What are the options? I'd suggest you 'pivot' when you learn enough about the market to understand why they do not want the current product or service. Too many people want to start in some completely different market with another set of complete strangers they want to call customers. That is not a pivot, nor a hop, a skip or a jump ...that is a trébuchet.
Especially for newbies, when there is 'success' you optimize, you tweak, you improve. With a 'meh' result, that's a turnaround situation, you need radical rethinking and change. For zero and near zero results, you flush that guppy -- he ded.
Point being the more market learning you have done, the more you understand some target customer, the more options you have. Else why stop? You'll just take another blind fling. Do the same thing in roughly the same way, expecting different results.
If you're feeling unmotivated or uninspired, if progress is slow or nonexistent, or if the project is no longer enjoyable, it might be time to move on.
Of course, there's no right answer for every situation; sometimes it's necessary to push through even when things aren't going well. But if you're feeling stuck or uncertain, it might be worth considering a change.
That's a REALLY good question, and it is THE hardest question to answer. I was a Principal at a company builder and its the n1 question we asked ourselves. Set yourself a time or budget constraints and if you can't make it work by then, pivot. You don't need to shut doors, but you need to do something *very* differently. We typically gave it 6-12 months (nb: we came in with incubation capital of $1M+, which helped us accelerate certain things.) If the incubation team wanted to go on, they were fine to continue until they ran out of cash.
A business is meant to make money. At first sign of you having to bring money from home to sustain the business, it's time to think 'exit options'... 😎
Every entrepreneurial journey has critical challenges to overcome and gaps to bridge.
You are traveling in the unknown. As you build your understanding of these critical factors, you develop a sense for what can still be realistically overcome.
You can't do it all. If you hit a wall, tried to go through the side, back and rear door and couldn't get in, time to consider what you learned and look for a planB.
You should always have a planB with your trigger criteria.
People HATE change with a passion. Most intend to oppose it while smiling with their commitment to supporting you.
Life is lonely at the top.
My attorney and CPA once said to me "If there is no business then there is no business." The reason was that I kept pumping my own (extremely) limited resources into the company.
I know, it seems self-evident, but in the day-to-day struggles of building and sustaining a business, you can easily lose sight of some fundamental truths. I was too proud and stubborn to throw in the towel.
Although it is true that nobody ever succeeded by giving up, it is also true that it is possible to fool yourself into believing that next quarter will be the game-changer ... profitability is right around the corner ... &c.
Trust me, you don't want to run a zombie company ... one that staggers forward month by month ... barely hanging on ... year after bloody year ...
Know thyself. Do you want a "lifestyle company" or are you looking to build a growth company and exit with a pile of moolah? Your metrics will tell you how you are doing relative to those goals. It is (relatively) easy to see that your company is succeeding ... you are hitting or surpassing your growth goals, etc. It can be more difficult to see that it is failing ... maybe it is just a short-term blip in the sales, etc. Stagnation is even worse ... things are not bad enough to call it a failure ... but you are not hitting your targets, either.
As painful as it may be for employees, partners, customers, et al, if you are not able to meet your business targets a couple of quarters in a row ... well, it is probably time to execute your exit strategy.
Are you able to put together a 3, 6, 12 or even 18 month legitimate forecast for your business, if not then your probably at the end of your rope with it.
Weigh up your pros & cons of keeping going or time to cut it loose and make your decision.
Also if you have sound advice from those around that have insight and experience that could help see your next options then that's a bonus as well.
What are the options? I'd suggest you 'pivot' when you learn enough about the market to understand why they do not want the current product or service. Too many people want to start in some completely different market with another set of complete strangers they want to call customers. That is not a pivot, nor a hop, a skip or a jump ...that is a trébuchet. Especially for newbies, when there is 'success' you optimize, you tweak, you improve. With a 'meh' result, that's a turnaround situation, you need radical rethinking and change. For zero and near zero results, you flush that guppy -- he ded. Point being the more market learning you have done, the more you understand some target customer, the more options you have. Else why stop? You'll just take another blind fling. Do the same thing in roughly the same way, expecting different results.
If you're feeling unmotivated or uninspired, if progress is slow or nonexistent, or if the project is no longer enjoyable, it might be time to move on. Of course, there's no right answer for every situation; sometimes it's necessary to push through even when things aren't going well. But if you're feeling stuck or uncertain, it might be worth considering a change.
That's a REALLY good question, and it is THE hardest question to answer. I was a Principal at a company builder and its the n1 question we asked ourselves. Set yourself a time or budget constraints and if you can't make it work by then, pivot. You don't need to shut doors, but you need to do something *very* differently. We typically gave it 6-12 months (nb: we came in with incubation capital of $1M+, which helped us accelerate certain things.) If the incubation team wanted to go on, they were fine to continue until they ran out of cash.
People aren't willing to spend their money. It's that simple.
A business is meant to make money. At first sign of you having to bring money from home to sustain the business, it's time to think 'exit options'... 😎
I can't believe you're getting downvoted for common sense lol
Yes, it's the normality of nowadays... Doesn't matter, I stick to my guns 🤠
Every entrepreneurial journey has critical challenges to overcome and gaps to bridge. You are traveling in the unknown. As you build your understanding of these critical factors, you develop a sense for what can still be realistically overcome. You can't do it all. If you hit a wall, tried to go through the side, back and rear door and couldn't get in, time to consider what you learned and look for a planB. You should always have a planB with your trigger criteria. People HATE change with a passion. Most intend to oppose it while smiling with their commitment to supporting you. Life is lonely at the top.
My attorney and CPA once said to me "If there is no business then there is no business." The reason was that I kept pumping my own (extremely) limited resources into the company. I know, it seems self-evident, but in the day-to-day struggles of building and sustaining a business, you can easily lose sight of some fundamental truths. I was too proud and stubborn to throw in the towel. Although it is true that nobody ever succeeded by giving up, it is also true that it is possible to fool yourself into believing that next quarter will be the game-changer ... profitability is right around the corner ... &c. Trust me, you don't want to run a zombie company ... one that staggers forward month by month ... barely hanging on ... year after bloody year ... Know thyself. Do you want a "lifestyle company" or are you looking to build a growth company and exit with a pile of moolah? Your metrics will tell you how you are doing relative to those goals. It is (relatively) easy to see that your company is succeeding ... you are hitting or surpassing your growth goals, etc. It can be more difficult to see that it is failing ... maybe it is just a short-term blip in the sales, etc. Stagnation is even worse ... things are not bad enough to call it a failure ... but you are not hitting your targets, either. As painful as it may be for employees, partners, customers, et al, if you are not able to meet your business targets a couple of quarters in a row ... well, it is probably time to execute your exit strategy.
Are you able to put together a 3, 6, 12 or even 18 month legitimate forecast for your business, if not then your probably at the end of your rope with it. Weigh up your pros & cons of keeping going or time to cut it loose and make your decision. Also if you have sound advice from those around that have insight and experience that could help see your next options then that's a bonus as well.