When is the right time to change a business idea over the existing one

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Stardom22

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Businessmen often cross their minds on when to change the business idea after realising bad performance of the existing business?

 

Magnus2022

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It is not always easy to change business idea after realizing that the first business crashed. There is a lot of things that will be put into consideration. First, how to convert existing business into the new idea. Secondly, the fund that is needed to push the ideas.

 

Shavkat

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It is high time to move, try, or expand if the business is feasible. If not viable, then it is not a perfect time to venture with it.

 

Starmix

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My new business is Milk Tea selling in the mall, and I do not plan to think of another business because I earn much.

 

flower

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It is often better to ensure you have a very good business idea on ground so that the success of the business will be guaranteed.

 

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Springtime

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When your product becomes obsolete or has no growth of sales, it's time to think of doing something about it. An example would be newspaper publishers. With the declining sales of printed newspaper and advertisement sales, most newspapers here have created an online news site to attract readers and online advertisement.

 

eldavis

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One thing about business is to always know your limit. Once you believe you have tried every possible way to make things work, if you no longer have the resources to carry on, it would be best to try something new.

 

cherry123

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You need to change the idea if it isn't working or after realizing that the first business crashed. There is a lot of things that should not be entertained with business

 

Heatman

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Stardom22 said:

Businessmen often cross their minds on when to change the business idea after realising bad performance of the existing business?

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I believe that the right time to change a business idea for another one is when a particular idea is no longer giving a very good result in terms of sales and profit.

 

IB D

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After 3 failed trials and the business doesn't work out, it is time to start reconsidering the viability of that business. At this point, it is not out of place to change the business idea. It is called pragmatism.

 

cherry123

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A business idea that's not generating revenue need to be changed the first place the need of the business idea was for profit if you are not getting it then change it

 

uptrendfinancialsignal

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It will be better to change the business idea when it is no longer productive.