TL;DR: Poured years into a business, suffered losses, contemplating quitting the entrepreneurial game. Is it okay to prioritize peace of mind over persistence? Looking for advice and shared experiences.
I started a business and worked on it for years but suffered huge losses, thinking someday it might recover—a black hole of a money pit. I didn’t find it back. I decided not to do that business again, ever, at least not in that industry.
I am being told that I must not quit on it, having started and run a business/industry for years. I’ve been told good businesspeople don’t quit and should not have become an entrepreneur in the first place if i cannot try again.
But I have no interest in starting again in that perticular industry or type of business ever,
I see myself starting again but only after many many years if i feel strongly so but surely it will be different platform & industry to my first venture.
I feel peace is more important than money. Now I feel I could be happy being in a stable job (i.e., if I manage to find a suitable one and that’s another thing)… So, I’m at this dilemma. To be or not to be?"
I think you clearly know what you want to do.
How many years has your current business been losing money?
Is there a clear path to profitability?
Do you understand why you are not currently profitable?
Prioritize your mental health whatever you choose. If you don’t, there is no good result for any case.
Get a job. It’s way easier.
I know real people who are old and gray who spent all their entrepreneurial years paying their employees and not paying themselves even a decent wage. They dealt with all the stress, all the sacrifice, all the problems and were paid less than their employees. In the end, they sold but not for anything worth celebrating over. Their entrepreneurial success measured by rational outsiders would say they were a failure.
If you’ve busted your ass on the same business and concept for many years with only failures and no glimpse at a pathway to huge success then it’s time to Google Sunk Cost Fallacy and then move on with your life.
You’ve likely learned a ton you could try and use at a different endeavor but sounds like you should and that you’re ready to move on… getting a job could be your next permanent step or maybe just until you find your next entrepreneurial passion.