I’m an only child, which makes me a natural candidate for the sort of perfectionism that legend is made from. Most people who have met me would laugh when I say that I am an insane perfectionist because my psychosis is so complete that I have learned to hide it extremely well. I don’t know if that is my natural tendency from birth (the nature argument), or if it is born from the idea drilled into me throughout my life that quitting is for losers (the nurture argument). And therein lies the problem: Most entrepreneurs have to be driven like perfectionists to reach high levels in their field, and yet failure is the natural learning process by which entrepreneurs hone their skills and learn from their mistakes in order to go on to something better. What is missing from my equation is the "art of quitting"—the calculation of the exact right time in which quitting will advance you in business, not hurt you.
Is there a right way of quitting something, whether its personal or professional? According to the Psychology Today article, Adieu to All That, there is an entire psychology built up around quitting. While the psychology of quitting is important in every aspect of your life, I’d like to look at three of their concepts—open/closed memories, lingering, and accepting—from the perspective of the entrepreneur.
Open vs. Closed Memories
Open memories have an emotional attachment to them while closed ones do not. While emotion can play an important part in the learning process, hanging on to that emotion prevents an entrepreneur from growing and moving on to something better. What if someone like Mark Cuban, owner of the Dallas Mavericks and Chairman of HDNet, had become consumed with the memories of his past failures? He might have not gone on to strike that one great thing he was looking for. Letting go is the process of sorting your memories from open to closed ones, and it’s an important part of the learning process for an entrepreneur.
Lingering and Avoiding
Both of these actions take the power of decision-making out of the entrepreneur’s hands. By lingering, the entrepreneur can let events or others make the decision—for example, by letting the business run until the cash flow is gone, or by letting the client finally decide to drop the contract. By avoiding, you ignore the problem until it is too late to change the fate of your lack of decision, and ultimately the fate of your business. True power as an entrepreneur comes from pushing aside your fear of the decision and making it—win or lose, at least the decision is made and the business can move forward.
Accepting the End
What happens when you actually have made the decision? This is where you, the entrepreneur, has to go from logic to faith. Your faith in your decision as the right choice has to be solid to see you through the fallout that might occur. (Pamela Slim refers to it as emotional fortitude, and it applies to any major decision in your business or life.) For example, you may have to close down a product line and lay off some employees, or end your relationship with a client if that is not working for you. These things are unpleasant, unavoidable, and absolutely crucial to the survival of your business—there is no room for second-guessing because of feelings of sadness or discomfort. Rob May is leaving Business Pundit to pursue other business ventures that are better for him, and although this creates some sadness during the transition, I think he’s demonstrating that his faith in the right decision will see him through.
Having determination doesn’t mean that you have to be ruthless, however: In business, not everyone will like you, but you can still end things on a high note, with civility and respect. A calm, closed ending is always better than burning your bridges and storming out!
Stumble it!