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Why Learning How to Quit Will Help You Make Decisions

Why Learning How to Quit Will Help You Make Decisions

Released Monday, 17th October 2022
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Why Learning How to Quit Will Help You Make Decisions

Why Learning How to Quit Will Help You Make Decisions

Why Learning How to Quit Will Help You Make Decisions

Why Learning How to Quit Will Help You Make Decisions

Monday, 17th October 2022
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0:02

For morning brew, this is

0:04

business casual, bringing you combos with

0:06

people you know and some you may not know

0:08

yet to make business less intimidating

0:11

because money talks but it does not

0:13

have to be dull. I'm your host, Nora Ali.

0:16

Now let's get down to business. Business

0:19

casual.

0:20

The word a quitter can

0:22

sometimes leave a bad taste in your mouth.

0:24

especially when it comes to your career

0:26

or big life goals. But

0:28

the truth is, we all quit things,

0:30

whether it's a job, a relationship, a

0:33

habit, or the tenth push up.

0:35

I have quit every job I've

0:37

ever had in favor of new careers. I

0:39

quit the trading floor work at a startup.

0:41

I quit that startup to work in TV anchoring,

0:44

and then I quit TV anchoring to start my

0:46

own thing and host this podcast

0:48

right here. Granted, I always quit

0:50

out loud nicely and with enough

0:52

lead time for my teams to prepare for

0:54

my absence. And our guest today makes

0:56

the case that quitting including your

0:59

ability to quit most effectively and

1:01

knowing when to quit is a

1:03

decision skill worth developing.

1:06

In her new book, Quit, the power

1:08

of knowing when to walk away. Former

1:10

professional poker player, Annie Duke, makes

1:12

the case that learning how to Quit will

1:14

help you make better decisions under

1:17

uncertainty. Something we all

1:19

face at one point or another. For

1:21

example, she knows that success doesn't

1:23

necessarily lie in sticking to things.

1:26

It lies in picking the right thing to

1:28

stick to and quitting the rest.

1:31

I mentioned that Annie Duke is a former professional

1:33

poker player. She won more than four

1:35

million dollars in tournament poker before

1:38

retiring from the game in twenty twelve. and

1:40

knowing when to quit was a key

1:42

strategy for those who dominated the

1:44

sport. In her words, amateurs

1:46

usually hold them. professionals usually

1:49

fold them. And he shared some important

1:51

red flags, signs that tell you

1:53

it's definitely time to quit. and

1:56

how to avoid doubling down on something

1:58

in the face of bad news or

2:00

signs that it is not going well,

2:02

which research shows we tend to

2:04

do. And she tells us why, when you do

2:06

decide to quit, you shouldn't necessarily

2:09

be quiet about it. This

2:11

conversation will change the way you think

2:13

about quitting and success and hopefully

2:15

inspire you to put your time and

2:17

energy into things that are truly

2:20

worthwhile for you. That

2:21

is next after the break.

2:24

I know a lot of you have heard this saying, you

2:26

have to spend money to make money,

2:28

but everything in life from travel to

2:30

starting a business as we know is

2:32

very expensive, which is why I'd love to

2:34

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2:37

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2:39

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2:41

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2:43

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2:46

called all the hacks and it's a top

2:48

ranked show hosted by Chris Hutchens. He's

2:50

a optimizer and entrepreneur. He's

2:53

racked up millions of points and he's even

2:55

sold two companies. He's

2:57

traveled to over sixty countries

2:59

which is very impressive and even more impressive

3:01

is that he did that mostly for

3:03

free. And each week on all

3:05

the hacks He shows listeners how you

3:07

can do the same. He has experts

3:09

on, like, renowned flight packer, Tim

3:12

Ferriss, even three Time Olympic

3:14

gold medalist, Carrie Walsh Jennings,

3:16

and business casual listeners, you all know that

3:18

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3:21

I am definitely always looking

3:23

to try to maximize my points and

3:25

save money on staying in nice hotels

3:27

up pretty my flights along the way.

3:29

So I loved episode

3:31

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3:34

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3:36

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3:38

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3:38

And Richard offered

3:39

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3:41

on all things, airline, hotel,

3:44

credit card loyalty points including

3:46

what changes to expect this year

3:48

and which loyalty programs to avoid.

3:51

That is very important. So check it out.

3:53

Search for

3:53

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3:55

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3:56

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3:59

later.

4:00

Annie.

4:09

I have so many

4:11

questions for you. I'm a big quitter.

4:14

I've quit every Good. One of my jobs

4:16

I've had and we'll get into that. First,

4:18

let's start with a quick icebreaker. This

4:20

is for a segment called OG Occupations.

4:23

So, Annie, what was your first

4:25

ever job that you've ever had? not

4:28

counting babysitting? Counting any everything.

4:30

Counting anything.

4:31

My real first job was at Kentucky

4:33

Fried Chicken when I was fourteen years old.

4:36

Oh, brown polyester,

4:38

slacks, and, like, smock situation.

4:41

Wow. It was yeah. It was something I

4:43

don't have pictures of it. I wish I did. I'm

4:45

a big KFC fan. Did you enjoy it? I

4:48

mean, did I enjoy memorizing

4:50

what goes in a three piece box? I don't

4:52

know some sort of life skill, I'm sure.

4:56

I like the mashed potatoes, which looking

4:58

back is a little embarrassing. A little sesame

5:00

powder. At fourteen years old,

5:02

I thought they were delicious. I know. I used to

5:04

love the coleslaw. so much. Okay.

5:07

Let's get to quitting. The word quitting

5:09

obviously comes with a negative connotation a

5:12

lot of times. It implies you've

5:14

given up.

5:15

you've been defeated, but that is not your

5:17

stance at all. And I agree with

5:19

your stance. First of all, what

5:21

exactly do you mean by quitting

5:23

in the context of your book.

