July 20, 2024

Brad Marolf

Business & Finance Wonders

How To Decide Whether To Give Up On A Business Idea Or Persevere

How To Decide Whether To Give Up On A Business Idea Or Persevere

In today’s tumultuous economic climate, some great business ideas won’t have what it takes to capture market share and survive. In other cases, however, a few tweaks can help you course correct and set a viable business plan back on track to become wildly successful.

When you’ve reached a crossroads with an idea you have for a business, market or product and are trying to decide whether to walk away from it or keep pushing, there are some key things to consider that will help you gain a clearer perspective. Below, eight members of Forbes Coaches Council discuss the advice they would share with their clients if they were in this same boat.

1. Dig Deep Into What You Really Want

Entrepreneurs are often quick starters, which is a great thing for doing business. However, in order to thrive sustainably, it’s important to have clarity and focus on the right things. This means digging deep into what you really want for your business now, in the future and in relation to your life—as well as how much energy, time and financial investment it requires—before you commit. – Amy Nguyen, Happiness Infinity LLC

2. Keep An Eye On The Future

One of the hardest things to do is to walk away from something you’ve invested time, money, reputation and passion in. However, we often have to do just that; to do so, you have to be willing to ignore all sunk costs, both direct and indirect. Keep an eye on the future and what serves where you need to go, not where you’ve been. What is essential? What needs to emerge? Let these answers guide you. – Joanne Heyman, Heyman Partners

3. Make Sure You Have All Of The Necessary Information

Too often, we make decisions based on fear. Instead, make sure you have all of the necessary information. What is the best possible outcome if you walk away? What is the best possible outcome if you stay? What is the worst outcome? What are the challenges and advantages of each decision? Break decisions down into bite-size pieces and weigh the pros and cons of the situation. – Krystal Yates, EBR HR Experts

Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?

4. Consult With Others Who Achieved Success

You could be walking away just as the light you are looking for is starting to break on the horizon. Consult with others who have achieved the success you seek and find out what kept them from taking the final step away from an idea. Take a “perspective break”—step away from the process, give yourself some breathing room, and reevaluate the steps you chose to pursue the idea. – Lee Meadows, Meadows Consulting

5. Base Decisions On Industry Expectations

I would ask them to clarify what they anticipate happening in the industry and coach them on how to find this information and make decisions around it. Business owners and innovators cannot operate in a vacuum; they need to determine the viability of their operation or idea and come up with progressive steps to weather challenges and scale their offerings. Hard data can often illuminate optimal next steps. – Laura Smith-Proulx, An Expert Resume

6. Examine Trends In The Market And Among The Competition

Data is your friend. The more concrete the information, the better. Examine trends in the market and among the competition. Are the business results making a strong case to call it a day, or is it a case of nerves? Is it boredom? Compare the initial vision, mission and purpose to the current state. How aligned are they now? Intuition plays an important role in decision making. What does your gut say? – Susan Sadler, Sadler Communications LLC

7. Consider Limiting Beliefs, Blind Spots And Alternatives

First, I would ask questions to understand why the client is considering walking away. Understanding why will help me frame an appropriate decision-making process for the client. Second, I would speak to the client candidly about limiting beliefs, blind spots and alternatives that they may not have considered. – Natasha Charles, Intuitive Coaching w/ Natasha Charles

8. Assess The Strength Of Your Belief In The Business

All ideas are fueled by belief. I would urge the client to assess the strength of their belief in the business, market or product idea, and if that is strong, have them look at alternative options to turn it into reality. This could mean transforming the idea, going with only a portion of the idea or, based on market conditions, reviewing alternative ways to make it a reality. – Rittu Sinha, The Balanced Bandwagon