The Strategist

The Leave or Stay dilemma: When to stop and when to keep going


08/23/2019 - 11:09



There is one important feature for a businessman: the ability to correctly assess the situation in order to understand when it is worth doubling efforts, and when you need to stop.



Marco Verch via flickr
Marco Verch via flickr
Persistence is a necessary quality for those who seek financial well-being. The worse the circumstances are, the firmer must be the determination not to give up.

British Prime Minister Winston Churchill said: “If you're going through hell, keep going.” The advice is good, but raises questions. First, how do you go forward? We decide to stop because it gets too hard. If the roads to wealth were easy and enjoyable, everyone would become millionaires. Secondly, is it worth it to stop? You cannot become rich by constantly incurring losses and not receiving income from invested funds.

This situation is called the woodpecker dilemma. A woodpecker can throb in the same place for hours and not get anything, but if he flies to another tree, he will find lunch. But how do you know when to show perseverance, and when to abandon fruitless efforts and leave the place? 

There are many ways to get rich and an infinite number of reasons to abandon this goal. However, there are just three types of convincing reasons.

Mistakes

If the mistake is not fatal but you leave the business, then you lose the opportunity to accumulate invaluable experience and use it in the future. Analyze the situation by asking yourself a few questions:

- Does this mistake mean that you do not like your business?

- Does it mean that you are not good enough in your field?

- Does it mean that your business or business plan is based on erroneous assumptions?

- What can you learn from this mistake?

- Can a similar situation be avoided in the future?

- If the situation repeats, will be you be able recognize it?

- Can you make another decision in a similar situation?

Having answered, you will most likely understand: a mistake is a lesson, not a reason to abandon your goals.

Fear

To cope with fear, you need to act immediately and start with what scares you the most. For example, today there is an important, but difficult and unpleasant tasks: to make a few cold calls to customers, or to talk with an angry customer who has already made you angry. The only way to get rid of this is to act as quickly as possible. Once you start thinking about it, you will immediately become a servant of your restless mind and it will be difficult for you to get out of this vicious circle. Stop thinking, just do it.

Inertia

Sometimes a series of mistakes or lack of progress can lead you into a vicious circle, especially if you are doing it for the first time. The less you achieve, the more you lose confidence in yourself and the more you worry. The more you worry, the less power is left for action.

At the same time, you will get the result very soon once you get down to the big, important things that scare you. Over time, you will grow more and more convinced that decisive action always pays off - financially and personally. And thanks to this conviction, people who have earned and then lost millions often manage to amass the money again. After all, they know from their own experience that decisive and focused actions always give results.

It’s not that “you should never give up,” although the world is trying to make us believe it. The decision is much more complicated: to combine perseverance and the ability to get out of business on time. Achieve your goals by constantly solving the dilemma of "leave or stay." You can learn this.

Based on ""Miracle Morning Millionaires. What the Wealthy Do Before 8am That Will Make You Rich" by Hal Elrod, Honoree Corder