5:25

So I think, first of all, you're absolutely

5:28

right. If I called you a quitter, I would be completely

5:30

insulting you. I mean, I wouldn't, but you would

5:32

take it as an insult because I'd be calling you a

5:34

loser. But we should it shouldn't be that way.

5:36

Right? We wanna change that. So, you know, I

5:38

think that one thing that people need to realize is

5:40

we think about quitting as one particular

5:42

thing, which is like stopping some large

5:44

thing. So like you're in a job,

5:46

you quit your job. But there's all

5:48

sorts of small acts of quitting that we do all

5:50

the time. Like you're watching a TV show, if you

5:52

decide that it's not for you and you don't watch the

5:54

next episode or you stop in the middle of an

5:56

episode, that would be quitting. if you

5:58

are managing a project at work and

6:01

you decide that's not the right project

6:03

for you to be doing in order to reach your

6:05

goals, that would be quitting. What I think about is you

6:07

can, like, change directions that would

6:09

be quitting or you could exit the court. Mhmm.

6:11

And that would be also quitting. But there's

6:13

also other things that go under quitting light. If

6:15

you change your mind, if you abandon a

6:17

leaf. So I used to believe that Pluto is

6:19

a planet, but now I don't. So that's a form of

6:21

quitting. If I fold a hand

6:23

in poker, I'm not getting up from

6:25

the game, but I'm giving that hand up. Mhmm.

6:28

It's called cutting your losses. That would be a

6:30

form of quitting. If I sell a stock, like selling

6:32

things is a form of quitting because you're quitting your

6:34

ownership. And if

6:36

you fire someone, it's quitting. We just

6:38

have a different word for it because as an employer,

6:40

if I let somebody go, I'm quitting that

6:42

employee. employee relationship. So it's really covering

6:45

basically any kind of situation

6:47

where you started something, and then you decide

6:49

that you don't wanna be on that path in

6:51

one, a change in course. And you

6:53

say it's a

6:54

decision skill that is

6:56

worth developing. Why do you think quitting

6:58

is a skill in itself? So I

7:00

I actually think it's like the decisions

7:02

go that you need to develop in order to be a

7:04

good decision maker. So the reason

7:06

is that when you start things,

7:09

you're deciding to start it with

7:11

very little information. And then

7:13

also the way that thing turns out is gonna

7:15

be partially luck is gonna have

7:17

a huge influence over it. So if

7:19

you think about most things that you start, like

7:21

imagine that you're taking a job or even that

7:23

you're hiring somebody. So let's say, I'm hiring

7:25

you for a job. What do I really know

7:27

about you? Right? Like, I've got a CV.

7:29

I've had a few interviews. I've got a

7:31

couple references. but I actually

7:33

know very little when I enter into

7:35

that relationship with you. And

7:37

that's true pretty much of all decisions

7:39

that we have to make in terms of starting

7:41

things. So there's this huge influence

7:43

of uncertainty, and I assume Nora that

7:45

you've had that feeling after

7:47

the fact of saying, like, oh, I wish I

7:49

knew then what I know now. Mhmm. So this is

7:51

why quitting becomes really important because when

7:53

you have that feeling of, I wish I knew

7:55

then what I knew now, you actually have

7:57

a way to address it,

7:59

which is to take on the

8:02

option to quit. Right? So I found something new.

8:04

I wish that I had done something

8:06

different.

8:07

And so I can, and

8:08

I can quit. And there are a lot

8:11

of forces that are working against

8:13

us when it comes to making that

8:15

decision to quit cognitive forces and

8:17

otherwise, you talk about something called

8:19

the escalation of commitment

8:21

in your book. explain what

8:23

that is and why that works against us.

8:25

So we have the intuition. And

8:27

I think you do too. Like, so I assume, like, when

8:29

you start something, whether it's a

8:31

job or relationship or maybe, like, you make an

8:33

investment. I bet you have the intuition

8:36

that when the world gives you

8:38

signals, that thing isn't going as you

8:40

had hoped. that you'll pay attention

8:42

and you'll stop doing the

8:44

thing that you were doing before. So that I think

8:46

that's an intuition that we all share. but

8:48

there's decades and decades of science that

8:50

shows that not only do we not do that,

8:52

but we escalate our commitment to the

8:54

cause when we get bad news. one of the

8:56

best ways to see that is actually in war.

8:58

Right? Like, think about in the Vietnam war, for

9:00

example, or the war in Afghanistan. You

9:02

started and then things aren't going

9:04

well. Right? It's very clear you're not gaining

9:06

ground. The war isn't going as you hoped.

9:08

You know, Vietnam war. I don't think there was any point

9:10

where anybody thought we were winning that war. Yet,

9:12

we stayed in it for a really long

9:13

time. There's no way to capture

9:16

in one evening's broadcast, the

9:18

suffering and the grief of thirty

9:20

years of a subcontinent war.

9:23

In Vietnam, we finally have reached the

9:25

end of the tunnel, and there is

9:27

no light there.

9:28

Because even though you're

9:31

getting this information that if you

9:33

knew it at the time that you were thinking about starting,

9:35

you wouldn't actually start. But when you're

9:37

in it, once you started, you know, accruing

9:39

losses and having all that stuff happen, you

9:41

actually tend to escalate and increase

9:43

your commitment to the cause it gets you stuck in

9:45

stuff. And it's like not just

9:47

wars, but it's also like jobs and relationships.

9:49

Andy, this also reminds me of the

9:51

sunk cost effect. which you

9:53

write about, can you apply

9:55

the sunk cost effect and the quitting

9:57

mentality to say, accepting

10:00

miss stakes or bad situations that

10:02

seem to have absolutely no

10:04

upside. And I say this from personal

10:06

experience because if there's something bad that's happened

10:08

to me, I tend to walk away from it and

10:10

try to think about what

10:11

lesson did I learn. Is there a reason

10:14

for this to have happened? Is there

10:16

some benefit that I've gained

10:18

versus just letting this bad

10:20

thing happen and walk away. So

10:22

how can you use this sunk cost mindset to

10:24

get over something bad that has just

10:26

happened? Yeah.

