When to abandon a business venture.
This post might seem a bit random actually, but as I was about to get into the shower a couple of days ago, I thought of this beautiful little analogy, and how it really can relate to the business world. My next thought was obviously "LET ME TELL THE WORLD" So here I am.
The problem I'm addressing here is how to know when to give up on a business venture and try something else, an ability that separates the men from the boys in the business world.
So the analogy goes as follows:
Your the captain of a pretty big ship, when all of a sudden it starts sinking. (I'm hoping you're picking up on the parallels with business already) Now there are a lot of people on your ship and you're in charge. As it sinks you have two options.
1. Try to fix the problem
2. ABANDON SHIP!
It was here I realised that the more of the other people that abandon the ship, the less worthwhile it is for you to try and fix it.
So how does it relate to business? Well, if everyone has given up on the business, there's no point trying to save it, so you should give up. However if you can fix things before everyone starts jumping, keep it going.
Simple?
The problem I'm addressing here is how to know when to give up on a business venture and try something else, an ability that separates the men from the boys in the business world.
So the analogy goes as follows:
Your the captain of a pretty big ship, when all of a sudden it starts sinking. (I'm hoping you're picking up on the parallels with business already) Now there are a lot of people on your ship and you're in charge. As it sinks you have two options.
1. Try to fix the problem
2. ABANDON SHIP!
It was here I realised that the more of the other people that abandon the ship, the less worthwhile it is for you to try and fix it.
So how does it relate to business? Well, if everyone has given up on the business, there's no point trying to save it, so you should give up. However if you can fix things before everyone starts jumping, keep it going.
Simple?
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| Despite what I have just said, I don't think 'fixing' this is an option... |