Your startup is going through a particularly difficult time right now. You are investing more money into it and getting lesser in return. When someone starts discussion about your startup you try to change the topic or hide yourself to avoid talking about it. You have tried everything from changing a few plans to tweaking your business model. You have even leveraged your core competencies yet your world is going topsy-turvy. Stop! Hold back and let go of it. Yes, you need to give up your present venture to start a different and new one that might turn out to be successful.
This is the advice that needs to be given to those who are focusing on a project that is practically of no use. The art of failure tells us that failures are inevitable part of experimental projects. There is no way that one can succeed without tasting failure. However maximum people do not accept that quitting is the right thing to do. That is why most of the entrepreneurs cannot come to the decision of ending their projects. Moreover, friends and family, not familiar with the art of failure or even the startup culture, keep encouraging them to continue.
When you are working on a startup closely then you can easily overlook the defects that seem obvious otherwise. A mother can never find flaws in her child. Therefore, taking outside help is the best way out. A trusted and unbiased advisor will point out the difficulties and tell you honestly if the startup is actually worth continuing.
Different types of problems crop up when one decides to withdraw from their projects. Most of them are psychological, which can further be emotional and social. If you have been working on a venture, you get emotionally attached to your work and it makes all the more difficult to quit. The other worrying factor could be the society. What would people think of me if I give up on the sole thing that I had set my heart to previously? This is an incorrect way of judging one’s capabilities. One must remember that by giving up you are not accepting failure. You are overcoming it and re-inventing to start a new venture and discover new abilities. However, there can be serious troubles faced by someone when they are about to quit. May be one had mortgaged his house to invest into his business. Such real-time financial problems need professional help.
The big fails of a venture is not the crucial hurdle. The one thing that makes entrepreneurs hesitate on giving up is the zombie fails. These are various aspects of the business, which are not helping in prospering the business yet show a bit of potential that they might bring in some profit in the future. These zombies of failures need to be overcome and the right decision needs to be taken.
Remember it’s useless making promises to everyone that your present work is the biggest opportunity and would be a groundbreaking chance. Honestly there is no such thing. It is just a risky venture that you have taken upon yourself and has equal chances of not working out. But that should not set anyone back and stop him or her from reassessing his or her skills. While giving up, your heart would ask you “what if the business has a brighter chance in the future”. But your mind knows that it might also be possible that after a year your business ends up being in a worse situation than the present.
It is necessary to understand that if you are utilizing your time and resources on something that’s not working then you are missing out on some other project that might have worked. It indeed takes a great deal of strength to shut down a company, tell your friends it didn’t work out and pay the bank loan from your pocket. By giving up on a failed startup you are not only saving and regaining your time, resources and potential but also finding a better, experienced and sturdy version of yourself. So don’t hesitate to pull the reins when need comes.