How To Know When To Quit
Today I’m talking about what it means to fail, and how it is that you can recognize that.
Some failures are obvious, right? If you’re spending more than you’re earning, or conversions just aren’t working, it can be pretty clear that it’s time to stop – or at the very least, pivot.
Other failures are less obvious. I talk you through a real-world example of a program I ran that had some success, but that cost far too much.
Every single Thursday, I quit something. – Bob Goff
It would have been tempting to keep it going, but I want to talk you through what I like to call the Failure Scale. This involves examining your offer against three set criteria:
● Energy Allotment
● The Two Month Rule
● Avoiding Incrementalism
There are no easy answers when it comes to working out when it’s time to throw in the towel, or when it's worth you keep going.
Are you spending all of your time and up-front energy on something that you don’t plan on being a major source of income?
Are you succeeding, but just not as much as you would like? The response you’re getting is lukewarm or tepid, but not what you were hoping for.
Are you working your fingers to the bone, but with razor thin margins and insane amounts of work?
I talk you through one of my personal examples of when I knew it was time to call quits. It can be challenging to reframe what feels like failure into an honest reevaluation of what might not be working.
Everything in your business isn’t going to be easy, but there are times where you know that too much time and too much energy is being spent over way too long… for way too little. Instead of pushing yourself above and beyond, and after two months you’re still giving your all? It’s time to pull the plug.
There’s no shame in knowing when it’s time to pivot, reframe, and evolve.
Listen to the end to find out the danger of creeping incrementalism. An incremental change is skipping your daily Starbucks, but having a mortgage that’s too big for your budget. Instead of incremental changes, I’ll give you the lazy person’s way to cover a lot of ground, very quickly.
Think of it as your exponential hack, and the way to free yourself from something that just isn’t working. So whether you’re looking for some common sense advice from someone who’s been there or a few rules that you can apply to your own business thinking, then this episode of Think Digital is for you.