Yes, that is a very controversial topic.
Yet, study after study show that the best leaders and most successful people know how to persist and how to quit. They have mastered the art of quitting.
In theSilReview Episode 202, we dive into leadership lessons learned from the book Mastering the Art of Quitting.
As you'll hear me say (or read the captions, that is) in the video, there have been countless times when I've seen my team or organization move forward, refuse to quit, and waste time and money, on a goal that was no longer achievable.
As an economics major, I learned the theory of sunk cost. When making a decision on whether to continue pursuing a goal or not, we humans look at what we've already invested into the goal. How much time and money have we spent working towards it? If the effort has been great, we're hesitant about shifting course. We feel that we owe it to ourselves or to the world to continue pushing forward because of the time and effort that has already been put in. However, from an economic perspective, this is faulty reasoning. When you decide whether to move forward or not, you stop looking at the past. The time, money, and effort that have been invested are a "sunk cost". There is nothing you can do about them. You need to assess what would the costs and opportunities be of going forward.
Once you assess it from a future-looking perspective, you can than make the right decision to either continue pursuing your goal, or to quit it altogether and pursue a different one.
The bravest of leaders actively work on mastering this art. They know that any negative feedback or blowback they get from switching goals or "quitting" in the eyes of others, will be far outweighed by the positive results or by the negatives they avoided by switching.
Listen in (or read the captions) on how to add the art of quitting to your leadership belt!
Get a copy of the book here: bit.ly/QuitArt
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