One Daily Minute
When To Quit Your Business
Photo by Jon Tyson
Don’t fall for the sunk cost fallacy.
Instead measure how many years you have left on this earth.
And ask yourself if you want the remaining time here—to still pursue this business.
The longer you stick with something—that you know you shouldn’t...the harder it is to walk away.
Would you still start this business today, knowing what you know now?
If so, keep going.
It’s a waste of time to keep starting new businesses—and quitting when you hit the first dip.
Dips are the hard part that makes it all worthwhile.
The dip to becoming an Engineer is Quantum Physics.
It’s designed to get people to quit.
Weed out those who really want to be an engineer.
Look to intuition first. Trust your gut.
Is the business working?
Has there been forward progression?
If so, might be wise to push through the dip.
Start working on a Plan B.
The better you prepare up front—the more likely that Plan B will allow your business to keep going.
There's no shame in quitting your business.
Life is short. Is this business the best use of your time?
Many successful companies have pivoted before being successful.
But don't use hardship (dip) as reasoning why you should quit your business.
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