When is Quitting Okay for an Entrepreneur?
Is quitting ever a good idea? Persistence is the key ingredient for success, in business and in life. But, where does smart persistence end and blockheaded stubbornness begin? First, remember that success often comes just after the moment when you almost decided to quit. So, if you’re in the habit of quitting too early, you’ll miss out on the best things your life has to offer. However, holding on too long can keep you from finding the business opportunity or the relationship you really want. So, when is quitting okay?
In the second book of my Single Serving Wisdom series I say….
“Quit for the sake of the future, not for the sake of the past.”
“Persist for the sake of the future, not for the sake of the past.”
For example, if you’re only holding on to something because you’ve already invested time, money and energy into it and you don’t want it to be “all for nothing,” you’re falling for what behavioral economists call The Sunk Cost Fallacy. You’re holding on for the sake of past actions. But, is there really a future in what you’re pursuing? Is the work itself making you happy? When you’re done, will it make world a better place for other people? Is it algned with your skills, your passions and your values? If so, that’s a future worth persisting for. No matter how badly you want to quit or how beat up you are by failure.
But, why hold on for the sake of things that you can’t change now? Sure, you might feel bad about cutting your losses. But the biggest loss would be allowing your past to hold your future hostage. When is it okay to quit? Ask yourself why you want to quit, then ask why another part of you wants to persist. If you choose to persist, ask yourself, every day, whether you’re persisting for the sake of the future or for the sake of the past. My guess is, if you do this, you’ll realize that the answer was always in front of you.
Goals and Progress
- December Income: $668 (December Goal $2,000).
- Bodyweight: 239.4lbs (Goal 185).
- Linkedin Connections: 7,564 (Goal 10,000).