Starting a business is tough. However, closing it down is even tougher. It’s not easy for entrepreneurs to admit this. It’s just an emotional situation to be in. It will not look good on your ego, self-confidence and reputation. No matter how sad you might be, a difficult decision has to be made—whether to end it or to swallow the situation and continue marching forward. The signs are obvious and you’re able to see all the red flags for yourself. But these questions will help to determine your next move.
- Are there any viable pathways left toward profitability and growth in paid customers?
- If so, what resources would the necessary pivot require?
- Are those resources available?
- Can profitability and growth in paid customers be achieved without additional funding from investors?
- As an entrepreneur, are you truly capable in leading the company that would result from the pivot?
- Can you resign from your position as the CEO and allow other more capable individual to lead the company?
If the answer to any of the above questions is no, then it’s probably time for you to plan for a graceful end to the business. Otherwise, the business will gracefully end you—and it is just a matter of time.
