How do you know when you should keep going and when you should stop?

It begins with being completely honest with yourself about why you’re doing it.

From there, you can ask yourself questions like:

“Do I really understand this?”

“Realistically, what are my chances of succeeding?”

“Is this the best path for me?”

We need to understand the costs—including the costs of being wrong. Not just financial costs, but reputational costs, and the one we probably overlook most: opportunity costs.

Another thing that can interfere with our ability to think through our choices rationally is the sunk cost fallacy. We’re uncomfortable with discontinuing something after we’ve already invested in it. That pull can be incredibly powerful. It can even influence major world events, such as wars that continue long after the costs outweigh the reasons to continue.

There are times to keep pushing forward—to increase the investment—and there are times to change course. Knowing the difference begins with asking ourselves the right questions.