With 70 to 80 percent of businesses failing within the first 10 years, entrepreneurs know that starting a company isn’t easy. They also know that finding success takes more than a can-do attitude and some run-of-the-mill innovation. Success means knowing when it’s time to cut your losses and move on – be it a new venture or a pivot of your current business strategy.
As hard as it is to let go of a business made of your blood, sweat and tears, it can be the best decision in the long run. Before you company gets to that point, pay attention to these signs and make a change before its too late.
1. Your market disappeared
2. No one understands your product and services
3. You and your team have loss the drive
4. You’ve got a bad apple
5. You’re not making money