The How of Business - How to start, run, grow and exit a small business.

554: When to Quit

8 snips
Feb 10, 2025
Discover the art of knowing when to quit versus when to persevere. The discussion delves into the nuances between temporary challenges and dead-end situations. Learn about the dangers of sunk-cost thinking and how quitting can open doors to better opportunities. Gain insights on the power of strategic quitting to conserve resources and make smarter business decisions. This thought-provoking dialogue emphasizes that sometimes, stepping back is the key to moving forward.
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INSIGHT

Strategic Quitting

  • Quitting can be strategic, not just failure.
  • It's about choosing between persevering through challenges or pivoting to better opportunities.
INSIGHT

Defining "The Dip"

  • "The Dip" describes the challenging period between starting and mastering something.
  • Success requires pushing through this dip, but only when it's not a dead end.
ADVICE

Recognize The Dip

  • Look for signs of progress, even small ones, to indicate you're in a dip.
  • Validate your path with successful competitors or mentors.
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