10:27

So just for people who aren't familiar with sunk

10:30

cost, it's just basically like once you

10:32

put time or effort or money or attention

10:34

into something. It becomes really hard

10:36

quit it because you if you quit without actually having

10:38

achieved whatever the goal is, you'll feel like

10:40

you wasted all the time and effort and

10:42

money. So you can see that with

10:44

say the vietnam war. Right? Like,

10:46

once you start to have casualties

10:48

and you've spent a lot of money on it, people say if

10:50

I exit before we've won,

10:52

then those the lives that we

10:54

lost will have been wasted. The

10:56

taxpayer money will have been wasted.

10:58

But the problem is that waste isn't

11:00

a backward looking problem. It's a forward looking

11:02

problem. addresses what you're talking about?

11:04

Like, how do you actually get yourself out of this?

11:06

Mhmm. Is the next life that I might

11:08

put at risk worthwhile? Or is the

11:10

next month that I spend in this job

11:12

actually gonna get me what I want or is

11:14

the next month that I'm gonna spend in this

11:16

relationship worthwhile? because what you don't

11:18

wanna do is say, you know, this

11:20

the relationship is not at all what your hopes

11:22

and dreams were. It's not aligned with

11:24

your values. You're really unhappy. You

11:27

don't wanna stand it because you don't wanna I've

11:29

wasted all the time that you already put into

11:31

it. What you don't wanna do is waste the time you're

11:33

gonna continue to spend in it. So

11:35

that's like

11:35

the first problem, which

11:36

kind of is a a way that you have to

11:38

change your mindset. But a second

11:41

thing that you can do, which you alluded to,

11:43

is that the other problem that we

11:45

have is we tend to think when we go

11:47

to quit.

11:47

about how short we are

11:49

of our goals.

11:50

And what we wanna do is shift to what's

11:52

the progress that we've made along the

11:54

way. If you're climbing mount Everest and you

11:56

turn around three hundred feet from the summit,

11:58

you failed.

11:59

because goals are like really pass

12:02

failed. Right? but you didn't

12:04

fail. You climbed twenty nine thousand feet in the

12:06

air, which is, like, a lot more than it was fueled

12:08

it. And so one of the things that I try to

12:10

recommend is First of all, think about when you're walking

12:12

away from something like what have I achieved

12:14

and what are the things that I've learned

12:16

along the way. But then also,

12:18

it's when really good to prioritize projects

12:21

and goals where even if

12:23

you don't make it to the ultimate goal, there's a

12:25

whole bunch of learning and achievement that

12:27

you could take out of it. Like, things that aren't so old

12:29

or nothing. Mhmm. That makes sense.

12:31

And there is preparation that you

12:33

can do ahead of going

12:35

into a new task or a new job,

12:37

you highlight something called kill

12:39

criteria. So some practical

12:41

guidelines for overcoming those negative

12:43

assumptions about quitting. what do you

12:45

mean by kill criteria? And how can

12:47

we start to come up with our own?

12:48

Let's imagine in the future. So

12:50

I'm going to start something. It could be a relationship.

12:52

It could be a job. It could be investing

12:55

in something, it could be running a race,

12:57

whatever it is. A really

12:59

simple example of a kill criteria

13:01

is when people are mountain climbing, they have

13:03

something called a turnaround time. So

13:05

when you're going up Everest, let's say, on Summit

13:07

Day and we'd camp four to go head

13:09

toward the summit, the turnaround time is one

13:11

PM, which means no matter where I'm on the mountain, it

13:13

doesn't matter whether I made it to the summit or

13:15

not. I have to turn around at one PM otherwise,

13:17

it's too dangerous because that means that I'm gonna be

13:19

coming down the mountain in darkness and

13:22

that's not good for anybody. So that's a

13:24

really good example of just a very

13:26

simple kill criteria. and you do

13:28

that in advance because if you're

13:30

actually in it and it's one pam and you haven't thought

13:32

about it in advance, you'll convince yourself you're

13:34

close enough to keep going. because we

13:36

don't like to abandon things. Right? Like, we

13:38

have a real bias against it. It

13:40

feels like it it might be difficult to know what

13:42

your kill criteria might be

13:44

going into a job So let's say, for

13:46

our listeners sitting at home or sitting at

13:48

work, who have not come up with their kill

13:50

criteria to leave a job or situation,

13:53

what are some red flags that you should

13:55

look for in the moment to know that it's

13:57

time to quit and

13:57

not too late to quit? What

13:59

question do you be asking yourself?

14:01

what you wanna do is kind of like, you know, you

14:04

wanna be on a regular basis

14:06

assessing your situation. So

14:08

think about what you were hoping for in

14:10

terms of your own happiness, your own

14:12

eagerness to do the work, collegiality,

14:15

fulfillment, maybe it

14:17

could be monetary. Like, where do you expect it

14:19

to be in terms of compensation? What

14:21

were those things that made you think that

14:23

this was a good job for you to take in the

14:26

first place? and then reassess that and do

14:28

that on a regular basis. So

14:30

I suggest just like people do quarterly

14:32

business reviews, you should do a quarterly

14:34

personal review. And you should say, like,

14:36

is this still aligning with my values? Am

14:38

I actually getting where I wanna go? Am I

14:40

enjoying my work? If I were thinking

14:42

about taking this job today, would

14:44

I? Now that's

14:46

actually kind of a hard thing to do. So what

14:48

is really actually even better to

14:50

do is not to try to

14:52

say, is this something I would want to start today?

