Mea culpa - Definition and More from the Free Merriam-Webster …
www.merriam-webster.com/dictionary/mea%20culpa
mea cul·pa. noun \ˌmā-ə-ˈku̇l-pə, ˌmā-ä-, -ˈku̇l pä\. Definition of MEA CULPA. : a formal acknowledgment of personal fault or error. See mea culpa defined ..

I Jumped the Gun. I got so excited about the prospects of creating a DANCEworks Dance-a-thon during our residency with Brian Brooks that I overlooked the warning signs. Until I began to have trouble sleeping. Here’s a few things that were keeping me awake at night:

Example A. The need to solicit a few dozen prizes for the winners of all the contests planned.
Example B. The need to coerce dozens of people and groups to entertain and all that entails.
Example C. The need to line up at least 12 judges for the 12 hour event.
Example D. Costs! Rent alone, $2500.
Example E. Planning efforts should take a village, not a small, starved- for- time Bd. of Directors and Exec. Director!
Reality Check Time. After a lengthy discussion with Brian, we decided now’s the time to back away gracefully from the Dance-a-thon.
Replacement? To be announced shortly.
Promise! You’re going to love it too….
THANKS FOR YOUR UNDERSTANDING!!

wis·dom [wiz-duhm]
noun
the quality or state of being wise; knowledge of what is true or right coupled with just judgment as to action; sagacity, discernment, or insight.