We all go into a new business venture with the hope that it will be successful. But any successful entrepreneur will tell you that an important aspect of success is learning to accept and manage failure; there may likely come a time when you have to decide whether to push forward against the obstacles, or when it is time to throw in the towel on a failing enterprise and cut losses so you can move on to your next venture. A good entrepreneur knows how to make this decision effectively.
Someone once said, “If you are going to fail, fail early” and there is truth in this adage. Learning to accept when the time has come to let go can help you identify challenges and work through solutions in the future. There is some merit in learning how to fail, and paradoxically, these experiences groom you for future success as an entrepreneur.
Some straight-forward questions can help you diagnose the success of your company, and inform your decision regarding when to move on. Honest responses to the following five questions can help predict the future potential of your endeavor. Read More Failing or Succeeding? How to Diagnose Your Company