Even with extensive research and planning you still may come to a point where you need to reevaluate your business strategies. Knowing when to "take a loss" and move on to something different is key to the successful future of an entrepreneur. You have to first ask yourself are you giving up or simply redefining your plans? You dont want to get into the habit of moving on to quickly simply because things didnt go as you expected.

Even with extensive research, using this site, and planning you still may come to a point where you need to reevaluate your business. Knowing when to "take a loss" and move on to something different is key to the successful entrepreneur. You have to first ask yourself are you giving up or simply refining your plans? You dont want to get into the habit of moving on to quickly simply because things didnt go as you expected.

Below are some questions to ask yourself when your business seems to be going nowhere:

How well did research my market? Many times a business will fail because they have jumped the gun, especially in the area of market research. You may think you know what your market wants but that is not enough. Complete a thorough investigation before investing too much time or money into any venture. If you feel youve conducted the right amount of research ask more people about your failed endeavor...your new survey questions may include, "Why wouldnt you buy this product?" or use a simple rating system which will allow you to determine just where you went wrong. The key is introducing products to stay in line with trends but you dont want to be too far ahead of the game. Think of the artists that our society only appreciates years after theyve passed away!

Is your pricing level correct? If youve set your prices too high or too low you can have serious problems. Too high will discourage much of your target base from becoming customers and too low could possibly do the same thing in addition to losing you money. Each way will ensure you wont ever see a profit for your new business. Instead of quitting right away, adjust your pricing to adequately address your markets and then try some grass roots advertising to gain your markets attention to your new affordable or accurate rates.

Is this the right business for you? Despite completing the worksheet in Chapter 4, you may still find yourself in an industry or business type that just wont work for you. Are you a carpenter who suddenly wants to become a web designer? Unless youve got some design training, you should hold off any and all efforts to start your business. Make sure it is a business that utilizes your existing skills and talents. Dont get into something that is currently beyond your reach.

Do you have enough capital? Lack of adequate capitalization is one of the many reasons a business can fail. Although, you can start a new business for less than $500 in some cases, you still want to address all the concerns listed in Chapter 4. Give yourself some time to save money and create a back up plan so you will feel comfortable and capable of starting a new venture if the original one doesnt pan out.

Not enough networking? No one can buy from you if they dont know about you. Networking doesnt have to be an "in-your-face", phony type of approach. It is merely letting people know what you do and how well you can do it. When meeting friends and associates, be sure to leave your business cards with them. Many of your friends will be the first to refer you when they discover someone they know who is looking for your product or service. Also become active within your community doing something you enjoy. For example, if you have a record label, why not sponsor a talent showcase with other area businesses? Or why not volunteer to help children in your community.

How realistic are your goals? Dont set yourself up for failure by setting your goals too high. Make sure your business planning reflects sound research and estimations. You should contact experts in your community to help you keep your feet on the ground, so to speak. Contacting a group like SCORE (Service Corps of Retired Executives) for example is a good way to get sound advice regarding your business plan. Contact them when creating or editing your business plan and you should be able to work with the difficulties of presenting realistic, attainable financial and business growth goals. Contact a Scores office near you by visiting the following site: http://www.score.org. These are retired, successful business executive or owners who offer free assistance to business owners just like you.

How is your time management? Not managing your time can make your business suffer. Get into the habit of setting a schedule and sticking to it. You are solely responsible for your success and how you manage and organize your time will dictate how it all turns out.

Have separated personal from business? Are you still chatting with friends when you should be working on a new project? Have you set up separate banking accounts? Does your family friends understand how important your new business is to you? You should ask these questions when you realize you cant seem to get anything done because of interruptions due to your personal life.

So before you wrap up your new venture, be sure to ask yourself all these questions. Mainly, you want to identify what is going wrong so you can correct it to make your existing business work or so you wont repeat the same mistakes with your new business venture.

And again, the key to successful businesses is a fierce determination. It takes many small businesses two years to turn a profit. If thats too long for you, consider having a partner, working part-time, or keeping your full-time job. Try different things to make sure you dont give up on your new business and becoming an entrepreneur.