Why is it so hard to shut something down once we’ve started it?
It’s because of an economics issue called, “Sunk Cost”
We all have a tendency to continue down a path even though everything in our gut tells us to stop.
So let me give you a few questions to ask yourself to help you decide when enough is enough.
Now, I’m not sure if you know this, but I’ve started dozens of “projects” that I’ve shut down over the years.
The reason I call them projects is because until I decide to go ALL IN, it’s easier to experiment and test without the guilt of calling them companies.
They can be as simple as hiring a virtual assistant to respond to an email that’s front-ended by a website or an iPhone app…
… or as built out as a revenue generating solution that I just don’t see going anywhere.
Regardless of the stage of development, based on the questions I share below, then I shut them down.
It’s better to do less – than more – and put all of your energy into one project.
What are some of your throw away projects that you’ve started and shut down? Which ones do you now know you need to stop?
Let me know in the comments below… (I’ll also share some of my own 🙂
There are no failures, only experiments that ran too long. (click to tweet)
Any time invested was just your way of learning so you can bring that forward into your next project.
Have an amazing day!