14:54

But instead, when you're doing that, like,

14:56

quarterly personal review, say,

14:58

what am I hoping to see at the end of the

15:00

next quarter? And it just turns out

15:02

like thinking in advance like that

15:04

is easier for us than thinking

15:06

in the moment. Think about what are the red

15:08

flags I might see over the next three months

15:10

And at that point, you know, you have more information about

15:13

the situation you're in anyway, so you can

15:15

predict what those things are. So you have

15:17

a really annoying coworker

15:19

who doesn't do their job in expect you

15:21

to clean up after them. Say,

15:23

if that's still going on in the next three

15:25

months, even if I've talked to my

15:27

supervisor, I've talked to my coworker, it's

15:29

still happening. And I'm having

15:31

to do two jobs basically because I'm

15:33

picking up their flag. That's gonna be enough for

15:35

me to say, walk away. So it's never too

15:37

late to start thinking ahead. Even if you didn't It

15:39

is a la carte. late. You can do it today.

15:42

Yeah. You can do it this court. That is

15:44

exactly right. I love the practical

15:46

advice. We're gonna take a very quick break more

15:48

with Annie when we come back. This

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wise or wherever you

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listen. So before

17:41

we get

17:44

into

17:44

the buzz phrase, quiet quitting, which

17:47

has existed for a long time. We're just

17:49

talking about it more now. Just gave it a different

17:51

word. Exactly right. And it's on

17:53

TikTok more. That's why we're talking about it. So let's talk about

17:55

actually quitting your job. And

17:57

I've come across at least two

17:59

different schools of thought. One,

18:01

quit your job if you don't like it, and then put

18:03

in your fully committed time to

18:05

finding the next thing or starting a company,

18:08

whatever you wanna do. or

18:10

two, on the other side, have something

18:12

else lined up before you quit your job.

18:14

Have something else that you can walk

18:17

away too. what is your take on that

18:19

if, hypothetically, your

18:21

financial situation is not a

18:23

consideration. If you're in a world where

18:25

the financial situation doesn't affect you at

18:27

all, and you're taking into

18:29

account the risk of a resume gap, which is

18:31

something that you would want to consider. So let's take

18:33

those two things out of the equation. A

18:35

resume gap isn't gonna hurt you and

18:37

financially, you're fine. Then you should quit.

18:39

And really honestly, the reason that you should quit is

18:41

that when you're engaged in something, it

18:43

it just block you from being able to

18:45

really truly explore other

18:47

options. But also you may find other things that are

18:49

more fulfilling and you're gonna be

18:51

more likely explore options that are

18:53

farther away from what you might think.

18:55

You may actually explore, like, switching

18:57

functions. You may be more likely to do that kind

18:59

of thing. or you may decide, in the meantime,

19:01

you wanna go get skilled up on something

19:03

so that you could actually, like, switch truly

19:05

switch your career. And I think

19:07

one of the best examples of this actually comes from the

19:09

great resignation. Mhmm. So

19:12

we think of the great resignation as

19:14

everybody just quit. But

19:16

that's actually not what happened.

19:18

What happened was that the people who

19:20

were specifically furloughed,

19:23

let go, or laid off -- Mhmm.

19:26

so the service workers. Right? So they were

19:28

the ones who really got affected at the

19:30

beginning of the pandemic. People like us who worked

19:32

on Zoom kind of continued on.

19:34

Right? So they got let go. And

19:36

then when the great reopening happened, when all of

19:38

a sudden there was lots of employment available, they

19:40

quit their jobs. Now, they didn't quit them

19:42

to do nothing. They quit them to go to

19:44

another position. And the thing that you

19:46

can surprise there is that they were probably unhappy

19:49

beforehand, but had that event not occurred --

19:51

Mhmm. -- where they just the cord was

19:53

cut, They probably wouldn't have explored

19:55

and found out. Like, you know what? I don't really actually

19:57

like this job that much. I think there's other

19:59

opportunities for me that I wanna go do.

20:01

So there's something really freeing

20:04

about not being in something

20:06

that lets you go and really

20:08

do true exploration of the space. But

20:11

again, yeah, that's assuming there isn't a monetary issue or a

20:13

resume gap issue. Yeah. I just wanna give

20:15

that big caveat. Definitely. So

20:17

you can cut the cord for yourself

20:20

then. If not because of pandemic, if

20:22

you quit, you've you've

20:24

cut the cord. If you quit, that's right. because

20:26

sometimes quitting is voluntary, sometimes it's

20:28

foisted upon And obviously, when it's

20:30

hoisted upon us, we don't get to make a decision

20:32

about our monetary situation or resume

20:34

that situation. But we can

20:36

also do it voluntarily do you think

20:38

you'll make a better choice about your next

20:40

partner if you look for them while you're in a

20:42

relationship? Or if you look

20:44

for them -- Right. -- after you've already left

20:46

a relationship. Right? So

20:48

it's true with everything. Right? It's true of

20:50

all forms of quitting. Whether it's a relationship

20:52

or a job, you're probably gonna do a better job

20:54

kicking if you're not in the other thing.

20:56

Yeah. It's not gonna be good if you're

20:58

casually swiping your hands when you're still in

21:00

a relationship. Like, looking for the next

21:03

best thing. But you know what?

21:05

That's actually kind of, like,

21:07

relationship quiet with it. Yeah. Yeah.

21:09

It's sort of the same thing. Actually, you know,

21:12

brings me to another point where even

21:14

if you're objectively happy

21:17

in a role doing what you're

21:19

doing, there's this desire for what's

21:21

next? What's the next

21:23

best thing? How can I do even

21:25

better? How do you quit trying

21:28

to strive for something else

21:30

even though you are happy in

21:32

your current situation. First of all,

21:34

I think that you should always continue to

21:36

strive for other things, not

21:39

because you would necessarily switch,

21:41

but because your circumstances

21:44

can change. So you could be

21:46

super happy in a relationship and then things could

21:48

change. You could be really, really happy in a

21:50

job, but then something could happen,

21:52

like, you know, you're leader could leave and

21:54

somebody knew could come in. So I think

21:56

that we wanna make sure that we're

21:58

striving in the sense of, like, always sort of keeping

21:59

our eye on the landscape. Like,

22:02

if we're recruiters are calling, it's okay to have conversations

22:04

with them. Like, not in a sense that you're gonna

22:06

leave, but in a sense that your

22:08

situation may change, I

22:11

really recommend two things.

