TCM #023: The Art of Quitting – A Paradoxical Path to Success
Today, I want to talk about something that might seem counterintuitive at first, especially in the world of entrepreneurship: the art of quitting.
Recently, I came across a tweet from Mike Beckham, a seasoned entrepreneur – Mike is the co-founder and CEO of Simple Modern and an all-around fantastic human being – who has been part of several successful startups and a few flameouts.
He shared a surprising insight that we as a small business community don't talk about enough: being a successful entrepreneur requires not just persistence, but also being good at quitting.
The Paradox of Persistence and Quitting
Persistence is often hailed as the key to success.
Angela Duckworth, in her acclaimed book Grit, says:
"Grit is about working on something you care about so much that you're willing to stay loyal to it...it's doing what you love, but not just falling in love—staying in love."
But what happens when persistence turns toxic? When it blinds us to the reality that we're heading in the wrong direction?
Toxic Persistence vs. Redemptive Persistence
Toxic persistence is pressing on when quitting would be wiser.
It's a mindset that can consume all your devotion, time, passion, and money.
On the other hand, redemptive persistence is flexible and adaptive. It incorporates feedback and explores other areas to find success.
Knowing When to Quit
Quitting is not a sign of failure.
Read that again – because it's really not.
In fact, it can be a strategic move that saves us from devoting our resources to efforts that are destined to fail. It stimulates growth and learning while bolstering our humility.
As Seth Godin observes in his book The Dip:
"Winners quit fast, quit often, and quit without guilt."
Final Thoughts
The key to success (I believe) lies in balancing persistence with the wisdom to know when to quit.
It's about being flexible, adaptive, and open to feedback. It's about understanding that sometimes, the path to success involves taking a step back, reassessing, and changing course if necessary.
Truly, every setback is a setup for a comeback.
Every failure is a stepping stone to success.
And sometimes, quitting is not giving up—it's choosing to focus your efforts on what truly matters.
Stay curious,
Tom
AI Tip of the Week:
Are you stuck deciding whether to persist with a product or strategy or to quit and try something new? GPT-4 can help you analyse the situation and provide insights.
Give it a try and see what insights it can provide for your business. You might find the clarity you've been seeking without the fear of judgement.
(By the way, there is no judgement here either – as business owners, we've all been through this. You're not alone. This shit is hard.)
Use the following prompt (with a browser plugin such as WebPilot):
"I run the brand [YOUR BRAND] ([YOUR URL]). I'm currently facing a decision about whether to persist with [PRODUCT/SERVICE/STRATEGY] or to quit and try something new. Here's the situation: [BRIEF DESCRIPTION OF THE SITUATION]. Can you please provide some insights and advice?"
See a live example:
https://chat.openai.com/share/daec6c6a-43f9-42f7-975d-8a4428bd64e8
Recommended Reading:
If you enjoyed this week's edition, you might also find these previous newsletters helpful:
-
Overcoming Perfection Paralysis: Learn how to break free from the need for perfection and move forward in your business.
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The Role of Conviction in Ecommerce: Discover the importance of conviction when navigating the ups and downs of ecommerce.
P.S. Have a topic you'd like me to cover in the next newsletter? Let me know. I'm all ears. 📬
P.P.S. Ready for more? Here's how I can help you level up your ecommerce game:
- The Ecommerce OS: This is my go-to system for skyrocketing from $0 to $1M in revenue (while staying profitable). (The price will increase by $10 tonight.)
- Team up 1:1: Together, we'll outline your goals, craft a knockout strategy, and create a tactical action plan to supercharge your Shopify store. (Join 220+ clients who have already upped their ecommerce game.)
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