In our hustle culture, they tell us never to quit on our dreams, lest we give up right before achieving success. They proclaim Winston Churchill’s famous words, “…never give in, never give in, never, never, never, never—in nothing, great or small, large or petty – never give in…” but omit these words said in the same breath: “except to convictions of honour and good sense.”
How do we exercise “good sense”?
Facing the Facts
Sometimes, the universe suggests that the concept is flawed and should be abandoned. Consumers kept their money in their pockets in response to the Ford Edsel, Colgate (toothpaste) brand entrees, Gerber adult food in glass jars, and Bic (lighter/pen) pantyhose. The companies accepted the obvious and discontinued the products.
Sometimes, we need to acknowledge the winds of change. Investing in video cassette rental stores proved to be an excellent idea with the advent of inexpensive VCRs; the value of Blockbuster stock soared. Conditions shifted when mail order and streaming services arrived. Many failed to accept the reality and held onto the plummeting stock.
When the original premise for the decision is incorrect or circumstances change adversely, ceasing is not only justified but also necessary. We must not be so attached to our choices that we fail to accept reality.
Why Don’t We?
Sometimes, investment serves as an anchor. Some treat their college degrees as a life sentence. They studied accounting, confined themselves to that profession, and did not follow their dreams of developing a revolutionary fitness app or becoming a pilot.
Our aversion to loss causes us to maintain the status quo. One does not base a stock portfolio decision on the amount initially paid but on whether one would invest the money in the stock today. We hold onto a stock because we do not want to admit the loss that comes with selling stock we should no longer own.
Our judgment is also affected by stories of companies on the brink of failure that rebounded spectacularly. However, for every Disney and Airbnb, there are more Toys R Us and Blackberry stories. Does optimism require you to continue betting on your current endeavor in light of the current conditions? Moreover, what opportunity are you saying “no” to by continued pursuit?
Naturally, the time, effort, and money invested in an endeavor affects the amount of deliberation, but they should not be a shackle. When conditions changed in my business, and I couldn’t find a solution, I agonized for years before making the excruciating decision to sell our 30-year-old family-owned business. I took too long to accept the turn of events and failed to consider the potential of other opportunities. Fortunately, I found them.
Discernment
Quitting is not a decision to be taken lightly. You cannot approach it like switching supermarket checkout lines. You should make every reasonable effort, as well as some unreasonable ones. Runners do not drop out of a marathon because they are tired or in pain; they stop when they are injured or facing an injury.
A quitting question is answered by evaluating your present circumstances and opportunities, not by measuring sunk costs. The process requires discernment and perhaps acceptance.
While quitting may require realizing a failure, it may be necessary to move on to something better. Additionally, failure is not total, as there is always something one learns, and it is never final until we cease to act.
Given the gravity of these decisions and our frequent inability to properly judge our circumstances, consulting with a trusted colleague and mentor for another perspective is crucial.
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Discernment of your situation, coupled with being receptive to acceptance, will signal if and when it is time to move forward.
