The Problem of Quitting
We understand the importance of perseverance. But, as Seth Godin wrote : “You can pull out every stop, fight every step of the way, mortgage your house and your reputation–and still fail. Or, perhaps, you can quit in a huff at the first feeling of frustration. The best path is clearly somewhere between the two. And yet, too often, we leave this choice unexamined.” It is that choice that Annie Duke has written a book about called (what else?) Quit: The Power of Knowing when to Walk Away . I haven’t read the book but her interview with David Epstein was interesting. The biggest problem to quitting is the sunk cost fallacy: So much time and effort has already been spent, so wouldn’t quitting mean all that effort was in waste? Projects don’t get scrapped even when the cost and delays have spiraled out of control. Stocks that we bought and can’t bring ourselves to sell at a loss. There are endless examples. She has an interesting perspective on that: “Wha...