In today’s episode, we cover quitting with Annie Duke. Annie is a national best-selling author, former professional poker player, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book is Quit: The Power of Knowing When to Walk Away.
Quitting has acquired a bad reputation in a culture of grit and hustle, but even the most successful people quit things they’re working on frequently, so what is stopping you from quitting a failing project or relationship, and what questions can you ask yourself and others to determine when the right time to quit is?
What to Listen For
- Introduction – 0:00
- Why is knowing to quit just as important as grit and determination?
- How do you know when to quit? – 14:58
- Why do many of us quit things too late and waste valuable time that we could be spending on the next success?
- What are some great examples of people making the right decision to quit?
- Opportunity Cost Neglect – 33:26
- What is the blindspot that keeps us from quitting at the right time?
- What happened to the game Glitch before Slack was created?
- How do you break the Sunk Cost Neglect cycle so you stop wasting your time?
- Other Biases and Blindspots – 44:30
- What is Escalation of Commitment?
- What is the Status Quo Bias?
- What is the Omission Comission Bias?
- The Questions to Determine When You Need to Quit – 1:01:20
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