22:13

One is, often those

22:15

feelings are very transitory. Right?

22:17

Like, it's an impulse. stop and say, oh, I just had

22:19

a thought that maybe I'd like to strive for something

22:21

else. How long do I need to

22:23

find out that this isn't the place for

22:25

me anymore? that I really do wanna go. And maybe

22:27

that's three months. The other thing that you can do though

22:29

that I think is really important, and this is a little bit

22:31

what a parent's role is, is

22:33

to get someone to help you with the

22:35

decision. who's been there done that, who

22:37

really trust, who totally has your back,

22:40

like, you hate the piano, and

22:42

you're saying, I wanna quit. and

22:44

they're sort of helping you to figure out, do you just

22:46

hate it? because you're it's hard right now,

22:49

but it's worthwhile in the

22:51

long you know, parents aren't perfect at

22:53

it, but this is what they're attempting. And I

22:55

think that's just like super helpful

22:57

is go find someone to help you with

22:59

the decision. on that topic, you talk about enlisting the

23:01

help of a quitting coach. Yeah.

23:03

So what quality should

23:05

this person have? And

23:07

should it be your friend or not

23:09

your friend? It has

23:11

to be someone who has your long term best interest

23:13

at heart. So if you're

23:15

asking a friend for stock advice, that's probably bad unless

23:17

they're unless they're an expert. So you wanna

23:19

make sure that their opinion is gonna be valuable for

23:21

the thing that you're asking them about.

23:24

But other than that, it's actually mostly on you.

23:26

And in particular, where it's mostly on you is that

23:28

you have to give them permission to tell you the truth.

23:30

Mhmm. Because the problem is that

23:33

friends tend to want a cheerleader, which is reasonable. When

23:35

you're complaining about a relationship, they're not

23:37

gonna speak that. Yeah. They're gonna be, yeah, I'm

23:39

sure you could work it out. Right?

23:41

you have to give them permission, and you have

23:43

to say, look, I'm asking you to say

23:45

some things that you think I'm not gonna wanna hear, but

23:48

I do wanna hear them even though they're hard because

23:50

it's gonna help me in the long run. So,

23:52

yeah, it shouldn't just be, like,

23:54

random friend. It should be friend who has

23:56

a good opinion about the thing you're asking. And

23:58

then you have to give the person permission

24:00

and trust that they're gonna tell you their truth.

24:02

Let's say you have a

24:04

friend who has not given you permission, but they're

24:06

a good friend, and you see that

24:09

they're in a situation. situation

24:12

that need they need to get out of, whether it's

24:14

a job or a toxic relationship. And

24:16

I only ask because I've had these kinds of conversations

24:18

in recent history with my friends

24:20

In that case, if you haven't been given permission, do you

24:22

just not say anything? I tried it

24:25

obliquely probe. So how's

24:27

that job going? How's that

24:29

relationship going? There's a couple of things you

24:31

can do. One is when they

24:33

start saying, oh, it's actually not going well, what do you

24:35

think? You can actually say,

24:37

well, I need to understand. Do

24:39

you want me to tell you really

24:41

what I'm seeing is because, you know,

24:43

I I need to know, or is this something where you're

24:45

really looking to vent you're

24:47

looking for just an ear, like someone

24:49

to hear what you have to say. So

24:51

you can create that permission by

24:53

being really clear. what I found is

24:56

that, mostly people actually just kind of want

24:58

event, and that's normally what they'll say to you is that

25:00

I want event, and then you accept

25:02

it. But what I think as a good friend you should

25:04

do is say, okay,

25:06

they're venting now and I recognize they're

25:08

not gonna be in a position to hear what

25:11

I see. but you can use the kill criteria

25:13

trick. And you can say to them, oh, yeah.

25:15

Like, this seems like a really bad situation.

25:18

Have you sat down and had a really hard

25:20

conversation with leadership at your

25:22

work, and how do you think things will have

25:24

changed? And what you can throw in

25:26

there is how long do you think this situation is sustainable

25:28

for you? So now you can kind of get a

25:30

deadline. So let's say they say,

25:32

like, oh, you know, I think I can only take it for

25:34

three more months. You're like, Oh,

25:36

yeah. No. I think that's good. Like, three more months.

25:38

That's really good. So, like, at the end of three months, like,

25:40

what does that look like? If things are

25:42

better, what does that look like? And if

25:44

things are worse, what does that look like and have that

25:46

conversation with them? And generally, that

25:48

then implies permission to have the discussion in

25:50

three months, and it's a little bit of a trick to

25:52

do it. And the thing to realize is that, are they

25:54

gonna be in that situation three months longer than

25:56

if you were the,

25:57

you know, ultimate ruler of the world?

25:59

Sure. we all know what happens. Otherwise,

26:02

as they complain to you and then three months later, they

26:04

complain to you again, and then three months later, they complain

26:06

to you again. So you're getting them out of

26:08

it maybe in three months instead

26:10

of a year. Sure. And that's huge

26:12

one. You know, we all have short lives, like, let's

26:14

save some time. So you're not

26:16

imposing your opinion on your friend

26:18

necessarily. You're asking questions such

26:20

that you're helping them arrive at the

26:22

conclusion themselves. Right. If they happen

26:24

to give you permission -- Mhmm. -- you know, you

26:26

can give it to them right there. But,

26:28

like, I mean, you have to sort of tread lightly on

26:30

that stuff and understand that in the moment, it's

26:32

very hard for people to hear that you're telling

26:34

them that they should walk away. because, again, that's

26:36

the moment where you go from this thing that doing failing

26:38

to now

26:39

it's failed.

