This is the fifth of my crowd sourced blog entry ideas as suggested by Cameron Reilly. Cam wanted to get my thoughts on the following: When to call it a day. When to close up shop.
This is one of the most difficult propositions as an entrepreneur – when to stick and when to quit? My view is a simple analogy. When the startup or business feels like a bad romantic relationship you’ve had. The type of relationship you knew you had to get out of, but couldn’t. The type of relationship you had an unhealthy addition to, or found it too hard to leave emotionally, or was scared of the financial losses and asset split associated with leaving it. When your business feels like that, it’s time to leave. If you view your business as a relationship you have with it, then it will become clear if it’s over. Because we all know that feeling. And we usually know the truth deep down in our hearts when things are just not right. When your startup feels like that, it’s time to shut up shop.
Here’s some simple sentences that may also help you know if it’s time to quit:
It’s time to quit when, you’ve lost interest in the project, and your only doing it for the money.
It’s time to quit when, you only keep going because of the time and money you’ve already invested.
It’s time to quit when, you can’t sustain yourself or family on the income it provides, or the little time it leaves.
it’s time to quit when, you’ve had enough and would have a less stressful life in a job.
It’s time to quit when, you’ve run out of money, time or desire.
It’s time to quit when, you know who can achieve more moving onto the next project.
It’s time to quit when, your not quitting because the newness has worn off, but the business is genuinely not working.
it’s time to quit when, you achieved multiple set milestones set and they still didn’t pay off financially.
it’s time to quit when you no longer believe in what your doing.
It’s time to stay the course when none of the above applies.