July 2010 | Vol. IX - No. 7
|“You have to ask yourself what kind of a person you are, and what level of risk you are willing to take”|
Fight or Flight?
After six months of trying to establish your own business, consider the following.
It may be time to rethink or abandon your idea if:
- You cannot get your idea to work.
- You lose interest.
- You discover something similar on the market.
- The cost of producing your idea exceeds the net return.
- Your funds are low or depleted.
Is your idea still as great as it was when it started, but you can’t continue on your own finances?
If so, seek funding from friends or relatives, asking if they would like to partner on the idea. Tread this ground carefully, though; if no one’s genuinely interested, it may be time to try a new idea.