When Is The Right Time To Quit?

Discussion in 'Off Topic Discussion' started by Redd, Jul 4, 2015.

  1. Redd

    Redd
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    Yes I've heard all those fancy quotes that are used to motivate people to keep working — winners never quit, quitters never win and others. But at times no matter how long and hard you work, success will still elude you.

    It takes time before businesses start making money. And online ventures tend to take slightly longer before the business owner starts making any money from them. It typically takes 6-12 months to break even. Many people however aren't patient enough to wait that long.

    Supposing within a year your online business hasn't made you any money and the positive signs aren't on the horizon yet should you keep going, hoping for the best or let go before you lose more of your money?
     
  2. SpikeTheLobster

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    When your initial investment runs out. That's how I decide: having lost a lot of cash in a variety of (stupid) ventures in the past, I now set a limit on how much I'll put into a new idea. Once that money runs out, I won't invest any more. I may leave the site ticking over until renewal time, but I won't spend on it.

    Unless you're doing something for the love of it, the profit is what counts. If it's not viable, drop it.

    And I can't stand those motivational people. :D
     
  3. wameyo

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    Nice question Redd. There comes a time when you ask yourself whether your business venture is worth your time and money. As for me I'd critically examine the number of customers I'm getting. If I'm getting a decent stream of customers then I'd push on for a while because customers are a good indicator of growth. But if there are very few customers then I'd definitely quit after a few months.
     
  4. backpackstatus

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    I agree with what has been said above. It depends on a few things.

    Firstly, how successful you feel you can become with this idea. Is there a need in the market for it? Is it at the right price, are you maximizing profits, etc.

    Secondly, how old are you, the developer or entrepreneur of this company? (rhetorical question). If you are a middling to elderly aged individual, you can allocate your time to better paying opportunities. At this point, it's important to factor in what your opportunity cost is into the equation. If you're a young teenager who has an idea, a passion for what it is you're doing, then find a way to monetize it! There are so many opportunities for online businesses. You can sell items, act as a consumer referral website to larger retailers, use google ad-sense for ads, blogging, etc. The opportunities are endless. I know this isn't what you wanted to hear, but it really comes down to how dedicated you are to this, and if you feel that you can make more money being an average Joe and working hard in another field or at another company.

    With this being said, I wish you all the best of luck with your decision. It's a tough one... Especially when you've put a lot of time into it.
     
  5. tsubibo

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    When you run out of your initial investment or until your time is more valuable than what you are earning in you venture.
     
  6. CrowdedHighways

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    I agree with the 'running out of your initial investment' replies. You should think of your business as engaging in gambling. Say, you go to a casino with $20 and you gamble, and you win some money. That's good, keep playing! But if you have already lost your initial investment(the $20) through gambling, don't borrow money just so you could keep playing, instead maybe turn to more profitable activities.
     
  7. Corzhens

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    My husband's business lasted for 5 years. He closed shop for some other reason than financial - a disagreement with his partner. In the first year of operation, so many unforeseen problems cropped up such that he had wanted to raise the white flag after only 2 months. But I pushed him to pursue and provided additional capital. In that first year, he lost almost half of the initial investment. But on the second year, it was smooth sailing from thereon, the profitability has been stable.
     
  8. kaian

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    The very first thing that one should do before starting any business especially those that needs more funding is to make your own research about the potential yields it could bring you. See and check for yourself if the kind of business you are pursuing is going to make money or not. If the answer is no then look for another opportunities and do your research again. If done right then you will seldom face this question about quitting again.
     
  9. Robert01

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    Let me tell you a true story. A super shop (first in the area) runs their business for 10 long year with continuous loss. But they kept going. Finally after 10 years they had seen the face of profit. It's true that it's not a small business but still 120 month is really a big figure.
     
  10. tsubibo

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    Where could have they gotten the money to stay afloat for 10 years? I would like to think that they have run out of money and have gotten loans? How long do you think that they would have to run their business in order to recover that 10 year loss.
     
