Grab a chair, kitten. Yes you - the business adventurer. People, books, and blogs are always telling you to keep a stiff upper lip. Keep trying. Move forward and don’t give up. But sometimes giving up quickly is a good idea. Let’s be clear … I don’t advocate people ditching their ideas after one or two rounds for no real reason, but you do have to be smart enough to realize the difference between rising from the flames like a Phoenix and going down in flames like the Hindenburg. So how are you supposed to know when to quit and when to dig in? Seth Godin talks about it in his book The Dip which is a really good place to start looking.
Entrepreneurs need to learn that quitting isn’t always a four letter word. Some of the world’s best and brightest quit quickly, often, and without guilt. {Have you ever started a new job, hobby, or business thinking how wonderful it is? You have all this energy to put towards it and it’s going great. And then for whatever reason you feel that you have to quit, and it leaves you with this horrible, nagging feeling in the pit of your tummy that keeps you coming back.} Spending your time, energy, and money on something that doesn’t work is just plain silly.
Wondering how you know the difference? Ask yourself some key questions. Not right here at your computer – take some time to think it out. Reflect. Then answer.
1. Are you just panicking? Panic comes on quickly and sometimes it’s the direct result of facing a decision that you know will either make or break you and your company. Don’t quit just because you’re in a state of panic. Think it through. Then move on to question 2.
2. Who are you trying to reach and influence? Are you making a positive income on that market?
3. Are you making progress? If you’re standing still or moving backwards you need to rethink things. You can either change what you’re doing to move towards that bigger goal or realize that this is not just a dip in the road and call it quits.
4. What does your gut say? Most people just don’t listen to their intuition. Bad move.
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Chris Brogan just did a post on this same topic. Read it here: http://www.chrisbrogan.com/never-give-up-no-give-up