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

[Asad Ali]

That relies upon at the kind of commercial enterprise you have, if it's far one of these that has excessive and coffee seasons, however withinside the excessive ones you cowl a number of income even the seasons which you do now no longer produce, you should hold yourself. On the opposite hand, if it's far a enterprise that handiest generates losses or virtually no income, you have to take delivery of defeat and strive in a special branch

 

[Shigobad2020]

Before giving up on a business, you must make sure you have tried all your possible best to bring the business back up before giving up, at least see a professional on it to see if you can still continue or move on.

 

[Kelly5]

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 really liked the heading of this post. You see, in as much as we sometime say you should not give up on particular business distress, it is also a fact that giving up on that business might actually be what you need to do to save losses after all

 

[Neta Sam(Samuel Odunlade)]

How long can be sooner or later, the Best things to do is to troubleshoot why the business went down and could not take care of necessary things. When you can find out the reason why it went down, Then tackle the problem by creating a solution. Then if it's a passion it may be difficult to give up on it

 

[Philip Omotayo]

Giving up is not one of the attributes of a good business person. However, if a business is tiring, having tried all other options and it fails. Consulting experts in that field makes more sense than giving up, if there is further failure then, one could give up within 3-5 years.

 

[Abelcairo43]

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.

 

[Ryeetar]

There's no ideal or best time to give up on one's business, a business requires lot of work, patience and persistent. Many businesses we see around the world today has gone through it own trying times before it flourish. As long as you not making losses, no matter how little the profit maybe just continue till you are able to expand that way your business can stand.

 

[Prettyjanie]

In business, it is not all rosy, and not everyone is lucky to enter into a business and succeed. When you are in business and it seems not to be working having made so much effort and exhausted all options, I think the best option will be to go into another business or a job.

 

[Diddi01]

I would say a year. After then you should probably start another business or look for another job, you can't keep going on something that seems to be failing. If after a year you have tried all your best, tried all sorts of ideas, listened to different advices from experts but to no avail then you should move, maybe that business isn't for you.

 

[unhappy triad]

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.

 

[Ezzyoj]

We can called a business failed when all strategies are carried faithfully but do not to produce results. Before going into any business make sure you have a very good understanding of the business and also must have carried out the feasibility of the business before venturing into it. Least I forget. Have passion for your business.

 

[Olahab]

Most small businesses take at least 2 to 3 years to be profitable and become truly successful once they’ve hit the 7 to 10 year mark. Most small businesses take years to be successful, despite the overnight success of companies like Facebook. Statistics show that successful small businesses are built over years, not months,

 

[Eodine]

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.

Is there anything like a failed business? True, some plans and strategies fail but without failure there is no experience for future purposes. We've all haerd of one or two companies that had a rough start or almost folded up but now they are doing better

Post automatically merged: Feb 4, 2021

We can called a business failed when all strategies are carried faithfully but do not to produce results. Before going into any business make sure you have a very good understanding of the business and also must have carried out the feasibility of the business before venturing into it. Least I forget. Have passion for your business.

I quite agree with you that passion is needed for a business to run successfully. Running a business comes with it's own downsides it takes a motivated person to move on but is failure not an experience to do better?

 

[Xerryl]

It is all depend on problems you are facing and if you fail to recover from mess and you spend all your knowledge, strategy and efforts and you still in trouble then you should give up your business without any delay to avoid complications.

 

[sam386150]

It depends on the nature of the business, but I really emphasize if you're doing a business and yourself that it is not profitable is better to quit it instead of wasting the whole capital or Western the whole product and services .

 

[Usama Iqbal]

You should give up your business if you failed to solve the problems through your efforts and knowledge. I think it would be right time to say no to your business. If you want to be successful and you can solve all problems in business you should start other profitable business.

 

[Mama]

I do not think you have to wait til long for you to give it up. Spending money on something that's not bring in any yield is like foolishness to me. Once you noticed you have spent a lot in that business and it's still not yielding profit then it's time to quit

 

[Edward2]

Wait for achievement. When it comes to business, you should be patient because their start-up probably won't be successful much of the time in the first year, or even the first two or three years. Before closing shop, allow yourself enough time to be successful.

 

[iCesarkevin]

Right now, your business is making a loss: is that going to last, or do you see your way out of it? There is often a timelag between the moment.Its time to walk away when you find yourself putting money into it, month after month, with no change in its upward trajectory.

 

[Niftyyem]

@Eodine, I get your point but it doesn't matter whichever way you explain it, when a business fails (not almost failing, to be clear), you know there is hardly anything you could do that you haven't done already. It is an experience as you rightly stated but one that will equip you to do better in newer ventures not to be wasted on a sunk ship.