26:40

Yeah. That makes sense. Another

26:42

very quick break more with Annie. When

26:44

we come back?

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27:39

Let's

27:42

talk about some quitters, specifically

27:44

starting with you yourself, Annie. You

27:46

were at

27:47

a crossroads early in your career. You

27:49

were a graduate student

27:50

in cognitive psychology. an

27:52

aspiring academic, but you quit

27:54

academia and turn to professional poker.

27:57

Why was that? It does sound very useful

27:59

as a

27:59

skill though. it is really

28:02

useful as it skill as it turns out. You

28:04

know

28:04

what? That was forced quitting. I it was kind

28:06

of a great resignation moment for me. So --

28:08

Mhmm. -- what happened was I did five years of graduate

28:10

at the University of Pennsylvania. Just

28:13

in terms of five years, it means that I

28:15

did all of my exams. I was

28:17

already teaching. I was actually on the

28:19

job market already. and I was about to defend my

28:21

dissertation. Okay. So, like, this is, like,

28:23

all my art. Oh my god. This is, like,

28:25

okay. I'm at the end. I've been

28:27

struggling with a pretty chronic stomach illness

28:29

and it it got to be really cute. And at the time

28:31

I was thinking, well, I'm just gonna go out on the job

28:33

market and then hopefully I'll be able to

28:35

figure out this health issue. And my

28:37

body was like, Nope. That's not gonna

28:39

happen as I ended up in the hospital for a

28:41

couple weeks. So that happened to be

28:43

right when I was supposed to be going

28:45

and interviewing for jobs. And

28:47

then it became clear that I it

28:49

was a really bad stomach issue. So I had lost,

28:51

like, twenty five pounds

28:52

or something like that. So I just wasn't

28:54

it wasn't

28:55

like I could postpone the job

28:57

tax. I just kind of had to cancel it for that year

28:59

and take a year off of school so that I

29:01

could to waste what was going on. And when I

29:03

left school, I needed money. because so I was,

29:05

like, forced to quit. Right? because I got sick. And

29:07

then I started exploring. And the

29:09

thing that I explored was poker.

29:12

and I started playing it and I really loved it

29:14

and it turned out I had some talent for it. And

29:16

what I was gonna do for that year in the

29:18

meantime before I went back out on the job market ended

29:20

up being a career for almost two decades. You

29:22

know, and I think that that's the big lesson from

29:24

that. Right? Look, when you're forced to

29:26

quit for whatever reason, it doesn't always

29:28

work out well. but

29:30

there's a lesson in there, which is

29:32

that causes you to explore other

29:34

things. And when I was an academic,

29:36

I knew how to play poker. I had played little poker

29:38

and my brother played poker and never crossed

29:40

my mind ever that this would be

29:42

a job until I was four

29:44

to consider it as a job. And then I

29:46

found something that was amazing for me. Right?

29:48

So I mean, I get that there's luck involved in

29:50

that, but there's a lesson involved in that as well.

29:52

And the quitting piece of poker obviously is

29:54

a is a big part of why you

29:56

wrote this book and you cite one

29:58

of the biggest differences between most players

30:01

and the world's best players in poker is how

30:03

often they quit. So I'm gonna cite a stat

30:05

that you have in the book. In Texas,

30:07

Holden Poker, after professionals and

30:10

amateurs at the starting cards they're dealt. The pros

30:12

play fewer than twenty five percent of their

30:14

hands before other cards hit the

30:16

table, whereas the amateurs play

30:18

more than fifty percent. Why

30:20

is

30:20

that? Take us real quick into the psychology

30:22

of a professional poker player.

30:25

Okay. So professional

30:27

poker players are thinking about

30:29

two things. is this hand worthwhile?

30:31

And then the other thing they're thinking about

30:33

is something called opportunity cost, which

30:35

we've alluded to, which is if I put this

30:37

money toward this hand, that's money that I can't put another

30:39

hand. And so you're trying to get your

30:41

money into the best situations possible. And

30:43

when you're playing a game of Texas, hold them and

30:45

there's nine people the table, you wanna make sure

30:47

that you have a better than average hand. Right?

30:50

And those are few and far between when there's nine

30:52

people at the table. So actually, if you think

30:54

about it, with nine people at the table

30:56

twenty five percent of the hands is a

30:58

lot. So they're saying, like, I'm more skillful

31:00

than you are, so I'm willing to play, like, than

31:02

my fair share of hands. But we don't think we

31:04

are because we're good players and so we play twenty

31:06

five percent. Partly because we know

31:08

we're gonna ditch the hand pretty quickly

31:10

and as we find out it's no good. So compare that

31:12

to amateurs who are playing over fifty percent since

31:15

they're doubting what is going on. So

31:17

why are they so much worse at ditching their hands,

31:19

it's really hard to walk away when you

31:21

don't know for sure that you had to. So

31:24

remember, like, when you're playing a

31:26

poker hand, you've invested money in

31:28

the pot. And if you fold, that's what

31:30

you're saying. I'm not getting that money

31:32

back. It's very hard for people

31:34

to say I'm okay folding and not getting my money

31:36

back unless they're absolutely short.

31:38

So this is something that's just true of

31:40

quitting us. We often won't do

31:42

it until we just don't have another

31:44

choice and until the choice is so

31:46

clear that there's nothing else we

31:48

can do, the possibilities. Right. So

31:50

and and what's weird is this turns into an

31:53

skews. So somebody will start

31:55

a company, let's say, and it's not

31:57

going well. And then they'll always point out

31:59

to, like, Oh, but that guy's

32:01

company was totally on the brink of

32:03

death, but they kept at it and ended up

32:05

succeeding. So you you

32:07

brought up, you know, the the a company example

32:09

for startup founders who are going

32:11

through troubling times. It doesn't feel like

32:13

they're getting any traction with

32:15

their customer

32:16

base. Their up

32:18

their investor dollars, how do you

32:20

know if you should persevere and

32:22

keep pushing and keep trying versus

32:24

quitting? And you have a great example with

32:27

Stewart butterfield as an example of, like, the quit version

32:29

of that, but when do you know it's the right time

32:31

to keep going? I think store Butterfield

32:33

demonstrates both sides of the equation. There's

32:35

lots of lessons in here. His second company, which was called glitch.

