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When Do You Know That Enough Is Enough?
 
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    When Do You Know That Enough Is Enough?
    When you've put your whole heart, your blood sweat and tears into a business, then it's like your baby. Usually you've invested thousands of dollars, countless hours of toiling, sleepless nights and undoubtedly a pile of secured and/or unsecured debt in this business. However, when the numbers continue to be unbearable and there is no peace in it, when do you decide that enough is enough?


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    That is heartbreaking, and a very tough question to answer. I think that if you still really enjoy putting in the effort, and believe in your business with your entire being, then it is worth seeing it through. However, if have lost your faith that your business will ever be profitable, maybe it is time to step back and reevaluate the pros and cons. Maybe talk to someone who you really trust about their opinion of the possible future of the business as well. It is hard to keep going if you don't have a proper support system.


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    It's so hard to know when to call it quits. Sometimes businesses take a while before rising up and becoming huge, and you're tempted to hang on to see if that happens. Plus, who wants to give up when they put so much hard work into something? It's really a gamble because you never know how the public is going to receive your business, how the economy will change, etc., and that gripping "what if" question lingers on in your mind. Sadly, if you're losing entirely too much money for a long period of time, most of the time it's time to call it quits while you're ahead. You don't want a failed business venture, which may have been a great idea but in the wrong time and place, to suck you dry and prevent you from moving onto the next business venture.
    The positive thing about entrepreneurship however is that when one business fails, you just start from scratch with a new idea, and you'll benefit from each experience. It takes a lot of failures before you end up finding success, so don't be too down on yourself if you decide to quit an unsuccessful venture.


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    It's really difficult to accept defeat. Most people see their business go downhill but don't want to give it up and end up going bankrupt. The first year your business makes a loss, it should be a big warning sign that things need to change and it's still possible to change enough and turn the business around.
    It's best to see the warning signs early and get help and ACCEPT help (which can be very difficult for most business owners).


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    As person, I would say, I am not a quitter. In terms of business, if for as long as I have clients even in small numbers, I will do my best to remain in business as there is still hope to succeed. Losses doesn't mean you are defeated. As some posters here said, you just have to calibrate and adjust some areas in your business and once you found the weakest link, you can do the changes and see what happens.

    I will call it quits, when the time comes that nobody is ever interested in the services/products that I offer.


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    That's easy. When all your sales/income for every month you have is negative or (net loss). What I mean is that instead of gaining profit you are losing money and your business has become a liability rather than an asset. I know that you must love the business especially if you are the one who established it but let us take a look on reality and understand that deficit every month will leave you bankrupt in the end. Unless you're a rich person who doesn't care about profits but just owns a business for fun then you should seriously consider the income you are getting from your business.


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    Quote Originally Posted by asheagold View Post
    When you've put your whole heart, your blood sweat and tears into a business, then it's like your baby. Usually you've invested thousands of dollars, countless hours of toiling, sleepless nights and undoubtedly a pile of secured and/or unsecured debt in this business. However, when the numbers continue to be unbearable and there is no peace in it, when do you decide that enough is enough?
    I think you've really answered your own question! ..."when the numbers continue to be unbearable and there is no peace in it" - That's when you need to make a drastic change of some kind. The question then becomes: how do you get rid of this millstone around your neck?

    Depending on the value of the business and whether it has taken on any debts, you could either close it down completely, sell the whole thing, or bring in a partner of some kind who can contribute funds to help ensure that it can keep going and start turning a profit. This partner could be a strategic partner who will work with you in the business and contribute expertise, contacts, experience etc. as well as money, or an equity partner who plays no active role in the business part from bringing in cash, but who will expect to generate an income from it before too long. An equity partner can be an individual, another company, a venture capital fund or angel investor, or even a bank.

    It sounds like you don't really want to give up, but you just can't cope financially right now, so perhaps a partner or investor of some kind would be the best option for you. Of course you will need to convince them that your business would be viable if it had more working capital, and that you can really make it work. Good luck, and I hope it works out for you!


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    I would say that when you lose interest and it is no longer profitable is the best time to quit. Don't be too fast to give up though. There are a lot of businesses that have highs and lows. It's unfortunate, when you really have a passion for something, to see it not generating the interest that you thought it would. Similarly, its no fun to see people lose interest in something that you had previously established. Maybe the best answer isn't to quit but to revitalize. If that doesn't work you have to know when to move on.


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    When you see your profits declining and have absolutely no interest in coming up with new strategies. If you have lost the interest and motivation to keep going, I think that is when you would know. But if you are still have new ideas and are still willing to go for it, then you should go right ahead and keep trying.


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    It depends on how bad you want it. If you're dedicated enough eventually you WILL succeed, period.

    If your current business isn't going so well, then try something else. Your current business isn't a failure because you have gained so much experience and you can use this experience when starting your next venture.

    It's never a good time to quit, just persevere.


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