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=Kelvin O'Neal is straight up savage, right? I get that he's all about cutting through the BS, but I ain't vibin' with his idea that if a biz ain't making bank in three years, it should be dunzo.
Let's keep it 100: launching a biz is mad risky, ain't no guarantees that it'll pop off. But don't bounce just cause things don't jump off straight outta the gate. Maybe it's time to flip the script and be optimistic and doubtful. Who knows what's gonna go down in the future, right?
Don't forget the key to all of this, humor, homie. Starting a business can be hella stressful and crazy challenging, but it's also a wild ride, filled with more plot twists than an M. Night Shyamalan movie. So, why not just kick back and laugh at yourself and your slip-ups along the way? I mean, what else are you gonna do? Cry like a baby? Nah, that's weak sauce, bro.