When do you know it is time to quit the project or business?
Business Marketing with Nika
33 replies
Is there any situation where you know it's time to leave the project?
For example:
– Did you achieve what you wanted?
– The atmosphere is not what it used to be (there is no longer the initial motive for which you once started doing it or the team members do not fit you)?
– Can't get it to run for a long time? – in this case, what indicators do you follow (e.g. time costs, financial results)
💭 Please, share your thoughts.
Replies
Rick Fan@rick_fan
Sider for iOS 2.0
I’m more inclined to think about whether there's more room for development in the project itself.
Share
I was just thinking about this earlier. I would kill a project if I am not maintaining that since 6 months.
Trangram
@busmark_w_nika It depends on how you view it. It could be about having more persistence than others, having a good memory over these two years, or the things you've learned that might help you in the future :)
Trangram
@busmark_w_nika Good for you! Sure, we just can't manage all tasks well at the same time. No giving up means no gain.
I think it’s difficult to objectify this issue. For me, it’s nothing more than a feeling.
Surfsite AI
When you realize a project or business is consuming more time than it's worth and draining your energy without bringing any positive results, it might be time to consider stepping away. Time is a precious resource, and sometimes, moving on is the best decision to protect your well-being and focus on more fulfilling opportunities. Wasting time can often be worse than wasting money because you can never get that time back.
I'm considering this question now. Google is the killer. The algorithm updates over the past year is killing small sites like mine.
I'm watching my business fail live now, for the past 3 weeks. Google search results used to be great for sending most of my traffic with 20K daily search impressions a year ago to 38 yesterday. It's over.
I came back to PH a couple weeks ago not realizing this is going to get so bad. I had planned to build an SaaS around the concept, but now... I just don't know.
edited: changed to 20k
@busmark_w_nika I have no backup plans, not after all this time growing it (5 years). It was a gif site that was/is the flagship example of my animation tech.
B2B Rocket
Launching soon!
When you are not getting the results after putting so much efforts on it.
Sparky
When you realize that the founder is not a person of integrity. Lack of integrity means being untrustworthy
Elon Jump
When you can’t pay bills
This is a great question. I recently saw this quote: "Instead of forcing something that doesn't feel right, I think sometimes you gotta have the strength to let go. Because what lies ahead may be more beautiful than what lies behind." I don't know who said it, but it resonated with me.
I am considering walking away from a project I've been working on for a couple of years. There are a number of reasons, but ultimately I want to focus on the product I'll be launching here on Product Hunt.
You touched on some of the reasons. The team dynamic has shifted, difficulty getting traction, the time and effort put in are not yielding any financial results.
Sugar Free: Food Scanner
I think if you haven't achieved the results you set before, it will be the first and main flag to stop everything. Anyway, you have to fell the pulse🤷♂️
If you've lost motivation and drive to continue pursuing the project/business, it may be time to re-evaluate whether it's still the right path. Other signs could be if you're no longer seeing growth, struggling to get traction with customers, or constantly facing major roadblocks. Ultimately, trust your gut - if it feels like an endless uphill battle without progress or fulfillment, it might be time to pivot or shut it down to focus your energy elsewhere. Curious what others think though!
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Quit when it's more pain than gain🥷🏻
Yup, lack of motivation is a big red flag that it might be time to quit or pivot. A few other signs IMO: 1) You've given it your all for a while but still aren't gaining traction. 2) Your heart's just not in it anymore. 3) The market has shifted and your product no longer fits. 4) You see a better opportunity elsewhere. Startups are hard - knowing when to quit and try something new is a valuable skill! What do others think?
The second point i think.
If I’ve tried everything and the project still isn’t gaining traction or reaching its goals, it might be time to step back and reevaluate.
Depends on your motivation and traction. If you've lost motivation and see no path forward, may be time to move on. But if still driven to solve the problem, keep iterating till you find product-market fit!
When it becomes a problem.
Until than I think one should keep going.
The day you start referring to it as a 'problem' - I think its time to quit.
OR
Diminishing returns - a stage where any extra effort is a premium that you'll never be able to earn back.
@busmark_w_nika
That's a tricky one. I do not have an objective answer to this because 'fairness' is subjective (very subjective).
So for e.g. If I charge a client $7000 for Product Design Services chances are I reached this figure based on efforts (charging by the hour) or I took the value-based pricing approach. Now, if it's value based, I am chasing an outcome w/o it's association with the number of hours I have spent chasing the outcome. I might end up spending more time and end up loosing money (in literal business sense)
But would I consider it as a loss? Maybe Yes, maybe No. The answer to the second one is your gut/instinct 😵💫