Knowing When It’s Time to Quit a Business Venture

When we do something in life that we love, we often hear the phrase “don’t give up” when we stumble upon a roadblock. Some of us would persist even if it’s difficult because we believe it will pay off in the future. Others would quit and consider other ventures if the losses are too much.

While it is true that persistence can pay off and help you succeed, there are times when quitting may be the best way to go. As many know, I had a new business in the middle of last year, hoping it may be a great bridge to guiding me into settling in Singapore. However, at the start of 2023, I threw in the towel and left the business. Today, I have no regrets and feel that my decision is astute. I left it to grow a better me.

But how do you determine if leaving the venture and looking at other opportunities is best? How do you make sure you have no regrets? How do you know you won’t look back and think of the “what ifs”, “could haves” and “should haves”? This is the same scenario for almost all situations regarding being stuck at a crossroads and taking risks. We all need to decide one way or the other. Best to make a decision that will help you gain a better perspective of where you stand right now.

Here are several questions that will guide you:

How Passionate Are You About The Business?

Passion often helps us drive our actions to whatever venture we pursue. Without it, seeing results or considering the venture worthwhile isn’t easy. Ask yourself if you are still passionate about the venture, similar to how you felt before you started. If you see your passion waning, it is a good sign to look into.

This is actually the big indicator for me to step away from my new business and question if there is any passion for it. Once the answer is clear that I am only passionate about it because of the profits it generates and not for the industry I serve or the impact on society, I know this is not something I want in my legacy.

How Long Have You Been Working On It?

Each business varies in terms of how fast it could become profitable. It is also tough to tell when it will become profitable and if it will be as beneficial as you projected. If you have spent considerable time and there is too much uncertainty, it is best to consider your options.

Some give it a year or maybe two. I gave myself half a year to see if my goals were hit. You may wonder if six months is too short to determine if this is right for me. However, given my experiences in start-ups in several industries, I feel that six months is just the right amount for me to see if there is any future in a particularly small venture.

Are You Still Making A Profit?

In connection with the previous point, ventures can go on when they profit, allowing you to live your ideal life without worries. However, if it is not making any profit or raking in regular clients even after spending a lot of time developing it, it may be time to reconsider your options.

You shouldn’t just look at the vitality of a business only from a profit point of view. My business may still be profitable, but when the output is way more than the input, and you don’t see the possibility of scaling, there will be a growth limitation; maybe not right now, but it will come. By then, it may even be harder to leave because of the time, hard work and possibly, employees who need your salary.

Do You Have All The Control Over The Business?

When you build a business, you must have control over its success regardless of the number of competitors you have and the tasks you must complete. If you want to succeed in your venture, you need the expertise or experience to see success, or someone else will take the reins for you. If you feel like you are no longer influential in your venture, you may want to consider giving up.

Does It Still Feel Right?

It is best to be direct with yourself and ask if it is time to quit. Sometimes, the answer is already clear even without considering other options. If you feel it is becoming a chore to continue, you should call it quits.

It is undeniable that quitting a venture we started is heartbreaking, especially if you were so passionate about it initially. However, there are times that you need to consider it to survive the industry and reduce the risk of feeling down and depressed. Remember, it’s okay to fail because it may help you see that other ventures out there can help you succeed that you may not have seen before.

Here are more articles to help you to become a better entrepreneur:
6 Steps to Build a High-Performance Team
3 Things All Great Leaders Have In Common
10 Best B2B Sales Strategies to Win More Clients

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