I am an entrepreneur based in San Francisco who has spent 3 years building a healthcare-related company. I have dropped $150K into the product. I have a few customers but no traction. I feel like giving up, but $150K is a hell of a lot of money to have put in.
Tough question. There are many underlining questions that need to be asked. For example what is the market need for your product, if you have customers and they are satisfied, why are you failing to gain traction. How effective is your marketing and business development. In my mind you have to determine is what has to happen to attain the goals you set that will define success. $150,000 is a lot of money, but you don't want to walk away if you are close to making it. The other side is you don't want to invest another. $150k and be no further along
In our business we always point to a day two years in where our accountant said "well you have made a good go at it, but you just aren't going to make it and should go look for jobs." We were so sure and committed that we doubled our effort. Telling us to quit was the best thing he could have done because it forced us to figure it out. Years later when we sold the company to a public firm, this same accountant worked with us on due diligence. I reminded him of the conversation and let him know he was wrong.
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