'Knowing when it is time'

A statement that I have heard and read over and over again is that 90% of start-ups fail. That is shocking and not the most encouraging statement to a budding entrepreneur (I refrain from calling it a fact.) I guess that is why as Entrepreneurs we must have tough skin and be relentlessness in our drive.

The question I have to pose today is when is it time close the door on an idea? I understand that we need to be driven, but let us be realistic for a moment, you can be driving in the wrong direction.

As creators entrepreneurs have a strong passionate connection to their idea. At what point do we step back and admit that something is not working and try something new? One of my lecturers called it beating a dead donkey…

In our process of choosing a Genesis product we “failed fast” quite a few times. We have settled on an idea now however one thing I learnt is to take a step back and not become too attached to the extent that you “flog a dead horse.” It is necessary to have key factors/indicators/standards that have been pre-established that act as a screen for your ideas and help you evaluate whether or not they are viable.

Food for thought:

Time is limited, don’t waste it on things that don't help you reach your goals