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Lost in a hole – Do’s and Don’ts

"The most important thing to do if you find yourself in a hole is to stop digging" - Warren Buffett

It is a metaphorical way of saying DO NOT worsen the situation by doing the same thing and making the who hole deeper and more difficult to extricate yourself from! On the contrary, here is what you should do – Introspect what caused the hole, acknowledge your mistakes and then act to plug the hole. I have come across entrepreneurs have landed themselves in negative financial cycles. Reasons are varied - High debt, Bad business, Broken relationships, Poor customers and sometimes evenlack of understanding of their own business. Here is what I tell them –

There is no magic wand. The only way of getting out of a hole is maintaining "Long Term Financial Discipline" – My Principle # 3
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