Suppose we're doing something and failing in it constantly, at what point should we stop to persist and give up wasting time? Or shall we continue doing what we started?

Hey Fahim. If you are in a situation like this then I’ll advise you take a pause. Retrospect is the word you are looking for.

There’s no point in pursuing something that isn’t working out (constantly) UNTIL you look into the viability of the idea again. I’m presuming whatever solution to a problem you had, you had done your basic validation and market research before getting into it.

Simply - halt all actions on it temporarily and dig into the reason for it not being accepted. Sometimes we tend to emphasize more on ACTION than STRATEGY.

From where I see the issue can be either of the two:
1. The Problem (you are trying to solve)
2. The Solution (you have opted to solve the above problem)

In former case - If at the very base the problem you are trying to solve if it’s an assumption then what so ever best of the best proposition, market reach or partnerships you have to make it happen; you will fail! Since your target segment really doesn’t feel the problem is pressing or big enough to be taken up immediately. Most of the times it happens with ideas that are not trying to solve a problem but add utility. You have to be sure if your proposition is strong enough to attract the demand you need to sustain.

In the second case, where we assume the problem you are solving is emphatic and if there’s a solution given to it shall create an impact in one’s life — it might happen your way of solving needs a check. You really need to check if you are carrying out your solution such that it’s resonating the impact it states. The problem could be with the team, with the execution, operations, the way you are pricing it, reaching to your target segment or etc.

Overall, I strongly suggest you look into the business model again and find out if the problem is external or internal and solve that before go ahead on it again.

Be bold, build great things. But don’t forget it comes with (calculated) risk.

After all, having said been done if you feel the challenge to pursue the idea is internal and you restructure to overcome it - go about the idea again. If you believe the challenge is external (industry level) for instance a bigger player already doing what you are doing to take the major market share leaving you with nothing much - and you still feel you can remodel your strategies, tweak about a bit and penetrate the market differentially - then go for it.

Else like I always say — Good entrepreneurs never give up. But a great entrepreneur knows when to move on :)

Fail fast, fail cheap. Identify when to pull the strings!

You must understand why do you start that at the first place? Why success is so urgent and who you wish to show your success to? Failure is just your interpretation of what happened. Focus more on the learning you get from the failure and because of that learning you become a better person.