Just yesterday, I decided to cancel a project I have been evaluating for a few months because I realised it had a serious strategic flaw, and that is great news!
In business I always like to start any interaction from a place of optimistic curiosity. This means I tend to want to accept as many opportunities as possible, but there is a point at which you can’t spread any thinner so you need to find a more sustainable way to operate.
Here is how I do it now:
If there is an idea I think has merit, I cautiously move forward until one of three outcomes is apparent:
1. The idea has sufficient traction to convince me to scale up my investment.[Move forward]
2. I uncover a roadblock that shows me the project will not be sustainable in the long-run.[Cancel Project]
3. Continuing to pursue the idea will require more of my energy than I can provide without other more promising initiatives suffering. [Seek to pass it on to someone more well-suited to the opportunity. If no one can be found, cancel it].
It’s not always easy, but it is essential if you don’t want to drag your whole business down,
