Business

Should you give up your business idea? Check out these tips before you throw in the towel.

These tips will help you know if you should hold on to your business or if it is recommended that you let go of it and look for another opportunity.

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Should you give up your business idea? Check out these tips before you throw in the towel.
Should you give up your business idea? Check out these tips before you throw in the towel.

The big ones They often talk about perseverance, about how to leave behind fear of ridicule and doubt in order to achieve success that no one thought was possible. However, great leaders have another skill that is often forgotten: the wisdom to abandon ideas that fail or lose their shine. As an entrepreneur, how do you know when it’s time to let go?

Unfortunately there is no formula for this decision. “Many successful people have succeeded because they know when to fail and others because they persevere,” said Jason Calcanis, serial entrepreneur, angel investor, and founder of Mahalo.com. The decision really depends on the guide and the situation.

Once you know how to make this decision, you need to recognize when your efforts have been productive and when they have not. “People with a broad sense of commitment and loyalty often feel like they have to fight to the last breath,” says Calcanis. “That is honorable, but naive.”

To help you decide if it’s time to get over it and move on to something else, here are four tips:

1. Make sure you still love him

When in doubt, ask yourself if you still have the urge to create this product. Think about whether you are constantly talking about whether you are excited to use it and write about your ideas. Remember, enthusiasm is the heartbeat of your business. “When the founder comes to work every day and it’s a struggle that pervades the entire organization,” says Calcanis.

Use your own team as a reference point. Find out if they are using your product, talk to their friends about it and if they are promoting it on social networks. “If they are proud of their work, they will talk about it,” says Calcanis. When your team finds the job pending, it’s time to quit.

2. Give yourself an expiration date

ship is always challenging, so you need to make sure you don’t stop too soon. Calcanis recommends that you set a deadline (e.g. three years, depending on the company) in which to determine whether you should keep your business going or if it really doesn’t work.

At the same time, set shorter deadlines – a few weeks or months – to test short-term projects. Your benchmarks show you when to make adjustments to your implementation, while the expiration date tells you when your concept is defined as a bug.

3. Talk to mentors

If you want to give up, explain the situation to successful entrepreneurs in your area. Clarity lies in explaining your situation and listening to other people’s reactions.

Admitting doubt may seem threatening at first, but it is a fear that you must overcome. “Beginners worry that their teams will leave if they admit it and investors won’t believe them,” says Calcanis. “The opposite is the case: they will respect you even more.”

4. Visualize yourself in five years

When you are thinking about giving up an idea, watch your competitors, similar companies that have already achieved success. “Look at the best case and define if you want the same,” recommends Calcanis.

For example, when Calcanis was considering whether or not to continue his popular podcast This week in startups He found that its most successful competitor was valued at nearly $ 5 million, a number that is hard to find in the radio market today. But he wanted a bigger chance, so he decided to stop and get back to video and start Inside.com, a website that produces serial television shows on the internet.

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