#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
The Tim Ferriss Show
The Importance of Taking a Step Back
You always have to take a step back and say, am I smoking crack about my own idea or should I put this down and move on to the next idea? And often just asking that question every day and being very analytical about it will tell you whether something is worth persisting in. So there was one period where I created several different websites at the same time. This is in the mid-O-Os to see if there's a business in any of these.
I'm very excited to share this episode. It's our first "roundtable" approach to discussing a single topic. This came about when I asked 5-Bullet Friday subscribers (sign up here if you're interested) to send me questions, and one that stuck out was: Where's the line between stubbornly pursuing an idea that isn't working and the patience and persistence needed to actually make it work? In other words -- when should you give up and quit and when should you push on? Since this is something I myself have struggled with, I came to the conclusion that I should reach out to people who might have a better answer. So, I sent the question to the following entrepreneurs, authors, and innovators: Scott Belsky Seth Godin James Altucher Debbie Millman Adam Robinson Chase Jarvis Rhonda Patrick Their answers are a thorough overview of how to assess your own ideas and opportunities, and determine which ones worth pursuing. Enjoy! Show notes and links for this episode can be found at tim.blog/podcast. This podcast is brought to you by Shopify. With the help of Shopify, many readers of my blog -- first-time business owners -- have ended up making millions of dollars each with their side gigs. Back in 2009, I helped create Shopify's Build a Business, which is now the world's largest entrepreneurship competition. The goal of this competition is to entice would-be entrepreneurs to get off the couch and make things happen, and all you have to do to qualify is open a store on Shopify and start selling. 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 in a location like Necker Island. Listeners to this show can go to shopify.com/tim to sign up for a free, 30-day trial and gain access to video courses that will help you get started -- including "How to Quickly Start a Profitable Dropshipping Store" with Corey Ferreira and some goodies from me. Check it out at shopify.com/tim today! This podcast is also brought to you by 99Designs, the world's largest marketplace of graphic designers. I have used them for years to create some amazing designs. When your business needs a logo, website design, business card, or anything you can imagine, check out 99Designs. I used them to rapid prototype the cover for The Tao of Seneca, and I've also had them help with display advertising and illustrations. If you want a more personalized approach, I recommend their 1-on-1 service. You get original designs from designers around the world. The best part? You provide your feedback, and then you end up with a product that you're happy with or your money back. Click this link and get a free $99 upgrade. Give it a test run...
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