Thread: When to call it quits?

Slightly off topic but I just wanted to throw in my two cents worth about how I regard business failures in case it's of use.

Failures of varying impact WILL occur along the way. They can be prepared for & are not something to be scared of & as long as you learn from them you've gained some valuable experience & have discovered a way that something won't work. You might be a bit poorer than when you started but it's only money & you can always make more of it (if you doubt this at all you may need to rethink your entrepreneurial ambitions).

If you believe in a venture & have done your homework, prepare for what contingencies you can then get stuck in & give it a good go before pulling the plug. Perseverance is absolutely crucial to success.

I agree with you, as long as I learn something then I haven't failed. Only thing that went wrong is the money side which can be fixed and made back.

Originally Posted by lookingahead

What made yall call it quits?

When I realized the market didn't demand the value I offered. Without demand, you can't make $. The business was a figment of selfishness with absolutely no reflection to what the market needed, or wanted.

Originally Posted by lookingahead

Would you call them complete failure or what?

Failure is only failure if you learn absolutely nothing. With failure comes wisdom.

The most important thing I taught myself in currency trading was to cut losses early.

I think the same can be said in business. If you've given it your absolute best, and its not succeeding, move onto something else.

If you've given it your absolute best, and its not succeeding, move onto something else.

When have you given your absolute best? and how do you decide that it's not succeeding? What about statements like 'succes is just around the corner', or 'succes comes 1 step after you quited'?

Originally Posted by lookingahead

What made yall call it quits?

When I ran out of cash and realized it was a failed model from the start. If I had any useful advice on this it is FAIL FAST AND CHEAP

There are no failures only setbacks.

Whats the old 7 up story? The guy started with 1 up then on to 2 up and so on and so on. He finally quit and sold 6up to an investor who rebranded it as 7 up. The rest is history.

I dont believe it is a true story but the message should read loud and clear. NEVER give up on your dreams!

(failures)Setbacks are learning opportunities that encourage growth and further development.

I think the most important factor is if it's still makes you happy.
Money is awesome. I will become rich within now and 5 years. But I don't expect money to make me happy.
If what you have to do to stay or become rich makes you miserable, there is no reason to keep doing it.
There are lots of ways on the fastlane you can take, it doesnt have to be the one that makes you sad.

So there's not really failures. As long as you learn as you go and stay happy.

Originally Posted by MJDeMarco

When I realized the market didn't demand the value I offered. Without demand, you can't make $. The business was a figment of selfishness with absolutely no reflection to what the market needed, or wanted.



Failure is only failure if you learn absolutely nothing. With failure comes wisdom.

I asked this question in a previous thread. And, as usual, MJ provides.