Taking a risk is not the same thing as putting your entire family in financial peril.
As much as there’s an art to starting a successful business, there’s an art to quitting, as well. Founding a business is tough enough, but shutting it down can be even harder. For an entrepreneur who has poured their heart, soul, and savings into a fledgling business, the process has as much to do with letting go emotionally as with physically pulling the plug on operations.
If the business isn’t taking off, there can be a fine line between how soon is too soon, and how late is too late, to call it quits. Taking on personal risk to fund your venture and teetering on the brink of financial peril are not the same thing. As Kenny Rogers famously sang, “You got to know when to hold ‘em, know when to fold ‘em/know when to walk away and know when to run.” So how do you know?