  11. Ted

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    I think the right answer to this questions is " It totally depends on the situation".

    At some point you may learn new information that you didn't know about when you first launched your business. That new information can be a deciding factor in whether you continue the business or not.

    Suppose you open a store in your local town because you have a burning desire to do so and because you think you have a good business idea. Let's suppose it is a shoe store just for example. If you have never ran a retail store before, then it is very likely you will underestimate the amount of advertising you have to do to get the business off the ground and get a decent flow of traffic to your store. If that happens you might run your business at a loss for more than a year. At some point you may learn that it is going to take another $50,000 investment in your small store to do the amount of advertising necessary to get it to where you need it to be. That dollar amount might be a deal breaker and make you shut your store down at that point.

    Let's consider another example of say "launching an online blog as a business". Depending on where you get your advice from you might have this idea that you could launch a successful blog that earns a livable wage in about 12 months. Let's suppose you have been working on your blog for well over that amount of time and you still haven't earned anything remotely close to a livable wage. In your efforts to learn how to do it properly you end up befriending a very experienced online blogger who agrees to show you the ropes. After looking at your website and your business model, this much more experienced blogger tells you have committed a fundamental flaw with your blog right from the start and that making this blog successful is an insurmountable battle. She suggests you start over with a new site and gives you an outline of how to do it right. She also tells you that it is going to take you at least 2 years and probably longer to succeed even if you follow her model perfectly. You might decide to throw the towel in at that point and go do something else.

    I think the answer to your question is completely dependent on the situation that the person is in at that time.
     
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  12. Danielle Davidson

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    I would say before you lose a ton of money. The last thing that you want to do is not be able to have some of that money back. It will seem like a complete waste of time if that happens. I have had a hard time making money online. It seemed like I was just wasting so much time and coming up with nothing. Until one day I was able to find a place that I was able to work and get started. I think that if you give it enough time then it's good. Just don't quit while you're ahead of the game.
     
  13. Robert01

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    The Super Shop wasn't their only business. They had several other business. They back it up from those section. While the company invested they were certain about that it would take 10 or 12 years . It was part of their business policy.
     
  14. tsubibo

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    So they were already gearing up for the loss. That is what you call hindsight. Good for them. They must have a great feasibility study team.
     
  15. pwarbi

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    As others have said, I think a lot depends on if your running a business just to make money or if you've got an actual love for it. While it's true that you can't keep pumping money into a business indefinitely that's not giving anything back, if your business is just a sideline anyway, you may be tempted to just keep it open and hope for the best.
     
  16. m0n2k

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    You should never quit your business just make adjustments. Being optimistic is a key to success in business. If your losing money and not able to break even then your spending to much. You shouldn't spend more than your making. You have to learn how to utilize your resources, and get more for less when it comes to your business expenses. In this case you have to be your own accountant.
     
  17. maryjanebrown

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    You're staying for the wrong reasons. If your decision to stay is based more on fear than on faith, you're probably in it for the wrong reasons, says Psychology Today in an article calledContemplating Divorce. Are you afraid to hurt someone's feelings? Staying solely out of a sense of responsibility? Afraid to admit you just made a bad choice or start over (e.g., a wrong career move and now you have to quit a job you just started)?
     
  18. SF Best Limousine

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    If nothing happens with the things that you are doing maybe it's time to quit and try something else.. You only quit but will never stop trying...
     
  19. benecklary

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    Hi Let me what kind of shop you involved with if you shared i can help you out how to increase and boost up rik management to reduce the loss factors
     
  20. Corzhens

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    Thank you for your supportive comment. That business of my husband was before the year 2000 yet and he had shifted careers after that. But the shops he was connected with were those Chinese stores in the heart of Manila. Those stores allow a 30-day payment period, that means they get the goods with no payment so the cash flow is not really that tight with that payment scheme.
     

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