[DISCUSSION] When do you decide to stop/end a project you are working on?

Hi!

I've had this in my mind for quite a while now. We, as entrepreneurs/IM'ers always have to deal with failure, for the most part, our inventions/projects don't work out because of: "lack of time", "not passionate enough" etc. - But i was always wondering if there is a perfect time to say to yourself "Okay, i have invested XXX time/money into this project and it's not working out. Maybe i should just quit and move onto the next" - Because in some cases, sticking to something that has not worked out for several years might be the wrong move.

Now don't get me wrong, i am not talking about giving up working for something that you have a passion for, because in the end, i think it will always work out, especially if you have a passion for it.

I am talking about projects that you would love to work out, but you are fine if they don't work out either.

So here is the question, when do you decide to stop a project, do you calculate it after months, money or anything else?

Input is highly appreciated

best regards

Just when hosting expires or it is time for domain renewal.

If you’re even questioning whether you should hang it up or not, then you already know what time it is.

Thanks for the 2 answers above, anyone having different opinions on this?
Feel free to reply! Curious to hear your thoughts!

3 months of time invested and no good results = Fuck it.

I give my projects 6/9 months (depending on what it is SEO stuff might be a bit longer) if i don't see results i just terminate it, examen the data on what went wrong, cry a little on the inside, drink a little and then move on to the next project.

Heiko said:

Thanks for the 2 answers above, anyone having different opinions on this?
Feel free to reply! Curious to hear your thoughts!

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I like the question you've raised and it worth discussing.

I think most of the time it's the other way around and people quit too quick.

I've seen many friends on facebook inviting me to like their new business page, sharing their brand new website before even it's finished and then two months later when visiting their domain their hosting account it's suspended.

It happened to all to have a great idea and can't sleep because of the enthusiasm, and then the enthusiasm it's slowly decreasing day by day. I think this happens because people underestimate the volume of work that needs to be done.

Timing it's another factor to take into consideration, launch a service when you feel it's needed and there's room for it in the market.

Quit only when you feel you tried everything and gave 100%.

A piece of good advice I read in a book it's to never stick your identity with a single type of business. People are versatile and can learn all sorts of things, don't attach too many strings from your inner self to what are you doing to put bread on the table.

I just realize a couple of weeks ago one of my sites made for Adsense is pure shit, because the niche still counts on Adsense whatever people say.

I`ve never count money because I am confident with future earnings.

yaoyo said:

If you’re even questioning whether you should hang it up or not, then you already know what time it is.

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I'll have to go with that too. You know in your gut if something is going to go well or not. If you start thinking about closing your project down, it means its time to do it.
Not necessarily forever, but at least for now.

Just like if you start hating going to work you should quit your job, or if you start thinking about divorce.

I don’t deal with failure - I try to embrace it. It’s been so long I struggle to understand anyone who says they have a ‘fear of failure’. Google has massive failures. They’ve shut a bunch of stuff down and they’re still one of the biggest companies out there.

My approach to a new project is always fail fast. Deploy quickly, fuck it up and pivot from there. Some of my best projects started as a complete mess.

When it comes to actually completely ditching a project it’s pretty easy. I keep a list of current projects I could work on vs new things I want to try. I weigh their potential vs effort and I’ll ditch a project that isn’t worth the time or investment compared to another.

Seth Godin has a book on this exact topic ‘The Dip’ which is worth reading.

There’s a skill in trying to figure out which battles you want to pick and which you’re better forgetting about. The only way I know how to improve on this skill I experience. Start. Fail. Pivot. Fail harder until it either isn't worth it or you figure it out.

I let go of any ideas I can't scale / would take up my whole day.

Adopted this mindset after a few years working online. Otherwise I end up working on my laptop all day stressed out

I used to have hundreds of business ideas in my head, but nowadays I focus much more on execution. I only start projects that are realistic, and towards which I am really passionate about. I stick with them for at least a year or even more, always trying new things and learning what works and what doesn't. I keep even so called failed projects online most of the time, sometimes they start earning money, or maybe I get an idea for a good pivot.