Successful Business Lesson : Have a Quit Plan

**alexruseell** · 04-07-2009 11:47 PM

Never give up! However, there is a point where you have to agree that you will quit when things are not working as planned. It's better to set the quit plan upfront when the business begins then try to adjust when you are into it.

This is imperative if you have a wife, husband or family. THEY ARE MORE IMPORTANT THAN YOUR BUSINESS!!!!

It's true you might be making incredible improvements to a product or service, and that your business will change the world. However, there is nothing more important than your family or friends.

You must set a quit plan from day one with all of them. A quit plan simply means when you have reached a specific point of investment or time when things are not working as planned, that all agree to walk away, liquidate, close doors or sell the business, period.

What do you say guys.. Do you think like this as john detitta has written?

**chrispalko** · 04-08-2009 12:58 AM

I think there is alot of sense in this concept. I cannot doubt that.

However, I'd rather focus on when I'll succeed than when I'll quit.

**elliotiscool** · 04-08-2009 01:59 AM

I wouldn't call it a quit plan. I think of it more as coming to the conclusion that your business does not have the potential you wanted it to have.

A smart entrepreneur will continue to calculate this as a business grows or diminishes. You come to a certain point where you see a profit potential, and then you can also come to a point where you break even or lose money.

I personally do not see the need to create a full "quit plan". Instead I would make smart decisions (remember we are risk takers, but only when the odds are in our favor) and not put myself in a hole. When the time comes that I feel my business will not be able to flourish to the point I wanted it to and I feel there are other things I can do that have more profit potential, then I start molding the business to treat it like a product I am selling. If I can't make money at it, I will create the most motivating business plan and promotion and sell it to the loser who will pay me the most money for ownership of my failing business.