The Power of Quitting: Learnings from Annie Duke’s Book “Quit”
We recently read the book “Quit: The Power of Knowing When to Walk Away” by Annie Duke.
We were both impressed by the book’s insights into the importance of quitting in order to achieve success. You read that right. The author, a former professional poker player, skillfully discusses the intricate concept of “knowing when to fold ’em.”
Duke argues that we often stick with things that are not working, even when it’s clear that we should quit. She also provides several basic strategies to help us figure that out. Here are a few key insights:
- Disregard the “sunk cost.” The sunk cost is the money, time, or energy that you have already invested in something. But it’s important to remember that the sunk cost is really irrelevant to the decision of whether to quit. What truly matters is the “future” value of continuing to invest in the thing. Is it worth it?
- Estimate the odds of success. If the odds of success are low, it may be better to quit and invest your time and energy in something else with a higher chance of success.
- Set a time limit. If you are not seeing results after a certain amount of time, it may be time to pull the plug.
In the end “knowing when to walk away” can be considered a vital skill. “QUIT” isn’t just a book; it’s a roadmap for making informed decisions about when to persevere and when to gracefully exit. We encourage you to dive right in!
