The Tim Ferriss Show #254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
Separate Hardship and Learning
- Separate hardship from learning in your pursuits.
- Quit if your core assumptions are wrong, and you wouldn't restart the project.
The Dip
- Scarcity increases value, and difficulty creates scarcity.
- The "dip" is the challenging period that makes a project worthwhile.
Strategic Quitting
- Differentiate between a temporary dip and a dead end.
- Quitting is acceptable; winners quit strategically to focus on better pursuits.
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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Past guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.
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