My friend wrote a fascinating post on when quitting is the RIGHT thing to do:
So today, I wanted to open it up and talk about failure and quitting.
When is it OK to give up? When is changing your mind the RIGHT thing to do?
While many of you think of me as the perfect specimen of human achievement, I am just a man.
In fact, I’ve talked a lot about my failures in some recent interviews I did.
- In my Lewis Howes interview on building an empire and the power of habits, I talk about my first business flop right out of college (22:15) and how I made the mistake of trying to cheap out on staffing early on in my career (26:36)
- During my meeting at Smart Passive Income on the psychology of selling, I chat with Pat Flynn about a personal finance class I taught that nobody attended (2:13) and an app I created that would’ve never made me money — even if we 5x’d sales (11:47).
- At Entrepreneur on Fire, John Lee Dumas and I discuss how I lost half of my college scholarship money in the stock market (1:34) and how I used to take every negative comment personally after launching my first $4.95 product (5:45). (By the way, this podcast blew up and is now in the EOF Top 10 Podcasts list.)
Talk to anyone who’s been successful in their field and ask them what they’ve failed at. WATCH THEIR EYES LIGHT UP. Because in order to be successful, you have to fail — but people never ask about their failures and sacrifices.
Paradoxically, by taking risks and failing, we’re able to pinpoint what DOES work by eliminating what doesn’t.
Now, it’s easy to say “Just go try stuff! It’s OK to fail!” I’m not saying that at all.
What I’m saying is failure WILL happen. It’s not something to avoid — it’s something to expect, to plan for, and eventually to become masterful at handling.
This is a technique I call Failure Expectation.
(In fact, I keep a Gmail folder to track my failures. If I’m not failing at least 5 times/month, I know I’m not taking enough risks.)
It’s scary being outside of your comfort zone, but this is where all the magic happens.
Terrified to jump out of a 34’ tower at Fort Bragg
If you had a magic “NO FAILURE” cape, and when you wore it, you weren’t afraid of failing at anything…what would you do in the next 24 hours?
Would you have that difficult conversation? Would you apply to that dream job? What would it be?
Tell me in the comments below
P.S. By the way, I have nothing to sell (in fact, you can actually win $10,000 for IWT’s 10-year anniversary). I’m writing this to you because part of living a Rich Life is thinking about long-term questions that can help us improve our lives.
Do you know your actual earning potential?
Get started with the Earning Potential quiz. Get a custom report based on your unique strengths, and discover how to start making extra money — in as little as an hour.
Takes 3 min