Closing Down

The decision to persist with a business or to walk away is complex and deeply personal. Not everyone who starts a business will end up with the same business.

On one hand, perseverance can sometimes lead to eventual success, while on the other, recognizing when to step back can prevent further losses and open new opportunities. But what holds us back is that we started with a big announcement and we ended up with a whim. That is what goes through the heads of many when the business struggles.

It's important to weigh the situation carefully, considering factors like the business's potential, market conditions, personal well-being, and financial implications.

Talk to your advisors, friends who had the same situations then, peers who had sold their businesses, and others who shut down their businesses and joined back the workforce. They can give you insights as they go through that stage of their lives before you and perhaps even small suggestions that can help you avoid going down deeper too.

Ultimately, whether to continue or to walk away, doing so with a positive outlook and learning from the experience is a valuable approach. As there is nothing wrong with stopping to take a breath and to continue at a later stage of life too. Not all businesses are ready to run and not everyone is suitable to run every business too.

Just don’t give up on yourself.