Without a doubt, this book has secured its place among my top reads this year, and considering the numerous books I have devoured, that’s saying something. Quit: The Power of Knowing When to Walk Away is the second book from Annie Duke that I have read, the first one was Thinking in Bets which is also great.

Let’s now see more about the book Quit.

This post is part of the series Learnings from books where my goal is to share what I learned from the book that I read. It is a mixture of review and summary with a bit of my opinion and point of view. But, as reviews, these learnings can say more about me than the book itself, so I trust that you the smart reader will take it with a grain of salt.

Learnings from Quit: The Power of Knowing When to Walk Away

The primary objective of the book is to challenge and transform the negative perception associated with quitting, highlighting instances where it is indeed the most optimal course of action. By shedding light on various biases that often compel us to persist in unproductive situations, the book emphasizes our tendency to avoid using the term “quit” due to societal judgments.

Ultimately, when we remove the negative connotations, quitting simply becomes the decision to conclude something that was previously initiated.

Grit vs Quit

Grit possesses an intriguing duality. While it can drive us to persevere in challenging endeavors that hold value, it can also bind us to arduous pursuits that have lost their worth. The key lies in discerning the distinction. While goals provide a foundation for resilience, grit does not always equate to virtue. As you are well aware, grit proves invaluable in persevering through worthwhile hardships, but it can also trap us in futile struggles.

In essence, the decision to quit and the embodiment of grit are two sides of the same coin. Numerous demanding endeavors warrant our pursuit, and grit empowers us to endure when it is appropriate. However, countless challenges are unworthy of our continued investment, and the ability to walk away at the right moment is a skill worth cultivating.

We avoid the word Quit

Although grit is commonly praised as a virtue, quitting is often regarded as a vice. As a result, we tend to steer clear of using the word “quit” and instead resort to various euphemisms such as “starting a new chapter” or “pivoting.”

Expected value as a framework

In order to make an informed decision between sticking with pursuit or quitting, it is crucial to assess the likelihood of favorable outcomes and unfavorable outcomes. This assessment enables you to determine if the positive outcomes are frequent enough to justify persevering on your current path.

The concept of expected value (EV) serves as a valuable tool in addressing two important questions. Firstly, it provides insight into whether a particular option under consideration will, overall, bring positive or negative outcomes in the long run. Secondly, it allows for a comparison of different options to identify the optimal choice, with the better choice being the one that yields the highest expected value.

Adopting a mindset of expected value analysis aids in evaluating the viability of the current path you’re pursuing. Expected value extends beyond monetary considerations and encompasses measures of health, well-being, happiness, time, self-fulfillment, satisfaction in relationships, or any other factors that impact your life.

When faced with a situation where the decision between persisting and quitting appears closely balanced, it is often an indication that choosing to walk away is the wiser option.

Avoid escalation of commitment

In times of experiencing losses, our inclination to persist with a failing course of action not only increases but often leads us to intensify our efforts. This behavioral tendency is commonly referred to as “escalation of commitment.”

Escalation of commitment is a prevalent and enduring phenomenon observed across individuals, organizations, and governmental entities. Once we embark on a particular course of action, we tend to become trapped in it, particularly when confronted with unfavorable outcomes. This inclination to stay the course persists despite mounting evidence suggesting the need for a change.

It is worth noting that escalation of commitment is not exclusive to high-stakes situations. It can manifest even when the stakes are relatively low, highlighting the widespread nature of this cognitive error. Our propensity to double down on a failing endeavor, regardless of its significance, underscores the pervasive influence of escalation of commitment in our decision-making processes.

Work on the hardest thing first

The “Monkeys and Pedestals” mental model serves as a tool to facilitate timely quitting.

  • Pedestals represent the aspects of a problem that you are already capable of solving, such as designing a flawless business card or logo. The real challenge lies in training the monkey.

  • When confronted with a complex and ambitious goal, it is important to (a) identify the most difficult aspect; (b) focus on solving that challenge promptly; and (c) remain cautious of false progress.

By applying this mental model, you can prioritize tackling the toughest parts of a problem, enabling you to quit sooner when necessary.

