Last updated on December 30th, 2017 at 12:22 am -
Starting the business of your dreams is no easy feat. That’s why it can hurt the core of your soul if it begins to fail. The good thing about failing early on in business is that you learn quickly what not to do (or what doesn’t work for you). That leaves you room to focus on doing what’s right to get you the results you want in business. This is why it’s important not to lose hope or feel like all is lost if your first business venture doesn’t succeed as planned. My suggestion to the owners of failing startups is don’t feel bad for (wanting) to call it quits on a business that isn’t meeting your expectations. The key is that you followed your dream.
When Should I Call It Quits?
In my experience, you call it quits on a startup business after you have exhausted all possibilities to make it a success. This can include (but is not limited to), implementing the right marketing and advertising campaign, hiring the right people and most importantly — selling a product or service that you are a passionate about. If there’s one thing I’ve learned about being and entrepreneur, is learning when to move on. Not knowing when to move on could be detrimental to your career and your life in general. If it’s not getting the results you want, there’s nothing wrong with letting it go.
Why Should I Call It Quits?
Calling it quits is a big decision to make but it could also move you closer to your desired destination (i.e. getting the results you want). This is the primary reason why you should call it quits on a startup that isn’t meeting your expectations. As long as you remember that you are getting closer to reaching the level of success you want, letting go of the business that isn’t brining you any success should be fairly easy. It’s also good practice to view your “failures” primarily as “learning experiences” so you won’t feel like you actually failed. Real failures don’t continue. The key here is that you will continue following your dreams, just under a different type of business.
What Do I Do After Calling It’s Quits?
Immediately after you let go of a startup that isn’t working, have a brainstorming session! This could be by yourself or with your business partners. The brainstorming session should help you figure out your next move. Try writing down other ideas and passions you have that can turn into profit. The point is to keep going until you get it right (or get the results you want). The most successful entrepreneurs knew when to quit and invest in something else that made sense.