Small business answers — NOW!

Know when to quit

Question
When should I cut my losses in a situation that doesn’t seem to be improving? 
Answer
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. 
Brain Trust contributor: Author of The Words Lincoln Lived By and Time Tactics of Very Successful People
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