Do you know when to stop?

This week I am continuing to share the 5 priciples of judo outside the dojo.

The fourth principle needs little explanation, Jigoro Kano suggests that you should know when to stop (Kodokan Judo, 1994, Kodansha International, p. 25). 'This can be stated quite simply, when a predetermined point is reached, it is time to cease applying the technique, or whatever'.

This is something that most successful gamblers or investors have used as a basis for their activities. Knowing what they have to play with and setting clear boundaries set as to when enough is enough. In business this would be akin to your succession plan that highlights the details of when and how you will remove yourself from the business if things aren't going as planned.

Having this type of plan also prevents us from making a very common decision-making error commonly known as, 'escalating commitment'. Which Waddell et al  (Contemporary Management, 2007, McGraw-Hill, p. 280) state, is 'a source of cognitive bias resulting from a tendency to commit additional resources to a project even if evidence shows that the project is failing'. In other words, continuing to plunge more and more resources into something that is clearly not working. I wonder if that something you've experienced? I know that as a kid I used to do something similar when I was telling a lie!

I look forward to sharing the 5th lesson on judo outside of the dojo next week.

Kind regards
Simon 'At Your Service'