What determines whether it makes sense to put energy into the business or quit?
Business Marketing with Nika
34 replies
Hard decisions at the start of the week. 🫠
A few years ago, the hard thing for me was "to start".
Today, it is "to stop".
What makes you stop? (besides bankruptcy and running your funds... hh)
What amount of time is needed to know if it makes sense to try to run that business?
*God, give me a sign. 😃
Replies
Anahit Amirakyan@anahit_am
In my case, it’s all worth trying over and over again as long as I believe in it.
If truly in your heart you believe it’s going to work out keep pushing.
But if deep down you don’t believe the project you are working on it’s time to move on.
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@anahit_am are there any projects you quit?
@busmark_w_nika I did, actually it was not my own project. I was working as a Project Manager. And there came a time when I no longer believed in what I was doing. I decided to quit because my lack of trust or disbelief could have affected the project A LOT and I could become the reason it sank.
However, it's still operating and actually very well, we are still on very good terms with the founder and I am happy I let someone else with more passion for that project take over my place.
I think you can feel it, when there is a complete lack of passion over a longer period it might be time to move on to other things. I noticed it once in a situation where I could still have pivoted but decided to call it a day instead.
@sebastian_karges What was the reaction of people who put trust in your business after you decided to quit?
Awhhh Nika, I feel your pain. 🥲I've been there many times in many different situations. I've made a decision to quit only to change my mind the next day, I've stopped projects only to restart them after taking a break, I've had great business ideas which I've abandoned... Your mind can go 100 miles an hour taking sharp turns and u-turns. The only way to know which thoughts to entertain and which way to go is to stop and reassess everything. Ask yourself these three questions: 1. Why am I doing what I'm doing? (is it for money, real passion, necessity etc) 2. What will happen if I quit? ( real impact on your and other people's life wheter it's positive or negative) 3. What other options do I have? ( how important is this to you and your future success? Do you have better options ? ). Dig deep into your soul and you'll get your answer! Sending you lots of hugs and support 🤗
@simona_o_neill3 I think that the first question and the 3 points covered in it should be fulfilled equally (ideally). Because when you do something only because of money without a passion, you will get bored soon. When you do something because of your passion (without money and necessity), you will feel the fulfilment of your personality but materialistically it won't be sustainable (when it takes so much time). This scenario is hard because you have a relationship with a project and it is hard to say Goodbye to all things and people.
Thanks for giving these 3 questions on the plate, 🙂❤️ I have to reinstate my approach to some things.
Launching soon!
You never know if the tipping point is right around the corner if you quit 😏 # fomo is real
Launching soon!
"It's only when you exit doors, that you can enter new doors"
@sentry_co Yeah, it's more punchy and it sounds like one has to infiltrate somewhere even if he/she is not welcome 😀🤣
Launching soon!
@busmark_w_nika Always be infiltrating! Ive pretty much gone through my whole life with imposter syndrome 😂
The team, flexibility offered
In my opinion, after trying all angles, different markets and still little to no bites.
However, sometimes people just give up too easily, when all they were doing was selling to the wrong market. You can be surprised to find out, what is the ideal market you should be marketing to.
@busmark_w_nika It really depends on the goals you had set out before.
E.g If you have 0 sales after 6 to 8 months even after trying multiple angles and markets, then time to call it quits because, with no cash flow, it will likely exhaust all your funds hence not able to start a new venture.
Launching soon!
Hi @busmark_w_nika Nika, in my opinion its all about clarity. If you have clarity on the financial and functional goals and keep putting work on it then the business will eventually grow and if its growing then quitting thought will never come.. hope this make sense to you ( :
@istiakahmad yeah, I have to create some sheet where I will write pros and cons to find out if some things make sense to me :D
Hey there tech enthusiasts 🚀!
Ah, the eternal startup dilemma - to persevere or to pivot? As someone knee-deep in the startup and agency world, I feel you on this. When it comes to determining whether to pour in more energy or call it quits, it usually boils down to a mix of gut feeling, market feedback, and data analysis.
Knowing when to stop can be just as crucial as knowing when to start. Sometimes, it's about recognizing when the effort outweighs the potential gain or when the market demand isn't aligning with your offering. It's like trying to read the Matrix code sometimes! 😄
I'd say give it enough time to gather sufficient data and insights to make an informed decision. Trust me, Gurkaran Singh, there's no one-size-fits-all answer here. But hey, keep tinkering with those circuits and codes because who knows, your next venture might just be the perfect match for your skills and passion. Hang in there, buddy! 🌟#TechLife #StartupStruggles
First is interest for me, if the motivation and passion keeps diminishing and also the revenue, it determines too
Lol ‘god give me a sign’
To answer you question for me it’s validation. If you’re pushing and you don’t have users or customers and you’ve been going at it for a while, pivot, try changing things a little. And keep doing that. If that doesn’t work then maybe a strong pivot into something else.
There are several people who literally went broke before they succeeded. Ed Mylett, Sylvester Stallone to name just 2
Hey Nika, I have definitely encountered this dilemma in the past, although as an IC, not an owner. Looking back, many of the issues came down to lack of culture and meaningful growth. Having your work challenged on a daily basis can really erode your confidence over time.
I did go through a brief phase of exploring what else I could pivot to outside of the startup world, especially after experiencing a string of negative environments. Landscaping and gardening sounds lovely, after all!
But I'm glad I stayed, because I ended up at an amazing company with caring leaders.
@leslie_stinson As an individual contributor what challenges are you facing right now?
@busmark_w_nika Thankfully just the hustle of a startup, but it's manageable by setting expectations.
Sometimes my mental health forces me to pause for sometime but it won’t allow me to quit.
@jerryton_surya1 Yeah, I feel you bro. I do not want to quit because I have invested so much energy and time into something. :-D
Ask advice to your mentors. That usually helps.
Good luck with everything
@busmark_w_nika I am lucky enough to have great entrepreneurs in my close network. I feel very lucky to get their advices