The First Rule of Holes

“When you find yourself in a hole, stop digging”

This old proverb can be applied to business, economics, gambling, friendships and love. The philosophy is a simple way of learning to let go, and it is exactly what I tell myself when I have my back against the wall, or knee deep in sinking quicksand trying to make things work.

Before you can stop digging, before you can let go, before things blow up in your face… you first need to come to the realization that you’re in a hole to begin with. This is the hardest part because you’re so focused on the digging, you don’t see any alternative in getting out of your sinking situation. Here are a few common holes for startups and businesses to help you with this realization:

Last year, we took on a project to develop a website for an education company, which we quickly learned was grossly underestimated. What we thought would be a simple marketing website turned into a multi-national education and online training software. At the time, we didn’t have the tools in place to protect us from an evolving scope of work. The company was operating internationally, selling online courses, training materials, and video subscription content. Even without time tracking in place, we knew we had gone way over budget and well beyond the estimated delivery date.

With our client eagerly pushing us to get the job done, and our desire to please, we kept digging. What else could we do? We thought the end was in sight, so we buckled in and decided to keep digging until we could finish the job. To correct course and help us reach our destination, we hired more support and doubled down on the product development. This led us to our second rule of holes:

Adding more shovels doesn’t help you dig faster.

With more cooks in the kitchen, there was duplicate effort and complications leading to more setbacks. We ended up spending more than double what we would have if we had kept the project in house. More so, the better solution would have been to let go. Walk away. Admit we were in too deep. And do whatever else we could to satisfy the client. Make a referral. Return the money. And apologize sincerely.

We all have tunnel vision when we’re in a hole, but if you can recognize you’re in a hole and learn to let go, you will feel so relieved and the magic will start to happen.

The sun will shine again, or if you’re in a drought, the rain will pour!

This is great advice for young entrepreneurs and a reminder we all need when we’re in a hole. If you have a friend struggling in a similar situation, share it with them and save them the headache.

Thanks for reading. Happy digging!

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