Have a kill criteria

Before embarking on a particular endeavor, it is crucial to establish a set of kill criteria. These criteria serve as a predefined list of signals or indicators that will inform you when it’s time to quit.

By creating kill criteria, you can protect yourself from making poor decisions while fully immersed in a pursuit. They act as a safeguard by reducing the number of decisions you need to make once you find yourself already experiencing progress or setbacks.

Establishing clear kill criteria in advance equips you with a proactive framework that assists in avoiding prolonged commitment to unproductive endeavors. It helps you make informed decisions and facilitates a more efficient evaluation of when it is appropriate to quit.

The endowment effect

The endowment effect refers to our tendency to place a higher value on items we own compared to identical items we do not own. This cognitive bias influences our perception of value.

In the context of quitting behavior, the endowment effect holds relevance. Selling something we own is akin to quitting, as it involves relinquishing ownership. On the other hand, choosing not to sell reflects persistence in maintaining ownership. When deciding whether to sell possessions like wine, a car, or a house, we are essentially determining whether to continue owning those items.

The endowment effect and sunk cost fallacy intertwine, amplifying the escalation of commitment. Additionally, the presence of status quo bias further compounds the cognitive forces at play, impacting decision-making.

Your identity is not what you do

When our identity becomes closely intertwined with our actions, abandoning what we do becomes challenging because it feels like quitting a part of who we are.

Identity plays a significant role in our lives, as we all strive to maintain a positive self-narrative. We desire to hold ourselves in high regard, believing in our consistency, rationality, and the accuracy of our beliefs about the world.

Quitting becomes particularly difficult when it threatens our sense of self. Our ideas, beliefs, and actions form an integral part of our identity, making them the most painful aspects to let go of when considering quitting.

Have a backup plan

Having a diversified portfolio is essential for safeguarding against uncertainty. It provides a layer of protection and helps mitigate risks. Similarly, having backup plans in various aspects of life is beneficial, as sometimes these alternative paths can turn out to be more advantageous than our current pursuits.

Even if you have no immediate intention of changing jobs, it is advisable to answer recruiting calls and explore potential opportunities. Maintaining a backup plan ensures that you are prepared for unexpected changes or opportunities that may arise. It is always wise to have a contingency plan in place.

The dark side of goals

While goals can be empowering, they also have a downside. The binary nature of goals, with their pass-fail distinction, can hinder progress, lead to escalation of commitment, and prevent us from acknowledging the incremental successes we achieve along the way.

Undoubtedly, goals serve as potent tools that enable us to accomplish worthwhile endeavors. However, it is important to recognize that the mere presence of a goal can trigger escalation of commitment. This can result in persisting with a goal even when it is no longer the most effective or optimal path to achieve our desired outcomes.

Redefine failure

The fear of failure and the perception of wasted time, effort, or money often surround the act of quitting.

It is crucial to redefine our understanding of “failure” and “waste.” When we contemplate quitting, it is essential to ask ourselves what exactly we would be failing at. If we choose to quit something that is no longer worth pursuing, it should be considered a success rather than a failure.

To move forward, we must redefine our notions of failure and waste. However, the ultimate goal should be to rehabilitate the concept of quitting itself. By shifting our perspective and embracing quitting as a strategic decision-making tool, we can unlock its potential and recognize its value in our personal and professional journeys.

Favorite quotes

These are my 5 favorite quotes from the book.

  • “Persistence is not always the best decision, certainly not absent context. And context changes.”

  • “Success does not lie in sticking to things. It lies in picking the right thing to stick to and quitting the rest.”

  • “Having the option to quit helps you to explore more, learn more, and ultimately find the right things to stick with.”

  • “Success means following a good decision process, not just crossing a finish line, especially if it is the wrong one to cross.”

  • “Don’t just measure whether you hit the goal, ask what you have achieved and learned along the way”

These are my learnings from the book Quit: The Power of Knowing When to Walk Away written by Annie Duke. A special thanks to Vancouver Public Library (VPL) for allowing access to the book for free.

Happy reading!