When to Say When It's your business. Your dream. Your <i>baby</i>. And it's failing miserably. Is it time to call it quits?
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Perseverance, tenacity, a never-say-die attitude-these areall traits that drive entrepreneurs, against all odds, to buildmultimillion-dollar companies. But successful entrepreneurs alsoknow when it'stime to get out of a venture-whether to cuttheir losses or make way for better management.
You see, there's a fine line between perseverance andprideful obstinacy. When you fall on the wrong side of that line,you risk paying a huge price in terms of your personal andprofessional relationships, bank account, credit rating andemotional stability.
"There is a definitive point at which you and your companymay be better off parting ways," advises Gene McCubbin, 30,president and CEO of RealUse.com, a small-business Web hosting,applications and wireless broadband company based in Houston,Texas. "In some cases, that may mean dissolution of thecompany; in others, that simply means the company continues withoutyou."
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