Michael asks Omar Zenhom how to know when to quit a struggling business. Omar's test: imagine getting back every hour and dollar you've invested. If you'd still continue, keep going. If not, it's time to stop.
Michael asks, how do I know if my business has actually failed or I just need to keep going? I can't tell if I'm being persistent or if I'm being stupid.
Michael, if you're watching, ask yourself the question, if I can get all my time back, all my money back, every hour, every dollar, if it was returned to you, would you choose to continue the business? If that's the case, then you know that this business is worth pursuing because you're not making a decision based on that sunk cost fallacy.
If not, That's okay.
It's okay for you to say, hey, this is not serving me anymore. Time to change.
