4 Signs That You Should Quit a Failing Startup Business
 

Startup Guides > 4 Signs That You Should Quit a Failing Startup Business

Okay, starting a business was exciting. And now that you've poured your heart and soul, your time, your money and more into your business, it simply must succeed... Right? While that's nice to say, it's not always true. The more you're able to realize that success can come and go, the better positioned you'll be to take advantage of other, more promising opportunities.

Here's how to know when to give up:

1) Are you the only one who still believes in your business?

Sometimes the smartest people can have a blind spot when it comes to their own vision. Like that girl or boyfriend that all of your family and friends didn't like - it may be time to get a clue.

2) Are the competitors actually better?

What if your idea for a business consisted of wrapping a belt around a person's waist to allow him to swim laps in a small pool. Well, there's now a small pool with a natural current you can set to whatever speed you want to swim forward without actually moving. Most people would choose that over wearing a belt in the water.

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3) How often have you landed a second meeting?

If your days are spent contacting new people to invest or buy, but you never get past that initial meeting, chances are you're not offering something worth a second look. Yes, we've all heard those stories about the concept of copying being rejected by Polaroid, and the initial dismissal of Post-its, but those stories are rare. If you've been going to first meeting after first meeting with no success, either change or quit.

4) Are you hitting a wall?

You've heard the definition of insanity: Doing the same thing over and over and expecting different results. If you've run out of approaches, ideas or directions, maybe the basic concept is just unworkable.

We have a tendency to admire persistence and belittle a quitter. Don't think that way. Ask yourself, "Is this the last good idea I'm ever going to have?" Sometimes success is about letting go of your current dream so that you have room for others. Don't you agree?

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4 Signs That You Should Quit a Failing Startup Business