Week 4: Quit

Ronan read Quit - so you didn't have to...

Fast Facts

Week: 4

Title : Quit by Annie Duke

Author: Annie Duke

Rating: 8/10 

Adapted from Ronan's LinkedIn newsletter 21/02/2024 - 
Books I've Read For You

Summary

 Similar to her previous book “Thinking In Bets” 🙏 which I adored, this book gives a fresh perspective on the inherent cognitive biases we all have. Extremely well researched and referenced, leaning on Thinking Fast and Slow book (heavy going but highly informative), several probability studies, as well as lessons from the Vietnam War, climbing Everest and flipping a coin.

One Key Takeaway or Insight

Poor Decisions

A cautionary tale that reinforces none of us are immune from making poor decisions, unless we have a kill criteria, a quitting coach or a way to see when grit becomes a liability, not a virtue.

Video version of Book Review

Too lazy to read the summary? Watch instead.

* Common Sense Events has rebranded to Uncommon Experiences

Introduction

The book "Quit: The Power of Knowing When to Walk Away" by Annie Duke talks about the concept of quitting and explores its role in achieving success. 

Annie Duke, a former professional poker player and decision strategist, offers valuable insights into the art of quitting. She believes that to thrive in life, knowing when to abandon certain pursuits or relationships is imperative. Duke argues that quitting is often stigmatized, but it can actually be a powerful tool for personal growth and success.

"Quit: The Power of Knowing When to Walk Away" offers a fresh perspective on quitting and encourages readers to question the societal norms that view quitting as a sign of failure. With Duke's background in decision-making and her own personal experiences, this book provides a thought-provoking exploration of the power of quitting at the right time.

 

It's Okay to Quit

Do you have a few tough decisions to make in 2024? This book could help you.

This reference in the book tickled my brain: “Jumping the shark” - a widely used phrase (although not in my house or social network) used to identify when something good turns bad.

In a (misguided) attempt to spice up the familiar formula of Happy Days, in Episode 91, Season 5 (originally aired in 1977) writers had Fonzie, replete in leather jacket, waterski over a shark.

Quitting isn’t bad.

The option to quit is what allows you to react to the changing landscape.

After you’ve set out on a particular course of action, new information will reveal itself to you. And that information is critical feedback.

 

GRIT and QUIT. The opposite of a great virtue is also a great virtue.

 

I ❤️ this 💡 - Kill Criteria

 

A kill criteria is a precommitment contract to quit.

 

Here’s the framework:

 

Kill Criteria

The best quitting criteria combine two things: a state and a date.

State: Measurable condition of a project, a benchmark you have hit or missed, an objective you planned.

Date: By when, exactly.

“If I am (or am not) in a particular State at a particular Date (even at a particular time), then I have to quit.

Using “unless” is akin to having a kill criteria. This allows you to be more rational when goal setting.

 

Expected Value

EV (Expected Value) - Poker players understand and are attuned to making decisions based on their EV and thus avoiding some (not all) bad plays. Something business owners could learn from.

 

This idea is built out in much more detail in her previous book - Thinking In Bets by Annie Duke

 

Katamari - An absurd video game designed to roll around and collect more “stuff” as you have been ordered by the “King of All Cosmos” (cool name BTW).

 

Selling or giving away something you own is the equivalent of quitting, you are quitting ownership.

Not selling is a form of persistence.

 

Quitting our Identities

We carry around beliefs and ideas and they become our possessions.

 

When it comes to quitting the most painful thing to quit is who you are (Owner, founder, accountant, CEO etc).

 

We’re all in a “cult” of our own identity.

 

Hire a quitting coach - life is too short so we all need people around us who will help us identify when we are on the wrong path.

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