of business. Am not a fan of quitting or encouraging anyone to have and develop such mindset but there are many who go blindly into a business line that they are just not made for, probably do to pressure from friends.
They at some point will discover that no matter how hard they tried, they won't be able to make profits or improve on their business, then they should just change their business line.

 

[Syldan]

There is no specific time required for someone to wait for a falling business or to give up. It's expected to be always ready and willing to bear the risk of finding possible solutions to your problems.

 

[Shigobad20201]

There is no specific time required for someone to wait for a falling business or to give up. It's expected to be always ready and willing to bear the risk of finding possible solutions to your problems.

As a business owner that built a business from the scratch , i will alway keep tabs on my business and keeps trying to revive it with all strategies possible until I realise it cannot be revived.

 

[Syldan]

As a business owner, there is no time limit for waiting upon your failing business before giving up but always try to find out possible solutions to your business to makes it better.

 

[Achawaskey]

That depends on the level of downfall of the business and what leads to the downfall. If the downfall is as a result of have low customers or funds then you can close up to avoid further losses.

 

[Shigobad20201]

I don't like the word quitting because its meant for looser ,though there are times when we should know when we have reached our limit and take a break but we must try every possible means to keep our business alive,

 

[Bookwormlux1]

If he business is not one that you really have passion for, I believe it is best to leave it and go for something else that may be more passionate to you in the long run.

 

[Syldan]

I think we should not be asking how long we should wait but how much effort have we made to keep the business from falling. but as long as you are still alive, you should never give up on your business.

 

[tray591]

If you can read back the post you will see that the thread starter was talking about already fail business,when the business has already fail it means that the money capital and others are not there,so for this taking action to prevent it from failing will be proof abortive because the business has already fail

 

[Setho]

I believe that no matter how far of a business has been able to go giving it at least one year in order to salvage it is going to do you a lot of good. You can feel free to abandon it if you are not able to bring it back after this time.

 

[joy101]

A business person always need to patient in the business because with been patient in a business you can end up in that business soon, unless the business is not moving.

 

[Syldan]

Actually there is no specific time that is fixed or limited to wait before quitting but as an entrepreneur it's not one of your characters to give up on business because of some certain challenges or business failures.

 

[Shigobad20201]

Getting tired on a business you started from scratch is not a good thing to do by an enterpreneur, but trying to look for solutions and working hard to revive the business is the best possible solution to tackle the problem is better.

 

[Bookwormlux1]

Failing in a business is not an excuse to quit that business, but you just have to try and make sure you learn one or two things from what cause you to fail, so that you won't repeat the same mistakes again.

 

[Shigobad20201]

Failing in a business is not an excuse to quit that business, but you just have to try and make sure you learn one or two things from what cause you to fail, so that you won't repeat the same mistakes again.

Its normal to fail sometimes in a business because we didnt perfect some loose ends , the next thing is to look for possible solution and not trying to quit your business.

 

[Setho]

You should be very careful whenever you have a business that is not bringing profit at the moment. You should try to change some things like the pricing of your items or your location and if it does not work then you should stop the business entirely.

 

[Shigobad20201]

You should be very careful whenever you have a business that is not bringing profit at the moment. You should try to change some things like the pricing of your items or your location and if it does not work then you should stop the business entirely.

Whenever you realises your business is not yielding profit , you need to make a research to know the reason why you are not making sales and try to tackle the problem very fast.

 

[Sincerem]

The main purpose of establishing a business is to generate profit , but a situation in which the business you establish is not generating profit but rather is completely the other way around that you are feeling the business from external source. Then source is not a business but a disaster.

 

[Syldan]

Personally I believe there are several reasons yo which may lead to the collapse of a business and its always advisable to check on your loopholes to be corrected so early.

 

[joy101]

You should continue working on it never to up trying to put more effort in that business, nobody knows about tomorrow what that business will become, so what you will do if you try the other way didn't work you try another one it will work.