Richard Branson on Knowing When to Give Up on Your Idea

November 25th, 2013 / No Comments »

By Richard Branson

Editor’s Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. Ask him a question and your query might be the inspiration for a future column.

Q: I am a young entrepreneur who ventured into a popcorn-selling business in a small town. A long time has passed, but I am not reaping enough profits. Should I quit? — Kimosop Kibet, Kenya

Kimosop, I’m sorry that you’re at this low point — the moment when you’re getting ready to concede defeat is always tough. While the Kenyan popcorn market is not one I’m familiar with, Virgin has done business there, and recently opened a safari lodge called Mahali Mzuri in the southwest.

The core challenge you face right now is deciding whether to persevere with your idea or to adapt it to meet customers’ demands. This can be a difficult call to make, because many entrepreneurs start their businesses after gaining some insight into how to do things better. But there’s not much point in persevering with an approach that is failing to make adequate profits or drive your company forward…….