A friend of mine called me up today trying to get me to tell him whether or not to pull the plug on a project he was working in.
The truth of the matter is that I really was not sure what to tell him in regards to this particular venture, but it got me to thinking about a book I once read - The Dip: A Little Book That Teaches You When to Quit (and When to Stick), by Seth Godin.
In the book, Mr. Godin discusses the peaks and many values associated with building a business.
You see every venture, project, or business will have periods of decline and uncertainty, but some of them will never breath again - no matter how much air you pump in. I don't know first hand, but I assume that it is very hard to take someone off of life support.
Likewise, if you are passionate about something, it is very difficult to pull the plug on it. The truth is there is no definitive point on where or when to let an idea go dark. As the owner of one business on life support, I too know what it is like to not let go.
In certain businesses, the window of capitalization, is only open for but so long. If that window shuts, it might be very difficult to let air in. Your options become fewer and fewer by the day. You can either leave the house quietly through the back door or throw everything at the window until it breaks. You can also punch at the window until it breaks or throw your entire self at it and hope for a soft landing on the other side.
In business, as in life, there are certain times when no amount of money, energy, or assistance can help you - it all comes down to your gut and instincts. However, depending on your resources - you can keep a business on life support for years, but some will eventually die without producing offspring.
The choice is not simple, but you will know at some point if your business is on life support. It is up to you to decide whether to pull the plug or buy a generator.
-whatdabusinessis.com
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