Don't hesitate to close a failing business

The speaker recounts their experience of expanding a successful salon business into the beauty industry. Initially confident, they underestimated the complexity of the beauty sector, leading to significant financial losses. Despite efforts to adapt, the venture struggled for five years, resulting in substantial debt. The speaker reflects on the importance of thorough research and the willingness to accept and learn from mistakes, emphasizing that they should have limited the beauty business to two years instead of five.

What lesson did the teacher learn from their experience in the beauty business?

How long did the teacher believe they should have given the beauty business before shutting it down?