This archive report was first published on 24 June 2020.
When to Let Go: Signs It's Time to Quit Your Business ¶
Business success requires knowing when to stop kidding yourself about what isn't working. It's time to quit when you've tried various methods and they've failed you, or when you have to justify your failures, or when you're not making tangible progress, or when you feel you should be doing something else.
Business and passion are inseparable. The best in the industry succeed because they are doing what they love. You cannot perform if you are in a venture that you don’t enjoy being in. If you are holding onto something that does not make you happy, it is time to give it up.
Here are 8 signs it's time to quit your business:
- When you've tried various methods and they've failed you.
- When you have to justify your failures.
- When you're not making tangible progress.
- When you feel you should be doing something else.
- When competitors are all running down.
- When you're running into losses.
- When your health is deteriorating.
- When you're not enjoying it.
As business guru Chris Kirubi says, 'Success is a slow process, and quitting does not speed it up.' But quitting when necessary is essential for success. 'Knowing when it’s time to cut your losses and move on is one of the most useful and underrated implements in the entrepreneurial toolbox,' says investor and entrepreneur David Kleinhandler.
Published on June 24, 2020, by The Standard.
