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When to abandon a business idea

As an entrepreneur how to know when it's time to abandon a business idea. Good entrepreneurs often talks about consistency - repelling the ridicule and doubt to achieve the success that nobody believes is possible. But successful leaders also have a different skill. The wisdom to eliminate the idea of failure or have less sparkling.

So if an entrepreneur, how do you know when it's time to leave an idea?

Sadly, there is no formula for creating that decision at all. Jason Calacanis, a multidisciplinary entrepreneurs, investors and is ideal site founder Mahalo.com said "Many successful people succeeded because they are well managed and perseverance, the choice depending on leadership and perseverance ". The choice depends on the leader and circumstances.

Learn how to create your own choices that make sense are themselves know when your efforts bring results, not time. Calacanis said: "These people have a sense of commitment and loyalty sometimes feel like they have to fight to the last breath. That was honored but that the innocent".

To help you decide whether it's time to abandon the business idea or not, refer to the following tips:

  • Make sure you still love that idea: If you have doubts, ask yourself whether you still motivated to create this product, or not? You are always talking about it, excited about using it and blogged about your ideas? Your enthusiasm is the heartbeat of your company. Calacanis said that "If the founder to work every day and it's a real struggle, it will spread to the entire company."

Think of the members of the company was a highlight. See if they use the product, talk about it with their friends and if they advertise it on the media and society. Calacanis said: "If they are really proud of their work, they will be glad to talk about it. If they see that work is anecdotal, it's time to reassess.

  • Give yourself a deadline: How many potential business challenges, so you constantly have to make sure I did not give up the idea too soon. Calanis sharing "To always think to focus on the opportunity you have to instill it". According to him, you should set a deadline, about 1-3 years, depending on your business, by which time you will drop the idea if it is not effective.

Meanwhile, you will set short deadlines for a few weeks to a few months to test the short-term projects or completing your growth objectives. The benchmarks will tell you when you're doing what needs to be adjusted, and the expiration date will tell you when your ideas have cracks.

  • Chat with colleagues and mentor: When you are considering leaving the idea please explain that situation with more successful entrepreneurs have had experience in this regard. The clarification stems from the process of explaining your situation and listen to their responses, "Calacanis said" You will understand the problem quickly. "

Admitting difficulty or doubt seems that you apprehensive at first but it is the fear to overcome, the young entrepreneur anxious employees may leave them or bewildered and investors do not trust them half. Calacanis back to that: "On the contrary is true, they will respect you more."

  • Looking ahead to the next five years: If there are arguing whether to leave one idea, look at your competitors - the company has achieved similar success. Calacanis advise you: "Look to the best situation and then see whether you want to be so.

Example: When Calacanis is deciding whether you want to continue manufacturing equipment popular podcast "The week in the startup," he found that the most successful competitors of him worth about $ 5 million, a figure that cannot be increased any more on recording current market, he'd have a greater chance, so he turned to the field of video, launched inside.com, a page will soon launch a series of specialized production TV shows, internet.

 

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