Know when to quit
When should I cut my losses in a situation that doesn’t seem to be improving?
Here’s a checklist to help you decide when to hold and when to fold.
- Can you get more and better information? Is it possible to find fresh data or examine old data from a new perspective?
- Are there impenetrable barriers? Look for “deal-breakers” early in the game.
- How big is the payoff? Make sure it’s worthwhile.
- How much will it cost not to change?
- Are your pockets deep enough? If not, there are some games you shouldn’t play.
- What are the patterns? Is what you observed is a one-time episode or part of a recurring pattern?
- Is there a hidden agenda? Some playing fields aren’t level. Don’t waste your resources in a dishonest game.
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Related Categories: Business Planning, Customer Care, Ethics, Management, Negotiating, Team Building
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