Many entrepreneurs liken their businesses to babies—born from a mere idea into something tangible. They nurture and protect their business with unwavering dedication, often to the point of never giving up, even when success seems unattainable.
But what happens when you have to make the hard decision to kill the business or die with it? Join Jay on his latest Black Entrepreneur Blueprint podcast episode number 522 as he gives you several signs that indicate it’s time to end your business and offers guidance on how to regroup and discover your next business idea.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 522
Today I’m going to give you several signs that it may be time to kill your current business and to reimagine a new business. I’m also going to give you some ideas to come up with a new successful business idea.
Here are the signs you need to look for that may indicate you need to kill your business:
- Not making enough money and getting deeper into the hole
- No fulfillment, not happy with what you’re doing
- Selling the wrong product or service
- The industry has changed
- The business is not giving you what you wanted out of it (freedom, etc)
- Your business is not aligned with your lifestyle design (build your business around your lifestyle not your lifestyle around your business
How to find another business idea?
- Solve a problem, what problem can I solve?
- Follow your passion (do what you’re good at, do what you like, and do something people will pay you for)
- Is your product or service in demand?
- Is your new business idea profitable?
- How can you build a database and an audience, is there an easy way to get in front of the people you want to talk to?
Sometimes you have to reassess where you are and make wholesale changes to your business, your philosophy, and/or both.
