EPIC FAIL: You gotta know when to fold 'em

September 27 2012 | offbeatbride
Red Fail
Red Fail © by griffithchris, used under Creative Commons license.

My old blogging pal Helen Jane Hearn interviewed me for a web series she did for Citibank about women entrepreneurs.

I talked about my biggest business lesson, which is knowing when to quit:

"As an entrepreneur, you're emotionally invested in your projects — you have to be!" says Stallings. "But don't be afraid to take a floundering project out back to put it out of its misery."

Stallings first learned this lesson in 2011 when she discontinued work on one of her Offbeat spin-offs, the Offbeat Bride Store.

"Readers loved browsing, but very few of them bought anything, so it never made any money," said Stallings. Plus, readers became confused about which posts were store posts and which were blog posts. Stallings decided that "muddling our brand voice" just wasn't worth it.

"It's crucially important to be able to identify when one of your beloved projects is just failing. Yes, you have to invest time and resources and blood and tears into launching and growing your projects… but you also have to be able to recognize when it's not working, when it's not fun, and when it's time to kill it so that you've got the energy to focus on the next project."

I've written pretty extensively about this subject over here: Small business mercy killing: When to euthanize a project

  1. I swear, this kind of stuff is coming at me everywhere this month. I wrote a post about a similar thing today. I have so many interests and so many things that I want to do that sometimes I take on too much without thinking long term. Thanks for your take on this!

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