A heuristic for quitting

Winners don’t quit is bad advice.

It is the kind of mindset that causes us to hold on to an idea well past its time, rendering us blind to reality and causing us to put more money and effort behind sunk costs. The truth is that winners do quit, and quite often.  How does one decide when to quit an endeavour, and when to persevere?

Scott Belsky, entrepreneur, venture investor and author, has a simple rule of thumb to make that decision. He recommends that we consider this question carefully:

“Would you still start today, knowing what you know now?”

Knowing what you know about a particular project, if you were given a chance to start it all over again, would you take that chance? If the answer to that question is a yes, you probably ought to continue. If the answer here is no, you must definitely quit.

Source: When to Quit – Lessons from World-Class Entrepreneurs, Investors, Authors, and More

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