When to realise you don't have the knowledge.

[Xanifur]

I've been sitting on my optics business for quite some time, with no sales and low traffic. I know I'm still learning the trade, but do you think after sitting on a business for 6+months with no success, it is time to find a partner? Retail is very profitable, and income sharing wouldn't be bad. I'm not about to give up, that is the last thing a true entrepreneur would do. You assume the risk, you go all the way. Thoughts?

[jackace]

Online retail sales is a tough business anymore. Lots of competition now. If you are really still interested in the industry I would definitely look for a partner or atleast a mentor. If you are looking for a change maybe you could use that business to leverage a move into a completely different industry.

[akula]

I've been sitting on my optics business for quite some time, with no sales and low traffic. I know I'm still learning the trade, but do you think after sitting on a business for 6+months with no success, it is time to find a partner? Retail is very profitable, and income sharing wouldn't be bad. I'm not about to give up, that is the last thing a true entrepreneur would do. You assume the risk, you go all the way. Thoughts?

good question

knowing when to quit has traditionally been thought of as an important and difficult decision

it's important because the failure of founders to quit at the right time causes much pain, expense and opportunity costs

it's a difficult decision because of the proliferation of quotes to the effect of "Many of life's failures are people who did not realize how close they were to success when they gave up" and the cognitive biases reflected in these kinds of quotes

for me: I try to keep entrepreneurship safe, profitable and simple. this is why I create rules of thumb. my rule of thumb for quitting is: if I do not have 100 returned surveys with at least 25% "I want to buy this now" kind of feedback, then the opportunity should be dropped because there is no opportunity

if you do not qualify this simple test, quit your venture and do it now

then start a new venture which DOES qualify the test

[Xanifur]

I really don't plan on quitting... I'm pending $100,000+ by the end of the year for doing some paper work for my dads government venture, and that will get me up and running pretty fast. Thanks for the advice though.

I think the problem is lack of funding, no money for advertising, no money for web design, no money for SEO, no money to even get started selling!

[Yo' Daddy]

Have you tried ebay?

[Xanifur]

Have you tried ebay?

Yes. I should set up an eBay store though... I keep forgetting. Man i need to print a copy of my business plan and keep it around. I'll look into it. Thanks.