32:37

And he was developing a game called Game

32:39

Never Ending, which is like this massive online

32:42

role playing, cooperative, world

32:44

building game, which was like a huge credit start

32:47

darling. And they actually had five thousand

32:49

die hard users and six million in the bank

32:51

with Andres and Horowitz and Acel

32:53

having backed them. So they had lots and lots of money in

32:55

the bank. And that, you know, they had users.

32:57

Right? But they all kind of had

32:59

figured out that there was a problem, which is

33:01

for every user that they got

33:03

like, ninety five people visited the game or

33:05

it was my I think it was more than that. It might have

33:07

been ninety nine people, and they played it for

33:09

seven minutes and left. So in

33:11

order to get these, like, die hearts who play twenty hours a

33:13

week or more, you had to get the game in front of

33:15

a lot of people. So on

33:17

the weekend of November eleven and twelve, they have

33:19

a really huge weekend. That's sort of

33:21

the end of this marketing push. And

33:24

Stewart Butterfield goes to bed and he can't sleep.

33:26

He's really it's restless. And he wakes up

33:28

the next morning and he sends a note to his

33:31

cofounders and investors saying, I woke up this morning

33:33

with the dead certainty that Glitch was dead.

33:35

So it's like, well, what's going on there? Because they're

33:37

growing users. but he's thinking more like a

33:39

poker player and he's like, well, if we were

33:41

to maintain this growth, it would take us thirty

33:43

one weeks to breakeven. And I don't

33:45

think

33:45

we can maintain this growth. because

33:47

at some point you saturated the gaming

33:49

audience. Right? We're not gonna be able to maintain it,

33:51

so it's gonna be way more than thirty one weeks to

33:53

breakeven. At which point he just realized it wasn't a

33:55

venture scale business. And what was

33:58

I think important about this is one of the things

33:59

that really concerned him was that his

34:02

employees were taking basically no

34:04

cash in exchange for

34:06

equity. he felt like a moral obligation that once he realized the equity

34:08

wasn't worth their time, he needed to

34:10

let them go. Now notice this is sort of

34:12

to your point about progress versus being

34:14

short of the goal, it's turned on

34:16

its head because most people think I owe it to my employees to keep going.

34:19

Now going back to that idea of force

34:21

quitting or what quitting does for you

34:23

in terms of exploration, Once

34:25

he shuts the company down, literally two

34:27

days later, he's like, oh, we have

34:29

an internal communication tool here that we

34:31

really like around here. We don't have

34:33

a name for it, but I don't know. Maybe that's the

34:35

next product. Let me give it a name,

34:38

which was searchable log of all company

34:40

knowledge,

34:41

which is Slack. The theme

34:42

I'm seeing here is always look ahead and don't dwell on what could

34:45

have been. Don't look backwards. It is

34:47

about what's happening now and how that's gonna

34:49

impact you in the future.

34:51

I wanna get

34:51

your take Annie on how you quit when the

34:54

stakes are really high and

34:56

specifically very public. So let's say your

34:58

reputation and public embarrassment

35:00

are on the line. And I'm thinking about

35:02

two pretty recent high

35:04

profile examples like Quibi launching

35:06

and shutting down within the

35:08

same year, and they had raised over one

35:10

point seven five billion dollars CNN plus

35:13

shutting down after a month

35:15

they had spent a reported three

35:17

hundred million dollars that they

35:19

sunk into it. So if you're a high profile company

35:21

or you're a leader of a high profile company,

35:23

what is going through

35:26

your mind? in these situations that leads you to quitting as a

35:28

strategy. So first of all, let me say

35:29

good for them.

35:32

Because again, Okay. Yeah.

35:34

They had spent a bunch of money, but were they gonna

35:36

spend a lot more? And I think most people in that

35:38

situation, particularly when it's high profile, would be unwilling

35:40

to shut it down in such public way.

35:42

And a lot of the reason is that, again, it's super

35:44

public. And when it's really public, the people who are the decision

35:47

makers have their identities kind

35:49

of on the line. and

35:51

it's really hard to quit your own identity.

35:54

And this is particularly true

35:56

when you've done something public

35:58

that is out of the mainstream

35:59

in some way. Mhmm. So there's two

36:02

issues that play together. So the first is

36:04

called internal validity, which is the

36:06

desire for us to see ourselves

36:08

as consistent. And then there's

36:10

external validity, which is how our other people

36:12

gonna view us. What I think is

36:14

interesting is that we think of them as

36:16

the same. So the things that we're worried about

36:18

ourselves. We think that other people will think

36:20

about us. But in general, it's actually not.

36:22

There was a great story that Ken Kamler told

36:24

me who was a doctor. He's a doctor.

36:27

who has been a doctor on Everest, like part of

36:29

the medical team for expeditions climbing. And

36:31

he was actually trying to sum it in

36:33

nineteen ninety four and they were on the

36:35

southeast ridge, which is pretty darn close to the summit, but the climbing conditions were

36:38

terrible. And so they all made the decision

36:40

to turn down turn around. And what he

36:42

said was

36:44

I just thought the whole time about when I got home. Everybody's gonna think there a failure.

36:46

Like, he just had this whole, like,

36:48

talk track and it said about what they

36:51

were all gonna think. And when

36:53

he got home, That I I could have done that. Yeah. Yeah.

