You are currently browsing the MrBizPlan.com weblog archives for the day April 23, 2008.
- Mr BizPlan Says (44)
- December 31, 2008: It Was The Best Of Times, It Was The Worst Of Times
- December 24, 2008: A 2008 Christmas Poem
- November 23, 2008: The Next Great Depression...In High Definition
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
Archive for April 23, 2008
Throwing in the Towel - Knowing when to Close your Business
April 23, 2008 by mrbizplan.
The fact is that not all businesses will be successful. Some have even heard that 80% of new businesses fail by the 5th year, although this is disputed by many and evidence suggests that the failure rate is closer to 50-60 percent. Even so, there may come a time in your business venture when you start questioning wheather to stick with it despite the pain or quit, getting out before the pain gets worse.
I recently read a book by Seth Godin called The Dip: A Little Book That Teaches You When To Quit (And When To Stick) and the general idea behind the book is looking for the cues that should tell you when to quit and to push through knowing there is a better future. The “dip” is that point, in whatever venture you are pursuing, where things get hard and looking into the future there is only uncertainty.
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