It’s easy to see in hindsight where you may have went wrong. As entrepreneurs we can often find ourselves making decisions that may not necessarily be contributing to a better result. We make decisions to grow our business or to offer new products and services only to find we didn’t execute well or encountered problems we didn’t anticipate. Being a successful entrepreneur means knowing when to move on.
There is no perfect decision to make, only the best decision you can make.Dylan Gallagher
I have seen many articles over the past few weeks describing how hard the cannabis business has been at the retail end of the market. What appeared to be a great opportunity soon became a crowded opportunity and many entrepreneurs are now trying to sell their businesses and take the losses they have incurred while other entrepreneurs are doubling down in hopes that the market takes off. There is no perfect decision to make, only the best decision you can make.
How do you know if you need to cut your losses and move on? Notwithstanding that every entrepreneur would probably answer that question differently, you want to make sure that you do in fact make an intentional decision. When you are faced with a potentially poor outcome, waiting and not making a decision is almost guaranteed to produce a poor outcome. Entrepreneurs need a direction to move in. If you decide to cut your losses, then cut your losses. If you decide to double down, then double down and get to work changing the outcome.