36:55

Like, how'd you actually turn around? Like, they had

36:57

the intuition. They were like, that would

36:59

be really hard. And

37:01

it turned out were actually really proud of him. And that was

37:04

the moment that he said. Like, I realized that the

37:06

goal wasn't to get to the top of the mountain. It was to get

37:08

back down.

37:10

it sounds like it's a good signal if when you shut something down, you

37:12

quit something, other people are, like, surprised

37:14

by it. Wow. Yeah. It was quick versus

37:17

waiting until people are, like, oh, you know, I saw

37:19

that coming. Right. And and in fact, it's usually

37:22

worse than that, which is if you wait

37:24

for that, they usually say, oh, yeah. You should have done that

37:26

a lot earlier. there. Right.

37:28

Right. A couple more things

37:30

before you let you go, Annie. We have a

37:32

fun segment called shoot

37:34

your shot.

37:42

So this is

37:46

where you tell me your wildest

37:48

ambition, your biggest dream, your

37:50

moonshot idea, It could be

37:52

personal or professional. It is your chance to

37:54

shoot your shot. Okay. So my

37:56

moonshot idea is something that I'm actually kind of

37:58

already doing. So I'm

37:59

co founder of something called the

38:02

Alliance for Decision Education.

38:04

And what we're trying to do is get

38:06

Decision Education into every k through twelve

38:08

classroom. So I write about it. Right? I wrote thinking about how to decide, quit. This is the

38:11

space that I write in. And when you look

38:13

at books like, like Daniel Kahneman, right,

38:15

thinking fast and slow, or

38:18

Richard Taylor and Cass Bernstein with Nudge or Katie Milkman with

38:20

how to change, there's so much work that's done

38:22

on adult decision making and like what

38:24

goes wrong and what goes right. but

38:27

we spend all our time teaching kids like

38:30

trigonometry. Like, why? Like, we

38:32

should be teaching them to make better decisions.

38:34

Right? So we wanna

38:36

get, like, this field like, we wanna define this field of decision

38:38

education, get it into every single K through

38:40

twelve classroom. And it's a

38:42

total moonshot.

38:44

because first of all, the education system's really it's

38:47

really hard to, like, turn that

38:49

boat around in or even

38:51

change directions slightly. it's

38:53

just really hard. And when you look at, like, other

38:56

educational movements, like social

38:58

emotional learning, for example, it took

39:00

thirty years. to get into

39:02

classrooms, but aren't we really happy that it's

39:04

there? So this is the definition

39:06

of a moonshot. How I wish that could have been a

39:08

part of my curriculum? Like,

39:10

I love trig, but I'd rather learn about decision making

39:12

than about triangles. Well, the thing is that you

39:14

can learn trig later if you need

39:16

it. I'm not sure why we're torturing, like,

39:18

you know, ninth graders.

39:20

Wait. Okay. Final. Thank you for you, Annie. We

39:22

have a very quick game. It's

39:24

called who, quit, what?

39:26

Okay. So I'm gonna give you a

39:28

few clues. and you have to try

39:30

to guess who the famous critter

39:32

is based on those clues. And

39:34

this is true. I'm gonna be so bad at this

39:36

game. It's totally fine. it is

39:38

challenging. I will say that upfront. So if you get

39:40

them all wrong, I understand, because I

39:42

would have gotten them all wrong. So this is from

39:44

Times list of

39:46

famous quitters. Okay. Number one. Here's your

39:48

clue. In nineteen sixty nine,

39:50

after finishing his band's

39:52

final album,

39:54

this singer musician decided to call it quits. While lots of

39:56

factors contributed to the

39:57

group's breakup, he was especially

39:59

miffed when he offered his

40:02

new song cold

40:04

turkey as a potential single to the

40:06

band and they didn't want it. He

40:08

released the song under the name of his

40:10

new side

40:12

project. Who

40:12

is this quitter? Nineteen sixty nine, it's

40:14

a band. Is it

40:16

was it Eric Clapton? Uh-uh.

40:19

Okay. I give up Think

40:21

of the most famous band in

40:23

the sixties. Well, it's not the Beatles

40:25

because they didn't break up before then. It

40:27

is the Beatles. It is the beat,

40:29

and it's the deal. Is it John Lennon? Is it John Lennon? So

40:31

Lennon broke this decision to his

40:34

bandmates and September of nineteen

40:36

sixty nine, though the band's

40:38

demise wouldn't be confirmed until a couple

40:40

months later when Paul McCartney delivered

40:42

the bad news in a life

40:44

magazine interview. Oh, okay.

40:46

But I just watched that wonderful

40:48

documentary, so I'm so sad that I I thought the

40:50

Beatles broke up in, like, nineteen seventy two,

40:52

so that was my bad. Okay. Next

40:54

question. This forty two year old gave up

40:56

his inherited job for love

40:58

in nineteen thirty six. And to

41:00

this day, he remains the

41:02

only English sovereign in history to voluntarily

41:04

abdicate. It's the king of

41:05

England. Is it

41:07

Edward?

41:07

Yes. Wow. I would have had

41:10

no idea about this

41:10

one. I had no idea. Edward the eighth,

41:13

you're a genius. Okay. So more

41:15

info for our listeners. He said

41:17

this in a televised speech. I have found it impossible

41:19

to carry the heavy burden

41:21

of responsibility. and

41:24

to discharge my duties as king

41:26

as I would

41:28

wish to do

41:30

without the

41:31

help and some part

41:34

of the woman I love.

41:36

Okay.

41:36

Final one. This athlete

41:38

retired at arguably the height of

41:40

his career in nineteen ninety three. topping the

41:43

NBA and scoring for seven consecutive seasons and had been

41:45

named most valuable player three times. Oh, after

41:47

Is it Michael Jordan? because then he

41:49

came back. Yes. He

41:51

quit to play baseball. And then he came back, and

41:54

then he quit again. It's nice to meet you. love

41:56

them. You are so good, