Timing

Get it done too soon and you might need to either redo, undo or pay the opportunity cost.

Wait too long and possibly miss the boat.

Wait just long enough to see how things play out, then jump in the right direction before others do. This lets you gather more information than those who acted too early, helping you pick the right direction in which to jump. But don’t wait for all the information because you might not get it, and you can quickly be overtaken by those willing to take a bit more risk by acting with a little less information.

You’ll never time it perfectly, but sometimes accepting a small consequence for waiting too long is better than the bigger consequence of acting too early.

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