Starting a business can be tough. However, closing it up is difficult too. It’s not easy for entrepreneurs to admit this. It’s just an emotional situation to be in. 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 four questions will help to determine your next move.
- Are there any viable pathways left toward profitability and growth?
- If so, what resources would the necessary pivot require?
- Are those resources available?
- As an entrepreneur, are you truly capable in leading the company that would result from the pivot?
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.
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