It’s hard to throw in the towel, but sometimes, as Dave Pollard explains, there are some pretty good indicators that you should:
A recent article by Jim Casparie in Entrepreneur says that, if you still love what you’re doing, and if it still makes sense to you, you still believe in it, you should consider the possibility that your idea just isn’t that great, and quit, if:
- None of your closest friends or relatives has invested a dime — or even expressed any interest
- The total amount you’ve been able to raise is less than $25,000
- No one wants to join you in your madness and work for free (or stock)
- No customer has been persuaded to buy your product or service
- Your intellectual property attorney said there was nothing worth patenting
- The last investor you presented your idea to asked if you were joking
- You’ve been doing this for more than three years and still can’t support yourself or the company hasn’t hit break-even
That seems like good sense to me, but it also suggests that you didn’t do your homework before you started. One of the keys to stress-free entrepreneurial success I keep stressing is doing enough research up-front that you know the business is viable and that there’s a market for it now, that it fills a need.
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