Cut your losses when necessary.
Some of us are so loss averse that we stay clinging on to failing ventures, instead of cutting our losses and moving forward. These four steps will help you decide whether any specific project is worth the effort.
- Ask yourself, “If I weren’t already invested in this project, how much would I invest in it now?”
Try to answer this question with as little bias as possible.
- Think about what else you could do with your time and money if you cut your losses right now.
- Get a neutral second opinion from someone who is not involved
- Admit your failures.
Everyone screws up—it’s perfectly normal. Once you can admit that you have made a mistake, you will be able to put it behind you and move forward.
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