Running and growing a business is no joke. Even when you are solving a great need in society, entrepreneurship is one of the toughest things to do. At times, all efforts by the business owner may seem unsuccessful. Sometimes it’s time to move on, and for the stubborn entrepreneurs, this is not in their dictionary.
So when is the right time to hang it all up? When do you abandon it and move to the next opportunity? As someone that has delved into many businesses, I would share with you some signs that might indicate it’s the right time to quit your business and move on.
It Isn’t Growing
There are some businesses that take a while to gain ground and momentum and there are some businesses that do not require growth. But for most businesses, if it is not growing then there is a reason. If there are extended periods of no growth then you may look closely into why it is that way.
You aren’t Growing
When a business does not make you better then what use it? You should be able to learn new things and be challenged in your work. If you are not challenged in your business then it may be a good sign that you are losing interest. You could take a break, get some training, or have a conversation with a mentor.
It Isn’t Rewarding
Compensation does not always involve money, it could come in the form of free time, the ability to work with people you like, doing work you enjoy, and then the financial benefit. If your business does not provide any of these then you might need to rethink.
It’s Not What You Set Out To Create
Sometimes a business grows so big that it loses its unique identity and what it is known for. In situations like this, rules and policies may no longer relate to the business and this could make the business lose the culture.
Relationships are Suffering
If your friends and family are telling you it is getting too much then it could mean you need to have a rethink. If your business has started to separate you from your family and makes you spend little or no time with loved ones then it could be a sign. You could ask people who are closest to you If you should quit, and listen to what they have to say.
While these reasons could give you an idea of when to quit a business, you should be aware that you can reignite your love for a business and the business itself. You can ask yourself self scrutinizing questions to understand if you truly enjoy what you do and would want to continue. Only then would you decide to quit or try again.
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