We have a great tradition in America never to give up. We hear the rallying cry that we should “Never Surrender”, “Never Give Up” and that “Quitters Never Win and Winners Never Quit”.
This is just plain nonsense.
The winners in this would know when to quit. One of my favorite quote is from that old cowboy, Will Rogers, “If you find yourself in a hole, the first thing you need to do is stop digging!”. But how do we know if its time for us to quit?
1. Have you lost the passion for what you are doing?
I have been taking Karate for 8 years and I am not progressing very fast, but I still come back after traveling and injury. Why? I still want to learn and I still have passion for Karate. As long as my body and teachers will allow me to keep coming back, I am not quitting.
But are you in a business which you dread going to every day? Are you in a job that has become a nightmare? Have you lost the passion for what you are doing? If you answered yes to any of these, it’s time for a change.
2. You have run out of money or cash is dwindling fast.
Very few businesses can sell their way out of a cash shortage. If your cash flow statement shows that your cash reserves are being depleted and their is nothing that you can forecast that will change the direction, it is better to start planning now for an orderly end (and not dig yourself any deeper).
Remember, the key to success is being able to let go. Celebrate the success. Mourn the failures. Then get ready for another chance at success.
