Enthusiasm is a valuable emotion, and determination is a necessary trait for success. But neither or both of these qualities will make a bad idea work. I recommend that you develop the countervailing discipline of creating a Plan B.
Over the years, I have trained myself to recognize when an idea that I thought was good was actually bad. So the first step is to see the writing on the wall. And the next step is to immediately switch to another course of action before you lose a ton of money and months (or even years) of time and energy.
You'll be much better at both of these critical business-survival skills (recognizing when your ideas are not working and reacting swiftly/smartly) if you establish a bailout scheme - a Plan B - at the outset of every project.
Read Michael's full article here.