Eight Signs That Your Business May No Longer Be Worth Your Time

When an entrepreneur starts a new business, it’s never with the intention to give up on it one day. The sad truth, however, is that running a business unfortunately doesn’t always equate to success, and a particular business venture may not work out how you’d planned.

After trying so hard to make your business successful, it can be difficult to think about moving on to something else or to know exactly when to throw in the towel. To provide some guidance, eight members from Young Entrepreneur Council shared a few of the signs that will show you when your business may no longer be worth your time.

1. You’re Feeling Dread Or A Lack Of Enjoyment

There’s a difference between being demoralized and flat out dreading your project. If you sincerely dread your entrepreneurial project, I’d say think about scrapping it or selling it if you can. While every entrepreneur goes through ruts and can sometimes feel unmotivated to go forward, I’ve never once felt dread or a lack of enjoyment in creating and growing my company. My company has already been my pride and joy, through the bad times and the good, and I attribute much of my success to that. If you no longer feel this way about your company, consider rethinking the longevity of your project. Otherwise, you won’t have anything to drive you forward out of those ruts. – Tyler Gallagher, Regal Assets

2. You’re Not Able To Spend Time With Loved Ones

One of the biggest reasons people take up entrepreneurship is because they want to control their hours and have free time. They want to build wealth to pursue their creative passions and explore the world. If you have no free time and haven’t seen your friends or properly interacted with your family in weeks, your business isn’t achieving a critical goal. You need to sit down and figure out what isn’t working. There’s no shame in deciding to give up. A life where you aren’t spending time with loved ones is going to lead to regret later. Your personal life should play an important role in determining whether you should quit your business or not. Always value your personal time and connections with others. – Blair Williams, MemberPress

3. You’re Lacking A Sustainable Competitive Advantage

If you don’t have a sustainable competitive advantage, it may be time to give up. Businesses often rise up quickly. Unfortunately, they can fall just as fast. However, if your company has a legitimate sustainable advantage, it is worth fighting for and seeing where you can improve. But, if you’re looking down the line and see how a competitor could create more value to customers, it may be worth jumping ship. – Nic DeAngelo, Saint Investment Group

4. You Have No Peace Of Mind

Business, like everything we do, should give us joy. It should be an extension of what makes us happy—our passion. When you go to sleep late at night and find yourself unhappy and unfulfilled to the point that it’s already taking a toll on your health, then it’s time. When you wake up in the morning and find yourself depressed and full of pressure without the ROI of happiness and self-fulfillment, it’s time. Lack of peace robs you of good health and a sound mind, so once it’s gone, your decision should be nonnegotiable. It doesn’t mean you move on forever. Timing is everything. Just learn to stop once you lose your peace of mind. – Daisy Jing, Banish

5. You Feel Burned Out 

One sign is if you are experiencing the symptoms of burnout. Such symptoms can include a struggle to focus, increased exhaustion, struggling with scalable growth and the inability to come up with new, relevant ideas for your business. Entrepreneurs are in business because they have a great idea and want to turn it into a product or service. Some want to reclaim their time from the typical 9-to-5 workday or from jobs that require more hours for satisfying results. Running a business is not necessarily predictable for the individual. They may find that the operations do not match their expectations for time and end results. This dissonance can lead to burnout. Identify where you are emotionally. A new business might help you meet internal expectations, or you may need a break. – Duran Inci, Optimum7

6. You’re Paying Off Debt With More Debt 

If you have been asking for money for a long time and you use it exclusively or mostly to cover outstanding debts, you should think about other options. Remember that you have started a business, in part, to make money, not to lose it. It is true that at the beginning the road is difficult and the gains may take time; however, it is very likely that, if for a long period you have not seen favorable results and you have not even recovered the value of the investment, your dream will turn into a nightmare. It is better to get out on time and correct your mistakes rather than insist on the same. Be smart and don’t put your emotions or your stubbornness first. You should think coldly if you are losing more than you are going to gain. – Kevin Ryan Tao, NeuEve

7. You’re Not Achieving Your Goals

Unachieved goals are a clear sign. Success can be measured in many ways. It could be the passion you have for your business, the amount of money you make from your business, the lifestyle it affords you, the fulfillment it gives you. Whatever your main goals are, if you find that you aren’t achieving them over a substantial period of time, then quitting might be the right choice for you. The most common reason business owners quit can be traced to a small or nonexistent market. This, of course, leads to low sales, low morale and eventually bankruptcy. But there are other factors that are just as important. One could lose passion for the business. Maybe the business success has satisfied their urge to show their worth to the world. They may have also made enough money to not care about making more of it. – Samuel Thimothy, OneIMS

8. You’re Holding On When The Business Isn’t Making Money

It is easy to fall into the sunk cost fallacy and hold onto your business even when it isn’t making money for you. In my opinion, if you aren’t making at least 70% of the salary that you would get from a job, then you should reconsider. The reason why a discount on your salary is fair is because you manage your own time and you get a level of autonomy that you normally would not in a corporate environment. – Saana Azzam, MENA Speakers