How long should we wait before giving up on a business?

[Skysaint]

Giving up on a business shouldn't be on anybody's mind as a business owner but the truth is that some circumstances call call for that.
You should give up on a business when you have tried out all possible options you can come up with to improve your business condition and it's all not working. Then it will be best to take a step back and try out something new.

 

[Shigobad20201]

Given up, in any form of business ventures, is not the best option and not a good quality of an entrepreneur. You as an entrepreneur is expected to always have confidence in yourself and your business.

Since giving up on a business is not a good option an entrepreneur must follow because thinking about the money and dedication he has used in the business, the best thing to do is to keep trying and used a different strategy to tackle the problem in ground.

 

[Kaffyfolla]

Small businesses have fairly predictable patterns of growth in their early years, according to Startups.co. They face similar challenges and successes. Unfortunately, the overnight success of businesses like Uber are the exception to the rule. It’s also important to note that success means different things to different owners.

 

[Shigobad20201]

You have to keep working and waiting for the business to have a good turnaround not minding the stress you 're passing through in the business, until your effort is not showing improvement.

 

[Pousinha]

What is the ideal time we should wait, if there is no progress in our business?
Is it a good idea to keep on doing it for a few months, even if there is no profit? My uncle had kept his business for almost close to 4 years before giving up on it. Now, he regret for wasting all those years. So, I have been thinking about it a lot these days. Do you guys have any advice for me? If so, please do share it here.

Impossible to give a single answer. Sometimes, the time to wait before giving up depends on the nature of the business. If the business is a blog to monetize, the webmaster must know it lasts between 12 and 18 months to see the first results. And then he/she needs to wait a while (at least, some months more) to see what will happen. If it's a retail offline shop, maybe waiting more than one or two years is enough (if the matter is lack of customers, obviously the business can't stand and in such cases it's unfeasible to wait 4 years). The point is, in any wait whatever the circumstances: don't wait at the point of a bankrupt risk.

 

[Syldan]

Patience is one of the most effective qualities that is required of every building entrepreneur this will enables the entrepreneur to have courage in seeking possible solutions to his business problems and it should be exercise most often.

 

[joy101]

I don't see any reason why someone should give up in a business unless the business is not generating any profit, then you have to change location in order to continue with your business.

 

[jay]

Yeah you are right, trying to hold on to a failing business and has no future prospects is a waste of time, energy and money

If you have actually evaluated the business very well and see that there is no chance for the business to be saved I don't see any reason why you should keep on forcing the business.

 

[Grandeur]

That's a good idea. It's just that, I believe setting aside a fixed budget could help. Beyond that you shouldn't try to invest more and more unless you see some potential.

There are a few others who invested a lot before giving up and now they are afraid to start a new business. So, it's better to control the investment from the start. Probably based on the field, we can set this fixed investment, from the get go.

I can understand that a business would always need budget or cash inflow to survive but in this context of already failing business, once an expert can affirm to the fact that the business is no longer standing then it can close.

 

[Heatman]

I would not advice to stick with a failed business that despite all efforts could not be resuscitated, it is better to just let go and move on.

If you have proven beyond every reasonable doubt that the business can not actually survive then I believe that it is the right time for you to walk away from the business and invest on something that is more feasible to survive.

 

[Shigobad20201]

If you have tried all your possible best in your business to keep it alive and your effort has been proven abortive , then you don't have any choice than to let the business go.

If you have proven beyond every reasonable doubt that the business can not actually survive then I believe that it is the right time for you to walk away from the business and invest on something that is more feasible to survive.

 

[Heatman]

If you fulfilled all your duties in your job and still did not see any progress or anything, then you must change

Changing something that is very constant and when you find out that it is something that is needed in your business it is very good for you to do it immediately to prevent more losses.

 

[ganibade]

You don't need to give up on your business even if you have failed your business. What you need to do is to start again by getting loans from government or private cooperative.

 

[Yaqoob Habib]

After implementing all your strategies on the particular Business and its not moving any way forward. Even at that if you can still be consistent with the job, you can make it big at the long run

Because any business needs some time to be successful. It never happens that whenever you start a business and you get progress, it will take you some time to be successful.

 

[eLdavis]

You have to keep working and waiting for the business to have a good turnaround not minding the stress you 're passing through in the business, until your effort is not showing improvement.

True but how long do you think one should keep trying and working? You know you would definitely have to spend to keep the business going. Should this continue till you run out of resources?

 

[jay]

If you did ur maximum efforts and u still didn't see any progress you should stop it and think in something else

This is there a lot of people make the mistake of going too much into the business when it is already very obvious that the business would never survive no matter the amount of money you invest into it.

 

[Skysaint]

When you must have tried out all viable option and still nothing seems to be working then I guess it about time you get to try out new things. You can't keep wasting your time in a particular business niche when you are running out on ideas of how to improve your business condition.

 

[Shigobad20201]

We should at least try every available option in order to revive the dying business in order to bring it alive , but if we realise our effort is not worth it, then we can leave it be,

When you must have tried out all viable option and still nothing seems to be working then I guess it about time you get to try out new things. You can't keep wasting your time in a particular business niche when you are running out on ideas of how to improve your business condition.

 

[Heatman]

When you know you've put your best efforts into the business and even so it is not working then it's probably time to give up. You can't do the same time over and over again and expect a different result.

I will always tell my friend that when it gets to the situation whereby you know that any outfit you you're going to invest in the business is going to be wasted, it is better to look for another thing to invest your money into.

 

[jay]

It depends on the scenario, if you think the business will not lead to anywhere in the future why hold on to it? But if you feel the business has a better future prospects then stick to it

If there is a good possibility that the business can actually survive after you have invested more capital into it then there is a good reason for you to push it on and see if it's going to survive.