Knowing When To Quit

How often have you heard things like “winners never quit” or “quitters never win”?

A lot of us are hardwired to just power through difficult situations, no matter the financial, personal and opportunity cost. But what if instead, we stopped and asked ourselves: maybe it’s time to quit this?

Jonathan and I explore how to decide whether quitting is your best option (and what to do afterwards):

How to think about sunk costs—and the cultural and emotional messages around abandoning your “thing”.

Evaluating opportunity costs—how to know when it’s time to quit to free up resources for other things.

The value of asking for outside input before making large investments—and how to get it.

Why setting kill criteria right at the start of your new investments (and not well into the project) may be your best move.

The cultural and emotional aspects of quitting that no one talks about, but pretty much everyone experiences.

Quotables

“It’s always easier to see when you think someone else should quit something. It’s like, you’ve been trying to become an actor for 40 years and you’ve had one walk on part. I think it might be time to quit.”—JS

“I’m thinking of something that I dropped and, duh, it didn’t work because I didn’t do any freaking research to make sure anybody even wanted this thing.”—RM

“If you’ve only got a few chips on the table, it’s no big deal. It’s just like, eh, this is an experiment, didn’t work out. And if you keep doing those, eventually one is gonna be not crickets. One is gonna be take my money.”—JS

“The right people will say yes to a call or some kind of an interaction. And if they won’t, then it doesn’t matter how good your idea is—then you need to spend some time getting these people to want to take your calls…”—RM

“If you think quitting is for losers, maybe reframe that in your mind in terms of knowing when to quit.”—JS

“Fear is what keeps people in terrible jobs, in terrible relationships, in businesses that don’t fit them, in roles that really are bad for them. It’s that fear of…but what do I do next?”—RM

“The type of goal that you have can make it easier or harder to know what the kill criteria is or are.”—JS

“So much is possible, if we allow ourselves not to stick with everything that we start.”—RM

SUBSCRIBE
SUBSCRIBE TO THE BUSINESS OF AUTHORITY

Recent Episodes:

April 22, 2024

It’s A Wrap!

We have a BIG announcement wrapped in a short episode of The Business of Authority. If you’re a fan, you’ll definitely want to tune in. We talk about where we’re taking the show and how your feedback will impact our next steps.

April 15, 2024

April Dunford – Obviously Awesome REPLAY

When I started reading April Dunford’s book, I couldn’t wait till we had her on the show. In Obviously Awesome, she simply yet powerfully explains the importance of positioning and how to do it. She’s no less fabulous on the show—she not only clarified what positioning is and why it’s important, but she also shared her own journey to her current positioning and niche (hint: it’s wildly successful).

April 08, 2024

The Passion Economy with Adam Davidson REPLAY

You may have heard our guest Adam Davidson on NPR (he co-founded their Planet Money podcast), but his—well, passion—is what he calls “The Passion Economy”. He makes the case—including some mesmerizing stories—that we can create deeply impactful, financially successful businesses from our deepest talents and passions.

April 01, 2024

In Defense of Repetition

How do you get better at anything? You practice. LeBron shoots free throws—Gaga sings scales. Consulting and advisory is no different. Upping your game requires embracing repetition— continually practicing all the elements of your craft and the business skills you need to flourish

March 25, 2024

Genius Zone vs. Productivity

When Louis Grenier of Everyone Hates Marketers called out working in your genius zone as a recipe for burn-out, well, Jonathan and I had to push back. We argue that working in your genius zone is not about being “hyper-ultra-mega productive”, but about working in flow state

March 18, 2024

The Pros And Cons Of An Application Process

Have you considered adding an application process for your service(s), but weren’t sure whether it would help or hurt? Jonathan and I have both used applications for different programs and purposes and we dive into how to make them work for you