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

[Claraviolet]

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.

 

[Niftyyem]

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.

 

[Vladv26]

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.

 

[Claraviolet]

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.

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.

 

[Ureka]

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

 

[Joshua Farrell]

Honestly, a business should be let go, if there are sure signs that it cannot be fixed without drastic help. Sometimes a business goes under, because a owner refuses to fix glaring issues early on.

 

[Ureka]

Honestly, a business should be let go, if there are sure signs that it cannot be fixed without drastic help. Sometimes a business goes under, because a owner refuses to fix glaring issues early on.

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

 

[hani20980]

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

 

[woookje]

Until you lose money and dont earn money.

 

[vest1992]

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 him bankrupt, he was trying and he managed to get I think 1 billion dollar contract with Nasa.

 

[Didou didou]

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

 

[Anis Boukezzoula]

if you see your financial situation decrease day per day and no mark for success then it's the right time to stop it.

 

[Sariana23]

That depends on the type of business you have, if it is one of those that has high and low seasons, but in the high ones you cover a lot of profit even the seasons that you do not produce, you must maintain yourself. On the other hand, if it is a business that only generates losses or simply no profit, you must accept defeat and try in a different branch

 

[Peterlight]

I worked under a betshop back in April but I didn't stay there for long cos I couldn't make any profit from it, all the money I made from the betshop was spent on betting
What I am trying to say is you know it is time for you to leave a job when your salary or money you make from it job is not worth it and does not pay your bill

 

[WhiteHouse]

If the business is showing no improvement after trying all you can and you are in doubt of this future prospects, it's better you just leave it and find something doing.

 

[Ehizzy1]

I think the idea time to wait before giving up on a business is when you start making too many loss and all the plans have failed

 

[Bookwormlux]

Just few months is enough to determine whether or not to continue with a business, highest would be a year. You should not keep on wasting time on a business that is not profitable.

 

[Sincerem]

I don't give up on business, I keep trying out my luck knowing one day it will bring me fortunes at the long run of my continuous quest to succeed. You should never give up on it keep chasing it till the dream comes real.

 

[Kamon c4]

I believe giving up is never a solution for example nose mask has on the market for so long without much sales but this year the demand for it was high due to the pandemic

 

[Nurudeen]

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