Should you give up on a business idea? It’s commonly advised that you should never give up.
And that’s great advice… as long as you have a good idea, you have a clear plan and a viable solution.
There’s nothing wise or admirable about wasting your time, no matter how committed or motivated you might be.
It’s not always easy to tell if a business idea is a good one, but there are some telltale signs that you’re probably on the wrong track.
Here are #9 points to know when its time to give up on your business idea:
You hate it. Successful entrepreneurs take a lot of time, especially at the beginning. You will have a miserable time if you don’t enjoy the business on some level. You might have the idea of creating a new dog breed, but you will not be happy if you can’t stand dogs.
It compromises your values. For example, if guns, porn, or animal products are against your values, then having a business related to one of those fields isn’t going to work for you. You have to be able to look at yourself in the mirror at the end of the day. Ensure that your idea is aligned with your values otherwise, you will struggle moving forward.
You can’t handle the start-up costs. Certain types of businesses are prohibitively expensive to start up. Pharmaceuticals and automobile production are two examples. Few people have the means to even get started with ideas like these. Finding investors is a major hurdle for most.
- The business doesn’t leverage your strengths. Run with your strengths. If you’re a great salesman, use that skill. If you’re creative, use that to your advantage. Put your strengths to good use.
- The business relies heavily on your weaknesses. Avoid your weaknesses. If your business requires great sales skills, but you’re the worst salesperson you know, you’ll want to pursue a different idea.
- There’s no market for your business. Do enough people care about your product or service? Is there a demand or need for your business idea?
- Your business idea doesn’t solve a problem. People spend money to solve problems. The problem might be a leaky faucet. The problem might be a need for entertainment. But there is a problem to be solved. Does anyone need what you want to sell?
- Your price point is too high for the market. Your business idea might be luxury, but you must understand your target audience and their limitations. High price points can come with their own issues and concerns. If your price is too different from your competitors, you will likely struggle.
- The market is saturated, and you can’t find a way to do it better or cheaper. If there’s no room for your business, you will struggle. How is your offering better than the rest? How are you going to stand out from your competitors?
Many of the most successful business people in the world have endured multiple business failures.
While there are no guarantees that your business idea will or won’t work, certain characteristics suggest your idea is poor.
Be aware of your values and ensure that your business endeavour doesn’t violate any of your core values.
Our advice – Avoid any businesses that you don’t enjoy. It’s very difficult to be successful at something you dislike.
Do your best to ensure that your business idea is a good one. Life is too short to waste your time.