I’ve faced this question more times than I can count—both in my own journey as a founder and while supporting other entrepreneurs: “Should I keep going with this idea, or is it time to let it go?”
This is one of the hardest decisions we have to make. When you’ve poured time, energy, and maybe even money into something, walking away feels like admitting defeat. But sometimes, letting go is actually the smartest move forward.
The challenge? We’re wired to hold on. It’s called the Sunk Cost Fallacy—the tendency to continue investing in something just because we already have, even when quitting would be more beneficial.
But how do you know when quitting is the right decision? Over the years, I’ve developed a structured way to work through this.
1. Evaluate your assumptions.
When I’ve struggled with this decision, the first step that always brings clarity is getting my assumptions out of my head and onto paper.
- What assumptions am I making about my audience, my business model, my product?
- Have I actually validated these assumptions, or am I just hoping they’re true?
A simple way to do this:
Green = Assumptions that are fully validated with real data.
Red = Assumptions that are still uncertain or untested.
There is no “maybe.” If I can’t prove it’s true, it’s red. Every time I do this exercise, I realise there are still things I haven’t tested.
2. Challenge your validation process.
Some tough but necessary questions I ask myself (and the founders I work with):
- Have I really done everything possible to validate this?
- What have I avoided testing because it feels uncomfortable or hard?
- Am I getting real commitments (pre-orders, sign-ups, paying customers) or just polite encouragement?
- Am I solving a problem people actively want to fix, or am I trying to convince them they need this?
- If quitting isn’t the answer, could I pivot instead?
If I can honestly say I’ve done everything, then I can make a confident decision—whether that’s to let go of an idea or move on.
3. Set a deadline for the decision.
One mistake I’ve made in the past? Leaving this question open-ended.
We set clear goals for success, but rarely for failure. So now, I ask:
- What would need to happen in the next X weeks for me to continue?
- If I don’t hit those results, am I willing to walk away?
- What’s my deadline for making the final call?
Setting these criteria gives me something to measure against rather than just relying on gut feeling in the moment.
I’ve had to make this decision multiple times, and I know how hard it is. But here’s the truth: Closing one door often opens space for something even better.
If you’re at this crossroads and need a second perspective, I’d love to help—let’s talk.