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I was asked to write about this but, honestly, I’m probably the worst person to ask this question to. Personally, I don’t know when to quit. I just keep pushing and pushing. As I’ve gotten wiser, I’d like to think I’ve learned a bit about it though.
Don’t Give Up
Let’s first clarify that there’s a huge difference between giving up and quitting, in regards to business. You should never give up! No matter what, keep prevailing! Quitting, however, needs to be done from time to time. If your business isn’t gaining any traction and is going nowhere, it might be time to quit.
Just because the business idea that you’ve been pursuing is failing or has failed, doesn’t mean that you’re a quitter. Knowing when it’s time to scrap your idea and move on to something else is a very good characteristic of an entrepreneur. After all, if you’re wasting time, you’re not much of an entrepreneur anyway…
Even if your business is thriving and bringing in stacks of cash, it could be time to move on. If you feel the time is right to sell or move on to something new, maybe it is. This doesn’t mean you’re giving up, you’re just realizing the need to focus your attention elsewhere. Take Elon Musk for example. He started Paypal, sold it, then started Tesla, Space X, etc. He’s not a quitter, he just understands the value of moving his attention elsewhere.
Knowing When it’s Time to Quit
Let’s make this a quick, straight to the point blog. How do you know when it’s time to “throw in the towel?”
First off, if you have no desire to pursue what you’re doing, it could be time to quit. If you’re no longer passionate about the business or entrepreneurial venture you’re pursuing, quit doing it. You’re not going to get better and grow without a certain passion. I’m not saying that you should quit if you’re having an “off” day or not feeling it because you’re overwhelmed for a week. You might just need a break. Learn to understand the difference between needing a break and calling it “quits.” But if you ultimately decide that it’s time to quit, do it. That doesn’t make you a quitter. It’s just being smart with your time and efforts and leaves you free to pursue other things.
If your business is failing miserably, it could be time to quit. You always hear people say “cut your losses, quick.” There’s a reason! The quicker you’re able to realize that you’re going nowhere, the quicker you can correct your course of action! If you’ve put every ounce of yourself into an idea or business and it’s only losing you money, it’s time to quit. There are exceptions but generally, if it’s not working, move on. That’s not to say that it won’t eventually take off. Majority of businesses lose money their first three years.
I hope you enjoyed this blog and learned something new. For more insight on entrepreneurship, check out my website or connect with me on Instagram.
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What are your thoughts on knowing when it’s time to quit a business venture? Let us know down in the comments.
This article originally published on GREY Journal.