TRM11: Know When to Walk Away or Try Harder
One thing I learned growing up playing professional hockey is the power of knowing when to walk away or try harder. Walking away from the game, in the moment, was the hardest thing I've ever done. It was emotional and filled with uncertainty - but guess what, it was the best decision I have ever made. Walking away propelled me into a world that filled me with as much passion, purpose and challenges as the game of hockey did. Say hello to business school and entrepreneurship! Fast forward to today, I am still confronted by that question, whether I'm making small decisions or big decisions.
I've always asked my mentors about what they thought the answer was; like when do you actually know when to walk away or try harder at something? It's a tough question to answer when you are innately optimistic and persistent, but I can confidently say it is one of the hardest decisions you’ll ever face in life. Their answers have always been: It’s a very personal decision. Which, they are 100% correct.
But, I thought I'd write about it in case you are currently asking yourself this question. My thoughts may help guide you.
With a lens on business, knowing whether to “walk away or try harder” is one of the most challenging questions for an entrepreneur. The truth is, you need to protect your time and you need to be passionate, not emotional. Most importantly, you need to remember you’re building a business. The purpose of a business is pretty simple:
Create jobs
Invent
So, the question is, when do you give up and walk away from a business that may be struggling to create jobs or invent? According to Jeff Bezos, "when the last high judgement champion folds his/her cards".
Okay, fair. Knowing when to try harder or walk away should be defined by goals and a timeline from the start, so high judgement champions have indicators. Sounds elementary, but I can tell you with certainty that there are way too many entrepreneurs not establishing *BHAGs that are *SMART and end up pursuing the wrong paths indefinitely that stunt their growth. So, you need to determine the timeline that works best for you by establishing milestones to hit. If this is clear, you'll know when to fold your cards as you can map your journey as you go. The challenge may not always be about walking away, but rather about the opportunity to walk away at the correct time. Most people take far too long because it’s hard and emotional with a personal attachment.
Now I'm not saying to not be persistent, you need to have grit, but you need to build momentum. Entrepreneurship and business, in general, feels like you're pushing a boulder up a hill. You experiment, pivot, but the uphill battle is still there. You don't want to quit, but time is ticking. Some questions that help me answer "should I try harder or walk away" are: If I wasn't already doing this, would I do this? If this whole project disappeared tomorrow and I had total freedom, is this the project I would pick to work on? Are these the first people I would call to work on it with me?
If yes - keep calm and carry on
If no -walk away
I just watched a wonderful interview between Holly Branson and Richard Branson. During the interview, Richard answered my question: How do you know when it’s time to work harder or walk away? Here’s his answer:
If I start something I will fight tooth and nail to make it succeed. If something stops me along the way and I’ve done everything I can to avoid failure, then I will accept it and move onwards and forwards.
Watch the full interview here:: https://www.instagram.com/tv/CWu_J_VDLMc/?utm_medium=copy_link
"If I've done everything I can to avoid failure" is what got me. That's the answer I've been searching for. You need to let go if you truly believe you've done everything you can. The truth is, most failures to adapt are the results of a leader's failure to let go of what has made him successful or comfortable in the past (ego). The best CEOs become experts at letting go. Walking away from something isn't a weakness, it's actually a strength.
In your opinion, when do you know when it's time to walk away or try harder? Send me a tweet.
*BHAGs: Big Hairy Audacious Goals
*SMART: Specific, Measurable, Achievable, Relevant, and Time-Bound
Let me know what you think by sending me a tweet.
Be great,
Nunzio Presta
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