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- May 1, 2011
- 7,613
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I have a question for those who have grown their businesses to what they consider a successful level.
How do you know it's time to move on from it and sell it, automate it, or let it die over time as you focus on something else?
I'm asking about a situation in which your business was way more successful in the past than it is now. Or the market has gotten too competitive or the industry is shrinking, or whatever else is going on that makes you question whether it makes sense to continue because it looks like the golden days were in the past.
For additional context, my business now makes in profit 6-7 times less than during its best days. Profit has stayed roughly at the same level for the past 1.5 years despite various things I tried to make it grow again.
What are your personal symptoms it's time to move on? Do you have a specific income in mind when you decide it's too little to keep going? How to avoid a situation in which you keep stubbornly working on a once successful business while in reality you're justifying your (bad) decision to keep going because of the sunk cost fallacy?
If you decide it's time to move on, do you focus on a related industry or shift to a completely different field, study a new topic/business opportunity, and build from scratch? Any other thoughts you have on this topic that could be useful to make the right decision?
How do you know it's time to move on from it and sell it, automate it, or let it die over time as you focus on something else?
I'm asking about a situation in which your business was way more successful in the past than it is now. Or the market has gotten too competitive or the industry is shrinking, or whatever else is going on that makes you question whether it makes sense to continue because it looks like the golden days were in the past.
For additional context, my business now makes in profit 6-7 times less than during its best days. Profit has stayed roughly at the same level for the past 1.5 years despite various things I tried to make it grow again.
What are your personal symptoms it's time to move on? Do you have a specific income in mind when you decide it's too little to keep going? How to avoid a situation in which you keep stubbornly working on a once successful business while in reality you're justifying your (bad) decision to keep going because of the sunk cost fallacy?
If you decide it's time to move on, do you focus on a related industry or shift to a completely different field, study a new topic/business opportunity, and build from scratch? Any other thoughts you have on this topic that could be useful to make the right decision?
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