Have you heard of the boy who tried to take candies out of the jar and got his hand stuck inside? He couldn't take his hand out without letting go of the candies. But the very reason he put his hand into the jar was to take out the candies.
Letting go is life's biggest test. It's preached by many religions and new-age gurus. But it's seldom easy to practise, especially if it's something close to your heart, like a startup that you worked really hard to get going but were not quite able to get it to take off.
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Here are five signs that tell you to shut down your business and start over afresh when the time is still right.
The idea is outdated
One of the major reasons for the failure of startups is, surprisingly, technological advancement. If technology has made your fabulous business idea obsolete, it's time for you to call it a day and start all over. But this time, take into account the fast-changing nature of the modern world and the power of new technology.
Your financial standing is taking a beating
A great idea whose time has not yet come can create as much havoc as a bad or mediocre idea. No matter how awesome its core idea is, if your business is not able to pay your employees or your vendors on time, you need to think about pulling the shutters before things get worse.
You don't have the time
If you’re hit by a really big idea, and if your current commitment is keeping you from pursuing it, you must seriously consider assessing the merits of continuing with your current business. If you can see that the new idea is better than the one you're working on right now, if it's more challenging and motivating, if it's demanding all of your passion, then you must close down and dedicate your time to the new venture.
Your customers or clients are the lifeline of your business. If you are not able to acquire them or retain them, it is a sign for you to wind up. Your idea may be a good one, but they're not just ready for it. Shut down and go with what the market needs right now.
Your people are quitting
It's sad but true that no one will believe or love your idea as much as you do. People take up jobs for a variety of reasons, the most common one being furthering their own careers. If your business set up is not offering them growth or salary on time, as we saw earlier, they will move on to greener pastures. If you see this happening, it is time for you to move on, too.
Not all is lost if you are able to make the right decisions at the right time. So keep your senses open and alert for the above signs. If you have the opportunity to sell your business, do it. It's better to let go and start afresh than getting paralysed with an idea that's just not working in your favour.