One of the most famous quotes in world history is Winston Churchill’s WWII speech that England will “never, never surrender“. This probably is good advice in war but not in business. Winners know when to quit. As Will Rogers says, “If you find yourself in a hole, the first thing you have to do is stop digging.”
I was reminded of this in a recent article about a Japanese High School baseball team that was down 66-0 after 2 innings. They quit. This made good sense. The pitcher had already thrown 250 pitches allowing 26 runs in the first inning and 40 in the second inning. (The average major league starting pitcher usually throws about 100. In 6th grade, my son is only allowed to throw 40 in a game). Quitting here makes alot of sense.
It is difficult to know when to persevere or just quit. On one hand, we need to persevere, to stick it out many times to be successful. Alternately,quitting gives us an escape hatch, so we can let go of the present result, and bounce, take another action that can give us another chance of success. How do you choose? Look at your passion and your cash flow. Talk to your trusted advisors around you. They will help you make the right decision.
The Japanese baseball team was smart to call it a day. The good thing is in baseball, the next game they play, the score starts at 0-0.
Here are some promising theories.