Holding and Folding

Sometimes quitting is a good thing; you’ve slogged it out long enough, and it’s time to cut your losses and move on. But having to make that decision is a lonely and uncertain place to be. Maybe things will turn up next week, how can you know? 56% of all new businesses fail within four years, would they have done better to stick it out?

I recently stumbled across a book called The Dip, by Seth Godin. The book’s namesake is “the spot everyone trying to master something new reaches but that few get through…it’s the hard part that wipes most out.” The dip is the dark just before the dawn. The trick is not only surviving the dip, but also knowing the difference between a rough patch and a hopeless situation. Too often we confuse density with doggedness, and cowardice with shrewdness. To have both the determination to survive when hope has all but abandoned you, but also the clarity to see a dead end, this is the rare thing. The Dip offers insight into how to identify the difference in these situations, and shows how some of the most successful people are in fact skilled quitters (should Bill Gates have stuck it out at Harvard instead of founding Microsoft?).

How do you know when to quit?

More reading:
Business Week Interview with Seth Godin


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