How to Get Good at Quitting and Achieve Greater Success | Annie Duke

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Jan 17, 2023

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ANECDOTE

Cab Driver Example

Cab drivers often quit early on busy days and late on slow days, earning less than optimal.
They prioritize daily earning goals over adapting to real-time demand, highlighting flawed goal-setting.

INSIGHT

Quitting Feels Premature

Quitting often feels too early because it's done under uncertainty, like starting something new.
We seek excessive certainty before quitting, often waiting until it's no longer a choice.

ANECDOTE

Everest Climbers

On Everest, three climbers quit due to turnaround time, while others summited and some died.
These quitters demonstrated courage, highlighting how quitting can be heroic but underappreciated.

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In today’s episode, we cover quitting with Annie Duke. Annie is a national best-selling author, former professional poker player, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book is Quit: The Power of Knowing When to Walk Away.

Quitting has acquired a bad reputation in a culture of grit and hustle, but even the most successful people quit things they’re working on frequently, so what is stopping you from quitting a failing project or relationship, and what questions can you ask yourself and others to determine when the right time to quit is?

What to Listen For

Introduction – 0:00
Why is knowing to quit just as important as grit and determination?
How do you know when to quit? – 14:58
Why do many of us quit things too late and waste valuable time that we could be spending on the next success?
What are some great examples of people making the right decision to quit?
Opportunity Cost Neglect – 33:26
What is the blindspot that keeps us from quitting at the right time?
What happened to the game Glitch before Slack was created?
How do you break the Sunk Cost Neglect cycle so you stop wasting your time?
Other Biases and Blindspots – 44:30
What is Escalation of Commitment?
What is the Status Quo Bias?
What is the Omission Comission Bias?
The Questions to Determine When You Need to Quit – 1:01:20

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