- Checkout Tim’s Podcast Page
- Would you still start today, knowing what you know now?
- If so, keep going
- Are the sunk costs all that’s keeping you from quitting, because of what you’ve invested?
- Don’t fall for the Sunk Cost Fallacy. The longer you stick with something or someone you know you shouldn’t, the harder it will be to walk away.
- It’s a waste of time to repeatedly start things and then quit them in “the dip” (the hard part that makes it worthwhile).
- The Dip in becoming a Doctor is Organic Chemistry – designed to get most people to quit
- Plan for the Dip and getting through up front, or don’t start at all
- Consider: Is there/has there been forward progress? If something is going ok, but has stalled, it might not be worth continuing
- Am I “smoking crack” about my own idea or should I quit?
- Am I meeting the metrics I originally created?
- You may want to quit when things are going okay. For example, on a project where nothing is “wrong,” but where it isn’t getting better in proportion to expectations of the market.
- This is the thing about resistance: If you’re doing what you think you should be doing rather than what you want to do with your whole heart, you are not persisting, you are resisting the truth about who and what you are.
- What scares you more: heartbreak, or rejection? What scares you more: resentment, or rejection? What scares you more: regret, or rejection?
- Suffering through something you don’t like is much harder than persisting at something you do.
- Are you really that scared of rejection that you will continue to suffer through something you hate?
- Quit if the cost is too high, if you’re doing it because you feel you owe it to someone, or quit if you don’t love it.
- Look to intuition first, trust your gut.
- Then ask two questions: 1. Is it working? 2. Do I still believe in it/is it still bringing me joy?
- If Yes or No for both the answer is clear
- If yes for one and no for the other then you need to deeply evaluate if you want to keep going with
- Impact is an important criterion: Do you have multiple options to achieve the same goal with different levels of impact? For example, if you value teaching, professorship provides it. However, a moderately successful video can reach far more people than a large classroom.
- Having data to be able to assess the proportionate impact of divergent paths before actually having to make the decision is extremely helpful.
- Think about what your Plan B is, the better you prepare and work up front the more likely you have a Plan B that might be the best choice for you
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