How long in years should I go before I give up and close down a business that is unprofitable?
I was listening to a podcast where Kelvin O'Neal1 was featured. He said, "If you are not making money after 36months(3 years), you've gotta take a behind the barn and shoot it. It's just a hobby. It's not a business."
According to him, "people can get so stuck on a bad idea that they just keep thinking that if I keep working on it, it's going to fix itself. It doesn't fix itself. It was put on your journey to teach you, what not to do."
- To what extent do you agree or disagree with this assertion ?
-Have you had a business that even though it wasn't profitable in the first three (3) years, then it kicked off to bring in good returns in the fourth (4th) year?
3 years is a long time of waiting and trying out to make yourself get convinced whether your business is profitable or not,In my case then i would definitely be stopping out my business in 1 year time if ever i do see that
it is pointless on trying out to sustain that business for too long on which you are just simply throwing or shelling out your money for nothing and this is something that we dont really like to happen.
Well, its up to someones or businessowners decisions on when they would be stopping.You are building a business to make revenue or profits and not to run in out for just trying out to make it as a hobby
or something that you are trying to figure out something or whats wrong.