We all have heard many successful entrepreneurs and successful people talking about persistence and how persistence is one of the main ingredients for success. The famous quote by Vince Lombardi “Winners never quit and quitters never win.” Has perhaps been quoted many times by many people!
But if you look at any successful person – along with persistence comes also the wisdom to quit if something is not working out well. In fact, business laws like chapter 11 and Chapter 7 are setup for this, Chapter 11 just means “We are going to stop doing what we were doing because it is not working out well for us and start with something new. Chapter 7 means “We give up”
Declaring bankruptcy is sometimes good, so we can continue without the baggage from before. Here is a good example of a 19-Year-Old kid taking On Google. If you read his story, this kid Daniel Gross worked for 3 months on several ideas but nothing satisfied him and when he had 48hrs left he built a new one and continued to work on it for the next several months. This is a good example of when to persist and when to quit.
This “quit or persist” works in anything in our life… A startup idea, a habit, an addiction. At any point of time, we can decide if we need to quit or persist.
Quitting is painful and is not fun, but perhaps it is better to acknowledge the failure, so we can start with fresh ideas and fresh perspectives. When we know where we want to go and if what we are doing now does not seem to get us there, it is good to quit and maybe just maybe we will discover a better future than we anticipated.
—Vijay Peduru is an entrepreneur in the bay area and is the co-founder of a bootstrapped startup. His interests are bootstrapping, leadership and spirituality.