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How to cut losses when shutting down a start-up
A shop closing business in London: The ability to seize upon opportunities can be a double-edged sword, as more than 80 per cent of all new business ventures fail. Photo/REUTERS
By Kevin Woo
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Posted Monday, May 17 2010 at 00:00
Posted Monday, May 17 2010 at 00:00
Call it a day
So how does an entrepreneur know when it’s time to turn out the lights and call it a day?
“When the sum total of liabilities — including complexity of problems, personnel issues and burnout — is greater than potential opportunities or energy level of the team,” Duncan says, it’s time to throw in the towel.
Duncan’s most important piece of advice for entrepreneurs? “Manage your brand as a professional because you’re likely to see these people again.”
Entrepreneur.com
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