When it comes to the matter of business, persistence is a quality that deserves to be admired. That rare trait in people that drives them forward despite the odds being all against them is something that all business owners should aspire to. But with that said, blind persistence is never a good thing. Being an entrepreneur, you will without doubt need to make a lot of difficult decisions. One of the hardest decisions an entrepreneur has to make is when it’s time to close up shop. New businesses fail at a staggering 90% rate, so don’t be surprised if you end up having to make the decision of throwing in the towel.
The sooner you recognize the signs, the sooner that you can move on.
• Your gut tells you that it’s time – you might have a difficult time earning new clients. There could be other difficulties. If your gut is aware that your idea is useful or valuable, find ways to make it work. However if your gut says that your idea wasn’t that great to start with, or that you do not even worry over it anymore, admit defeat and proceed to the next innovation.
• You have derailed from your path – It’s all too easy to get so engaged with something that you absolutely overlook what you were looking to achieve to begin with. People do this constantly and may need to pull themselves back to a state of increased awareness. Therefore, if you fear that you’re not achieving the goals that you’ve initially set; remind yourself of precisely what that slated achievement was.
• It’s not profitable anymore – For the majority of entrepreneurs, it could take several years to make money. Even so, many experts will agree that if you arrive at the five-year mark and are not able to break even, it may be ideal to cut the losses and close up shop. It’s often smart to have a time period in mind where should the company is not making money, you have to move on.
• You have lost all passion – most businesses came about because the owners were passionate about something. At some point, we lose that very “fire in the belly” which leads to loss of energy, enjoyment and enthusiasm. While it is possible for you to reignite that passion, in reality, that’s something very difficult to regain. With the loss of passion, you are pretty much on a slippery slope, so it’s best to throw in the towel.
Failure is not the end however, because if you use it as a learning experience, it could be your greatest ally. Letting go of the fear of failing, but at the same time being able to truly understand where your current business venture is going can help you achieve great success in the future. I will leave you with this video, describing how to let go of that fear of failure. I wish for all of you great successes in the future!