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'Neal
1 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?
1
https://www.instagram.com/reel/CqVbhNCt0yF/?igshid=YmMyMTA2M2Y=Damn 3 years? This is coming from a layman though but a year of business where it didn't provide any profits whatsoever would be enough reason for me to close it down. I mean if it was making barely enough to continue then maybe up to 1 1/2, but anything past that just doesn't seem worth it, especially in the current economy where prices just keep on increasing, imagine in cases where profits wouldn't be enough to keep the business afloat, they'd be lucky to last a year.
I wouldn't say I've had a business so can't answer Jack for the 2nd question though. Will keep this in mind if I ever do start though.