When do you know it is time to quit the project or business?
Business Marketing with Nika
68 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
Dan O'Malley@dan_o_malley
Launching soon!
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.
Share
Launching soon!
@busmark_w_nika Thanks for your words as well!
minimalist phone: creating folders
@dan_o_malley I Have heard that quote as well and it lies in my head. I think you are going in the right direction. Thank you Dan for your words. :)
The second point i think, you just arent motivated enough to do it due to whatever reason.
minimalist phone: creating folders
@azlan_tariq It happened to me recently and tbh, it was very difficult to abandon the project. The only way was to find focus on another project.
usually when I realize that I am no longer learning something from others, or when processes don't work well and everybody knows, but no one wants to change them, well... there my motivation falls, ..that is bad because.. I know.. sometimes you need to be resilient.. but I also know myself and how much I need to be motivated to give my 150%
minimalist phone: creating folders
@daniela_bavuso 😀 Yes, I forgot about this factor when there is no career or self-development shift, **** it. :D
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.
minimalist phone: creating folders
@andreea_staicu Totally relate! how long or how much money do I need to burn to know that it is not worth of my attention? 😅 I still dunno the right dose.
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.
minimalist phone: creating folders
@harshil_patel03 The first scenario is quite obvious (you feel that something is wrong), but in the second scenario: how to set figures that determine whether is time to quit?
@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 😵💫
minimalist phone: creating folders
@harshil_patel03 IMO it is a combination of both. I stuck to the project very long just because I liked the idea and had the passion (I was in deficit – financial and also time loss and my run for the project was totally non-logical). So business owners should set boundaries for amounts. For time duration it is harder but for the financial aspect, you should set at what price it is still an investment for the future (when it is supposed to be returned) and when you do not complete that plan, you should quit. Setting it is very hard. Every individual has different options. 🥲
minimalist phone: creating folders
When you can’t pay bills
minimalist phone: creating folders
@ag94 @busmark_w_nika Curious do you think its a good idea to work on multiple projects that you are equally interested in? Depending on which one sticks first (i.e. where you get customers), you go with that one.
minimalist phone: creating folders
@busmark_w_nika good point
I think when it starts draining your energy and you stop seeing the rewards. Great question!
minimalist phone: creating folders
@deepa_somasunderam Thank you, Deepa, for your POV. This point explains it quite well. :)
Launching soon!
When you hit somekind of saturation level maybe.
minimalist phone: creating folders
@kavyaaatripathi Could you please specify this?
I think it’s difficult to objectify this issue. For me, it’s nothing more than a feeling.
minimalist phone: creating folders
@andres_rosas_sanchez I wouldn't like to bet only on my feelings because that's the real struggle. 😅 I do not know that it is time to stop and I mess with project another year or two :D
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🤷♂️
minimalist phone: creating folders
@boris_moris44 For sure, one needs to set SMART Goals – if they are precisely specific, it is easier to find out when it goes well/stops working.
Zebracat AI
Launching soon!
When you are not getting the results after putting so much efforts on it.
minimalist phone: creating folders
@hamza_afzal_butt How much effort is "too much"? 🤔
I think it’s time to consider quitting when I feel like I’m constantly running into the same problems without any progress. It’s important to reassess if things aren’t moving forward.
minimalist phone: creating folders
@charlie_grayson Hey, Charlie! Have you ever happened to you that you abandoned such a project and after a few weeks/months/years made a comeback?
I find it helpful to look at my passion and motivation. If I’ve lost interest and can’t see a way to reignite it, it might be time to let go.
minimalist phone: creating folders
@maddi_lene_ What are you passionate about RN?
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.
minimalist phone: creating folders
@luke_bell Can agree with that.
Flow State Training
Launching soon!
I was just thinking about this earlier. I would kill a project if I am not maintaining that since 6 months.
minimalist phone: creating folders
@vaibhavdwivedi I think everybody uses 6 months for approval :D Is it just only me who messes up for 2 years? :DDD
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 :)
minimalist phone: creating folders
@derek_liu_dev I think that the value is experience and people I met, But then I bumped into better project, so I needed to shut some things down :)
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.
minimalist phone: creating folders
@derek_liu_dev I wouldn't say it better! :)
Trangram
I would say, take a break! No decisions can be right when we're burned out. When we're in a bad mood, even good things seem bad. But when we’re fully charged, even bad things can be seen as opportunities to improve. So let’s give ourselves time to fully relax, and we’ll find clarity returning.
minimalist phone: creating folders
Good point. Clear mind during decision-making is crucial :) Thank you Derek :) @derek_liu_dev
Trangram
@busmark_w_nika I knew you knew it!
Sparky
When you realize that the founder is not a person of integrity. Lack of integrity means being untrustworthy
minimalist phone: creating folders
Do we have any example of that kind of founder in the business world? Just curious what (who) can I recall under this statement :) @liu_kexin
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
minimalist phone: creating folders
@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.
