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When do you know it is time to quit the project or business?
Is there any situation where you know it's time to leave the project?
For example:
– Did you achieve what you wanted?
– The atmosphere is not what it used to be (there is no longer the initial motive for which you once started doing it or the team members do not fit you)?
– Can't get it to run for a long time? – in this case, what indicators do you follow (e.g. time costs, financial results)
💭 Please, share your thoughts.
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Harshil Patel
When it becomes a problem.
Until than I think one should keep going.
The day you start referring to it as a 'problem' - I think its time to quit.
OR
Diminishing returns - a stage where any extra effort is a premium that you'll never be able to earn back.
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@busmark_w_nika
That's a tricky one. I do not have an objective answer to this because 'fairness' is subjective (very subjective).
So for e.g. If I charge a client $7000 for Product Design Services chances are I reached this figure based on efforts (charging by the hour) or I took the value-based pricing approach. Now, if it's value based, I am chasing an outcome w/o it's association with the number of hours I have spent chasing the outcome. I might end up spending more time and end up loosing money (in literal business sense)
But would I consider it as a loss? Maybe Yes, maybe No. The answer to the second one is your gut/instinct 😵💫
@busmark_w_nika It depends on how you view it. It could be about having more persistence than others, having a good memory over these two years, or the things you've learned that might help you in the future :)
@busmark_w_nika Good for you! Sure, we just can't manage all tasks well at the same time. No giving up means no gain.
usually when I realize that I am no longer learning something from others, or when processes don't work well and everybody knows, but no one wants to change them, well... there my motivation falls, ..that is bad because.. I know.. sometimes you need to be resilient.. but I also know myself and how much I need to be motivated to give my 150%
When you realize a project or business is consuming more time than it's worth and draining your energy without bringing any positive results, it might be time to consider stepping away. Time is a precious resource, and sometimes, moving on is the best decision to protect your well-being and focus on more fulfilling opportunities. Wasting time can often be worse than wasting money because you can never get that time back.
I think if you haven't achieved the results you set before, it will be the first and main flag to stop everything. Anyway, you have to fell the pulse🤷♂️
I would say, take a break! No decisions can be right when we're burned out. When we're in a bad mood, even good things seem bad. But when we’re fully charged, even bad things can be seen as opportunities to improve. So let’s give ourselves time to fully relax, and we’ll find clarity returning.
I'm considering this question now. Google is the killer. The algorithm updates over the past year is killing small sites like mine.
I'm watching my business fail live now, for the past 3 weeks. Google search results used to be great for sending most of my traffic with 20K daily search impressions a year ago to 38 yesterday. It's over.
I came back to PH a couple weeks ago not realizing this is going to get so bad. I had planned to build an SaaS around the concept, but now... I just don't know.
edited: changed to 20k
@busmark_w_nika I have no backup plans, not after all this time growing it (5 years). It was a gif site that was/is the flagship example of my animation tech.
I think when it starts draining your energy and you stop seeing the rewards. Great question!
I think it’s difficult to objectify this issue. For me, it’s nothing more than a feeling.
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Depends on your motivation and traction. If you've lost motivation and see no path forward, may be time to move on. But if still driven to solve the problem, keep iterating till you find product-market fit!
If you've lost motivation and drive to continue pursuing the project/business, it may be time to re-evaluate whether it's still the right path. Other signs could be if you're no longer seeing growth, struggling to get traction with customers, or constantly facing major roadblocks. Ultimately, trust your gut - if it feels like an endless uphill battle without progress or fulfillment, it might be time to pivot or shut it down to focus your energy elsewhere. Curious what others think though!