I haven't got to this point yet, but this a question that's been playing on my mind. I've been working on a trilogy for over two years and since February this year have been focusing on writing the first novel and getting it up to a good enough standard to start looking for an agent / publisher. I'm hoping to complete it by the end of the year.
If you were in a similar situation and your novel was rejected by a good number of agents / publishers would you take this as a message that your project was a waste of time and begin something else? Or would you decide that even if your novel does not fit in with the current market and those agents / publishers tastes your work still has value, self publish and press on?
My thoughts at the moment would be that after careful reassessment for fundamental flaws - plot holes etc. I'd do the latter.