Do You Know When to Stop?
When I started my business in June 2020, I gave myself about 3 years worth of runway to be "successful". Succes for my business means, my income would reach the same level as I am working for someone. By end 2023, my business income did reach my annual salary. Thus, I took it as a sign that I can continue with the business.
Whatever that you are doing, you should set a "trip-wire" on when you should stop doing. The trip-wire is a sign to tell yourself to stop. Stop, recalibrate and take a new direction.
Many of us suffer from sunk-cost fallacy. We keep putting effort and resources onto something that does not work while ignoring good opportunities. We falsely think that we are being resilient. This is not resilient but being stubborn for not seeing the reality as it is.
If you are embarking on a journey, career, business or a project. Put in the trip-wire. The trip-wire that tells you that it is time to stop. The trip-wire should be measurable, precise and non-negotiable. I set trip-wire around my life and business. If my client or prospect profit drop below certain percentage, I will either calibrate the price or drop the customer entirely. If I miss two dates with my family, I have to dropped everything and spent time with the family.
The idea of trip-wire is about reminding you what is important in your life. Remember, never throw good money at bad ideas. There is no return.