Giving up on Your Venture Too Quickly Versus Pursuing a Dead One

July 17, 2006 by Dane | 1 Comment
In Entrepreneurial Lifestyle, Execution

Matt Inglot:

The truth is that if your business isn’t succeeding then your problems are far more internal than a simple need for more money or for a feature on Oprah. Your business plan itself needs re-evaulating and tweaking so that you hit the right formula and it becomes viable. Ignoring this fact is a sure recipe for failure and how I learned this lesson in the first place.

Based on this I’ve come up with a rule of thumb for evaluating the difference between a business that needs more time to become profitable and one that is dead in the water. It’s very simple:

A business that has the potential to succeed with time is working hard to make the improvements and changes required for market success. A dead business continues to operate on the same weakly performing ideas and methods.

Read the rest.

Photo by Яick Harris.

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