Quitting a business is hard when one has put in the best years of life working on it. The challenges of keeping business profitable often prompt us to think about quitting it altogether.
Here are a few reasons that I believe may cause one to quit a business.
a) Passion: If you liked something before and no longer like it , it may be the end of your passion.
My passion for first business faded a few months after I launched it. Even though I was excited initially but later I saw that it was not the business I wanted to be in. Without passion it was not possible to enjoy something that you do.
b) Market condition: Sure all entrepreneurs would like to change the world with their “awesome” product but what if the world is not ready for such a change.
It would be just great if the launch of a product coincides with the rise of the market that it seeks to address. But it does not happen often. Either market drops its growth or entrepreneur enters early into or enters quite late. All three are quite likely to happen ( based on my experience ).
c) Saturation: It is hard to find a space where marketers have not spent their time to saturate a market with me-too products. It is quite hard to be profitable in such a market.
But before one decides to quit, one must listen to what the topmost entrepreneur of the world, Richard Branson says about failures.
And read here some great tips that he shares.
Here are a few tips that I can give to you if you are thinking of quitting
#1 : Failure is a way of life
#2: It is very hard to achieve profitability
#3: It is hard to get on the right side of demand curve ( when market is growing). But if you do, make most of it ( point (b) ) above
#4: Giving up is easy. Starting back is much harder. So before you give up, think of any way of salvaging things
#5: If you cannot make things work, give them for free ( as much as you can ). At least that would get in you a great publicity. Give out code, videos, blog posts anything that helps. Internet is a community. Add to it.
#6: Passion: If you lose the passion, ask yourself if it temporary or permanent. If it can be helped by for example getting an external help, do so. Don’t give up because you are down for a day or two.
#7: Listen with open ears – In the noise of success, one often fails to listen to what for examples customers are telling.
#8: Innovate and improve. No product is a dead end. Improvements are always welcome. Any kind of improvements can be publicised to get better publicity
#9: Try something related – If market is saturated find a niche where you are good at. Build on that niche. For example if there are too many sugary colas in the market, create a fruit based drink. Put in some twist. Make it interesting.
#10: Keep trying – Not many have succeed in first shot. Success is never easy and it comes so late. But it comes to only those who are learning and trying again and again.
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