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If you know something won’t work or it’s not right for you, back out as soon as you know. Or if it’s right, jump in right away. It may sound simple, but it’s a known fact that one of the biggest advantages of the most successful entrepreneurs is the speed with which they make decisions. Are they wrong more often? It seems they’re batting average is just that: average. Neither worse or better than everybody else—they just cram more in.
Let’s draw a comparison to share trading for a moment. A successful trader doesn’t need to be correct in their ‘call’ more than 50% of the time. But they hold on to the good calls for a long time and cut loose the bad calls swiftly and decisively, usually based on clear rules.
Think of business decisions along the same lines. If a decision feels wrong (no traction, no support, hard to finance, slow sales, etc) it is probably time to drop it soon. If a business idea (and this could just be a product, service, price point, proposal type etc in your existing business) is right you will quickly get an intuitive feeling about it. Everything feels easy, people are happy to see you.
The challenge is, you won’t really know until you know. That’s why making the decision, getting it out of the way and moving on is the most critical factor.
