757: Annie Duke | The Power of Knowing When to Quit
The Jordan Harbinger Show
Setting up Kill Criteria for Startups
The key insight is about a method used with startup founders to establish 'kill criteria' by mentally time traveling to visualize the future of the business. By persuading founders to set criteria for when to shut down the startup, it helps to prompt a critical evaluation of the business's performance. Rather than directly suggesting to quit, the approach guides founders to recognize the need for closure themselves. This method includes setting specific benchmarks and deadlines, allowing for a structured self-assessment of the business's progress. Additionally, the approach emphasizes the importance of not persisting with a failing venture, highlighting the value of time and the potential for founders to redirect their efforts towards more promising opportunities. It also addresses the common rationalization of 'owing it to employees,' stressing the importance of freeing up their time to pursue other meaningful endeavors.
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