Should we really gives up in a business ?

[Sotherefore]

There are thousands of businesses that are being established on daily basis and most of these business's success will be determined by so many things , if proper guidance and the required environment are factors are not provided for any business then the chance of business success may be limited.

A lot of business men encountered a lot of challenges in their areas of business and sometimes an entrepreneur may not be sure of the best things to do because they believe that they have gone far enough. To them it is almost impossible to return back and give up in the business they have established hoping to generate profit From..

Inasmuch as this is always a sad and unpleasant experience but it is always important that we consider so many things when starting up any business so as not to be thinking of what to do with the business we have established...

Some people encountered a situation in which the business is no more generating income , in some cases the income generated from the business is not enough to manage the financial needs of the business organisation. When these situation sets in an entrepreneur may not really know the best thing to do..

The questions is ; when faced with business challenges that our business is not capable of generating the required profit that is needed in running the affairs of the business , is it really advisable for an enterpreneur to quit the business and look for something else to do ?

 

[eldavis]

This is a complicated issue cause there are certain times a business owner should know when they have reached a dead end, while on the other hand, a business owner should not give up so easily. I think the best thing to do is to make sure you have tried everything and every means necessary with no positive results, it would be best you try something else, than wasting all your resources on a dead end.

 

[Alexandoy]

I have experienced a successful business for 4 years but I had to close shop due to excessive stress. My business partner became my competitor in a surreptitious manner. I only got to know it when one of my sales staff saw a former employee in the office of our big customer. That really broke my heart to think that my business partner was my best friend in high school. We played together and drank together, so to speak. But he has the hidden agenda about money which is taboo to me. Anyway, I could have fought him tooth and nail but what's the point? It is just money that we were talking about. If I would close my business then I would be free from that issue. And so I did. What the heck. I had no business but my wife had supported me all the way so I had no financial issues. Eventually I got a job when my former employer called me for a high position in the bank.

 

[Chibson]

There are some situations in business that may make you want to give up in that particular business and sometimes the reason can be very genuine and understandable but sometimes it is also important to be patient. the truth is that you don't just start a business and expect it to become successful immediately because there are a lot of work to be done. firstly before you venture into any business you must make sure that you have the capital to run that particular business for some months before you start seeing your profits. It is also very important that you employ the right people because they will be determinant whether your business will be successful or not at the first phase of its inception. You as a businessman must try as much as possible to be passionate and Gain much knowledge about the particular business in order to make it successful and you must also make sure that the location in which the business is, is very good for that particular business. When these things have been put in place and your business seems not to be working then, you may have no other option than to look for other businesses to start.

 

[Shaf]

It doesn't make sense to keep flogging a dead horse. We have to know when to give up and when to keep pushing especially where you are going to be putting in time, money and effort that's valuable and irreplaceable.

If a business is no longer viable, it's easier to look at other opportunities than keep on working on it. However, it's best to apply wisdom in doing this. It's not business ideas that will fail. It could be a flaw from one aspect of running the business that's holding it back.

It would also help to loonfir external insight about what could be done to revive the business before giving up, since sometimes others tend to see what we don't.

 

[moonchild]

Yeah, business ventures that are not profitable should be closed down immediately because there's no point that sort of business.

This is one of the major problems we are facing in the tech industry, some people will come and build a product that is not necessarily a solution and they will lobby venture capitalists which in return will pump in millions of dollars in the business, but yet that business will remain unprofitable. They just use online metrics and valuation as an excuse.

If you're in Nigeria, I'm very sure you know or heard of Jumia, it's an e-commerce and it's valuated as a unicorn but what is surprising is that company is no where near profitability, it was even listed on the new York wall street stocks.

That's why I like traditional businesses sometimes because they're not tied to any investor what you put in as the owner of the business is what you'll get in return and the moment the venture is no longer profitable its easier to revert and change the business.

If you're in a business that is not profitable you should quickly get out of it learn your lessons and try again till you hit the sweet spot.