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

[Ebensco]

These days, it is important to aim for long periods of time, you cannot think for short term for success you have to aim for long term, though not sure if you knew, Elon Musk Space program he managed to succeed in the last try that would ve sent himbankrupt, he was trying and he managed to get I think 1 billion dollar contract with Nasa.

 

[Kingsley]

Business takes alot of time to grow so hence one has to be very patient with the business, sometimes it takes years for the business to develop to the desired level, in general business requires patience and perseverance. But in any case if you realise you can't keep up with the cost of running it, it will be better to opt out.

 

[Richard92]

You can never give up on a business if that business is your dream business. However you can give up on a business if you do not have the required capital to boost the business or there is no longer demands for that products anymore then you can channel or diversify to another business

 

[Seun4luv]

Your dreams have stopped. Remember back when you were so excited about your business. Your body never lies. The money just isn't there. You don't like your customers. .Complaints are up. Sloth syndrome.

 

[Joseph555]

You should gogive up on a business when all measurable tools have been applied for the success of the business and it appears abortive, there's no need of holding on to fail one if you can give a try to another source of businesses without and within your environment.

 

[singlej007]

In my own opinion, as soon as you get full signal that business will not work just back out and save the remaining fund in the business and plan for next business. Some person will wait untill the business crash to zero were they will have nothing to pick out from the business, which is wrong.

 

[Psalmsavatar]

Not only in business, the time for each individual to give up on tasks depends on how rugged each individual is. The only time I can give up on a business when all lifelines to sustain the business are exhausted.

 

[Adexgrace]

It is very much advisable to give the business time, maybe some months to see how things will turn out and if there is no changes then ne can decide to change anfmd move into another business with high profit and goods sales. To increase and make the capital more larger.

 

[Abbas007]

I don't think you get discouraged after failing in business. Go ahead and there are many more opportunities waiting for you.
Your dedication doubles your workload. Just keep up the good work.

 

[Peppul]

I've been thinking on this question a lot has by idea has been tried many times in the past and failed and he's been attempted by many people now with shades of success. the reason I still do it, is that I believe it has potential but to get there you have to find the iota sized passage through a minefield. There are multiple dimensions to answer these question but let me start with one point I do believe in strongly. You should not give up on the business just because you have run out of time or money. This means one or two things. 1. You held on longer than you should and I efficiently used resources. 2. You didn't do enough and we're inefficient in the first place and didn't give the business adequate space to run.

Now the first dimension is that it's different to give up on an idea/ early prototype than a business that has been operating for several years. I have more experience with the former.
1. Recognize that giving up on an idea is not the same as making a small pivot.
2. Give up when you have met your own stated definition of failure.
3. Get a no BS group of advisers who are not afraid to slap you in the face and tell you quit.

 

[Shayo]

Sometimes, giving up is wise but it doesn't mean you've failed, it just means your strategy isnt working so you take a break to restrategize. Consult experts in your field or niche, make research from your competitions and go back to the board with these newly acquired knowledge and come up with a solid plan. You can even try other areas if you feel like you're nomore interested in the previous one.

 

[Bilal0087]

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.

I believe that nothing is impossible in our life, the word itself says I am possible.
you should try your level busta to survive your business in emergency condition, and you can do it by concentration and determination, so never loose hope even at last breath.

 

[Lyrrex]

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.

 

[Briangsam]

The ability to know when to quit anything is a sup power. So many people linger on for far too long on many failed projects. There is no timeframe to quit. It is a personal decision. Once the business starts to fail its purpose, it could be a time to quit.

 

[Caali]

It depends on the owner. If your cashflow is getting negative then just proceed to end it and do remember, never borrow the money from others in order to ensure the survival of the business.

 

[Hdre3m3n]

A person can give up for a business when the business notice the following:
When the business notice that it is going through over trading then the business can stop. Over trading means buying much and selling less.

 

[Atif3786]

Your dreams have stopped. Remember back when you were so excited about your business? ...
Your body never lies. ...
Fahgettaboutit. ...
The money just isn't there. ...
You don't like your customers. ...
Complaints are up. ...
Sloth syndrome.

 

[MarieArie]

Entrepreneurship can be a rewarding journey. But struggles and failures are very real for most entrepreneurs. Your family life could suffer due to the demands of your business. Some entrepreneurs just get bored with the business. The business they started turned out to be something entirely different. The business you once loved is a constant source of stress and worry. Some entrepreneurs sacrifice their marriage. Others pay with their health. In the end, for many entrepreneurs giving up is the only good option.

 

[Thosynho]

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.

You don't just keep waiting for a business that is yielding you nothing. Your waiting amount to nothing if nothing is done to find out the source of the unyieldedness. When you've invested all into a business and nothing is happening, you need to trace your steps and examine what went wrong not just waiting or quiting the business.

 

[Cissé]

Before someone can give up on a particular business it will be that the business is not bringing profit anymore and when you try a new idea to change the situation is still the same thing. The best idea is to leave the business.