The Art of Letting Go: When to Move on from a Doomed Business Goal

in brightly lit home.Our culture associates quitting with failure for good reason. Most people quit too easily. Achievement can be a rocky road, and it’s often much easier to stop after a setback than to endure all the difficulties and uncertainty. However, there are times when moving on after a business goal goes poorly can be the best thing you can do. Here’s a look at times when even strong people should quit.

When to Give up on a Business Goal

  • Your vision has changed: If you are the type of person whose goals change regularly, it’s unlikely you own your own business. To succeed you need to be able to stick to a goal. That said, it’s natural and healthy for your plans to change over time. If your current business goal no longer drives you, then quitting could be more of an evolution than a failure.
  • Your goal conflicts with your principles: Your personal value system is ultimately more important than your business. If the road ahead involves going against your principles, it might be better to move on. It’s better to quit a business pursuit than abandon your values.
  • There’s a bad return on investment: Returns on any investment can change over time. It’s possible that the costs of a project get too high for the rewards. It might sting your pride, but in cases like this, quitting might just be good business.
  • Pride is the only driver left: People don’t become business leaders by being quitters, so if you have come this far, it’s likely you are stubborn. That’s good. What isn’t good is when you are so determined not to quit that you end up passing on better opportunities. If you can’t think of reasons for continuing besides your own pride or reputation, it might be a good time to pivot.

Giving up on a goal is not exactly a romantic idea. Knowing how to kill your failing ideas can be one of the biggest sacrifices a leader will ever have to make. Of course, quitting shouldn’t be taken lightly. In the end, the decision to continue is yours alone. Only you can know if you are giving a goal up for the right reasons.

Garland & Mason, LLC is a New Jersey business law firm with expertise in areas such as business transactions, real estate and business litigation.



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