Chris quoted Kenny Rogers “You got to know when to hold ‘em, know when to fold ‘em. Know when to walk away, know when to run”.
I felt great reading the post because I went through this process during the last few months and have just reached stage 5. – so it was a major feel-good reading experience for me.
“With your projects, just like poker, there are some signs or “tells” so you know when to fold”
- The project is painful rather than fruitful – If it is draining your energy rather than boosting it then it is not worth wrecking your other projects for.
- Opportunity cost is greater than the return on investment – Distracting you from more successful or profitable endeavours is not a good use of your time.
- Target audience is skewed away from your core – When you are attracting the wrong people and it is only getting worse, call it quits.
- Partners are feeling the pain – Sometimes you can step back and let staff/partners/outsourcers take over, but when you can’t keep these folks motivated you definitely have an issue.
- Your gut tells you to quit – It’s funny how sometimes your conscious mind takes a while to catch up to what your subconscious already knows.
Question is – is it possible to recover bad projects? Maybe, but it may not be such a great idea.
Stepping away from the table is not failure, it is often a sign of maturity and wisdom.
What should you quit today?