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

[Patrik]

If you realize that you are spending more money without earning nothing, then just get rid of that and leave it with less possible damage, such as business usually turn into punishements when they fail

 

[emz08]

when there is no change and you see that you are already losing money in a few months and years of working

 

[Maheen]

After doing a lot of hard work if your business don't grow then first change your strategies and again do market research....market survey give you idea when to change your business

 

[Adebayonle7]

Sometimes, giving up does not mean you have completely failed, it may be that you are just approaching the right thing the wrong way. Or you might be solving a problem in the wrong way. Businesses which did not grow or make profit means they were not properly planned or the right things were not put into consideration in the first place. Revenue streams, expenses, assumptions, and all needs to be considered before beginning a business or investing in one. But depending on the kind of business he started and gave up.

 

[Francis17]

Business is always depend in time. Online shopping is in low demand before lockdown but right now the onlinr shopping is in high peak of demand because of that business is also depending in time. Make an idea that will last forever. Example sugar

 

[Zubair]

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 think he took too long to skip it. Because one or two years is enough time of wait. But in that time we should keep going to implement different strategies and plans to make it successful. Easy gave up is also not a good deal. Efforts should be made to make it successful.

 

[eenya00]

It basically boils down to you and the kind of business you currently do, some business might require you to hold on a bit much longer while in some business the earlier you throw the towel the better for you, do this for me is not a direct answer, if we could know the nature of business then we could give an in-depth analysis.

Post automatically merged: Jan 19, 2021

It basically boils down to you and the kind of business you currently do, some business might require you to hold on a bit much longer while in some business the earlier you throw the towel the better for you, do this for me is not a direct answer, if we could know the nature of business then we could give an in-depth analysis.

 

[Aniwhyte]

I could wait for a maximum of 6 months before giving up on a business that is giving me little to no profit, as I'm not a patient person, I could try my best to use another strategy to run such business with the hope that things might change, and if things doesn't change then I would be quitting totally and if I still have some reasonable amount of capital left then I would be diving into another line of business.

 

[Pirate]

I feel that for one to start a business there must be a reason behind their decision it could be money it could be a lifelong dream it could also be for sentimental reasons. So I don't really know if I would advise giving up on a business because they are many ways to revive a failing business but if things are not working out it's better to look for something else than waste years resuscitating a dead business.

 

[Bogdan38]

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, but 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

 

[Tiwa]

There are good and difficult times in businesses. There is no successful business that has never gone through its own share or stage of failure. Also, sometimes, the difference between a failed and successful business is in the works and strategy. However, there are some businesses that no matter how much strategy you put into a business ,they have no foreseable future due to certain factors which might even be political, natural factor. Cuting ones loses on time is another success on its own.

 

[Chumzy]

I don't think the answer to that question is dependent on time alone to determine that. Another important factor is the owner, realising that the idea he has is not going to be a feasible one. You could take five years, knowing that you just need an investor, or you could wait just one year, and you realise it is a dead end.

 

[Adeyoola7]

Wait for success.
Your startup probably won't be profitable in the first year, or even the first two to three years. Give yourself enough time to be successful before closing up shop.

 

[shakky2]

it is good to always try all you can before giving up on any business and i wouldn't as well encourage copying with a fruitless result as this can be uncontrollable sometimes.you just have to sit and ruminating on the factors that lead to the business failure.then you can now re-strategize and re-structure your business plans

 

[Kiwi]

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 shouldn't try to invest more and more unless you see some potential.

 

[Me0w]

You should stop in business when it feels like you are no t happy doing it, but when you are happy even the income of your business is small you will workhard to improve it just believe in your self and take the step by step.

 

[Dragunov]

If it is your passion, sometimes we don't really care if it's profitable because we love it. But if you are into the business solely for money, you have to evaluate your finances to minimize your loss.

 

[Lagazine]

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.

Giving up on a business is not a good thing, so I can't advice anyone to give up on the objects. I believe it's a great thing for a business to undergo challenges to become more strong and even come up with different ideas on how to overcome any challenge in future.

 

[Ifective]

Giving up on a business is never an option at all. That's why one must have a good knowledge about the business he wants to enterm he must know all about the business, the competition involved, strategies in driving sales and a lot more. But if this mistake is made, then one can leave a business when he realises that he shouldn't have entered into it in the first place

Post automatically merged: Feb 4, 2021

Giving up on a business is never an option at all. That's why one must have a good knowledge about the business he wants to enterm he must know all about the business, the competition involved, strategies in driving sales and a lot more. But if this mistake is made, then one can leave a business when he realises that he shouldn't have entered into it in the first place

 

[EMMANUEL]

There are instances where by you feel like giving up on business buti Two or three years is the standard estimation for how long it takes a business to be profitable. That said, each startup has different initial costs and ways of measuring profit. A business could become profitable immediately or take three years or longer to make money.