Episode
#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
1:24:34
Published: Sun Jul 23 2017
Description
I'm very excited to share this episode. It's our first "roundtable" approach to discussing a single topic. This came about when I asked 5-Bullet Friday subscribers (sign up here if you're interested) to send me questions, and one that stuck out was: Where's the line between stubbornly pursuing an idea that isn't working and the patience and persistence needed to actually make it work? In other words -- when should you give up and quit and when should you push on? Since this is something I myself have struggled with, I came to the conclusion that I should reach out to people who might have a better answer. So, I sent the question to the following entrepreneurs, authors, and innovators: Scott Belsky Seth Godin James Altucher Debbie Millman Adam Robinson Chase Jarvis Rhonda Patrick Their answers are a thorough overview of how to assess your own ideas and opportunities, and determine which ones worth pursuing. Enjoy! Show notes and links for this episode can be found at tim.blog/podcast. This podcast is brought to you by Shopify. With the help of Shopify, many readers of my blog -- first-time business owners -- have ended up making millions of dollars each with their side gigs. Back in 2009, I helped create Shopify's Build a Business, which is now the world's largest entrepreneurship competition. The goal of this competition is to entice would-be entrepreneurs to get off the couch and make things happen, and all you have to do to qualify is open a store on Shopify and start selling. Top sellers in each category then have the exclusive opportunity to learn from mentors and experts like Tony Robbins, Daymond John, Seth Godin, Sir Richard Branson, and me in a location like Necker Island. Listeners to this show can go to shopify.com/tim to sign up for a free, 30-day trial and gain access to video courses that will help you get started -- including "How to Quickly Start a Profitable Dropshipping Store" with Corey Ferreira and some goodies from me. Check it out at shopify.com/tim today! This podcast is also brought to you by 99Designs, the world's largest marketplace of graphic designers. I have used them for years to create some amazing designs. When your business needs a logo, website design, business card, or anything you can imagine, check out 99Designs. I used them to rapid prototype the cover for The Tao of Seneca, and I've also had them help with display advertising and illustrations. If you want a more personalized approach, I recommend their 1-on-1 service. You get original designs from designers around the world. The best part? You provide your feedback, and then you end up with a product that you're happy with or your money back. Click this link and get a free $99 upgrade. Give it a test run...***If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Interested in sponsoring the podcast? Visit tim.blog/sponsor and fill out the form.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Chapters
In this transcript snippet, the host promotes his email newsletter called Five Bullet Friday where he sends out five bullet points every Friday containing interesting findings from his week, including but not limited to apps, books, documentaries, supplements, gadgets, self-experiments, and hacks.
00:00 - 00:54 (00:54)
Summary
In this transcript snippet, the host promotes his email newsletter called Five Bullet Friday where he sends out five bullet points every Friday containing interesting findings from his week, including but not limited to apps, books, documentaries, supplements, gadgets, self-experiments, and hacks.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
In this experimental format episode, Tim Ferriss gathers tips and tricks from various people in different fields about when it is the right time to quit vs. persisting.
00:54 - 08:47 (07:52)
Summary
In this experimental format episode, Tim Ferriss gathers tips and tricks from various people in different fields about when it is the right time to quit vs. persisting.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
In this episode, the speaker addresses the challenges faced by entrepreneurs in their journey and how they can navigate through the mid-journey blues.
08:47 - 14:53 (06:05)
Summary
In this episode, the speaker addresses the challenges faced by entrepreneurs in their journey and how they can navigate through the mid-journey blues. It is important to separate the hardships from what you're learning, become more resilient, and question if you still believe in the vision.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
In this episode, Seth Godin talks about his book The Dip and explains the difference between a dip and a dead end using examples from different situations.
14:53 - 22:59 (08:06)
Summary
In this episode, Seth Godin talks about his book The Dip and explains the difference between a dip and a dead end using examples from different situations. He provides insights on how to navigate through the dip and reach the other side where one can become the best in the world.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
In this podcast episode, the host discusses when to persist in a venture versus when to abandon it.
22:59 - 32:12 (09:12)
Summary
In this podcast episode, the host discusses when to persist in a venture versus when to abandon it. He shares the story of a successful podcast that eventually ended after running for 177 episodes, and offers insights on persistence in business, writing, and even games like chess.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
Debbie Millman reflects on her personal experiences with settling and persisting in pursuing her dreams.
32:12 - 49:00 (16:48)
Summary
Debbie Millman reflects on her personal experiences with settling and persisting in pursuing her dreams. She shares insights on the importance of recognizing when to abandon a failing idea and the power of perseverance in the face of rejection.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
It's important to recognize when something is no longer providing satisfaction or fulfilling your dream, and to quit as soon as you can to avoid investing more time, money or emotion into it.
49:01 - 56:41 (07:39)
Summary
It's important to recognize when something is no longer providing satisfaction or fulfilling your dream, and to quit as soon as you can to avoid investing more time, money or emotion into it. However, if you seriously want something, and obstacles are what's preventing you from achieving it, don't quit, and instead pivot or iterate to find a way forward.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
Chase Jarvis, the founder and CEO of Creative Live, shares his views on the power of intuition as a tool for success and how to use it to make decisions.
56:41 - 1:06:26 (09:44)
Summary
Chase Jarvis, the founder and CEO of Creative Live, shares his views on the power of intuition as a tool for success and how to use it to make decisions. He explains the two ways of thinking about intuition and shares a rubric on how to approach pursuing a dream.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
Chase Jarvis explains how he explored different fields but quit when he lost belief in the mission, emphasizing the importance of conviction in pursuing what one loves.
1:06:27 - 1:11:46 (05:19)
Summary
Chase Jarvis explains how he explored different fields but quit when he lost belief in the mission, emphasizing the importance of conviction in pursuing what one loves. Rhonda Patrick shares her story of how she realized she didn't believe in her medical school mission and shifted to science communication, highlighting the value of asking oneself if it's working and if they still believe in the mission.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
This episode discusses the career progression of a PhD scientist and the difficult decisions one must make when deciding between pursuing a tenure track faculty position and continuing passion projects.
1:11:46 - 1:18:11 (06:25)
Summary
This episode discusses the career progression of a PhD scientist and the difficult decisions one must make when deciding between pursuing a tenure track faculty position and continuing passion projects. The importance of considering impact is emphasized when making decisions about whether or not to persist.
Episode#254: When to Quit - Lessons from World-Class Entrepreneurs, Investors, Authors, and More
PodcastThe Tim Ferriss Show
In this episode, Tim Ferriss talks about how he has used 99designs for graphic design needs and used Shopify to create the world's largest entrepreneurship competition (Build a Business).
1:18:11 - 1:24:27 (06:16)
Summary
In this episode, Tim Ferriss talks about how he has used 99designs for graphic design needs and used Shopify to create the world's largest entrepreneurship competition (Build a Business). Moreover, he interviews Michael Mauboussin, Director of Research at BlueMountain Capital Management, about the art of decision making and the role of luck in it.