Embarking on a journey through Tim Ferriss's perspective on knowing when to quit, we delve into the art of strategic surrender. Uncover the wisdom behind choosing to step back, reassess, and potentially redirect your efforts for greater success.
Don’t fall for the sunk cost fallacy
The longer you stick with something you know you shouldn’t, the harder it will be to walk away.
- It’s a waste of time to repeatedly start things and then quit them in “the dip” (the hard part that makes it worthwhile).
- Consider: Is there/has there been forward progress? If something is going ok, but has stalled, it might not be worth continuing James Altucher. Am I “smoking crack” about my own idea or should I quit?
- Am I meeting the metrics I originally created?
Quit if the cost is too high, if you’re doing it because you feel you owe it to someone, or quit if you don’t love it
Look to intuition first, trust your gut, then ask two questions: Is it working, and do I still believe in it/is it still bringing me joy?
- Impact is an important criterion: Do you have multiple options to achieve the same goal with different levels of impact?
Shopify’s Build a Business Competition
The goal is to entice would-be entrepreneurs to get off the couch and make things happen
- Top sellers in each category then have the exclusive opportunity to learn from mentors and experts like Tony Robbins, Daymond John, Seth Godin, Sir Richard Branson, and me
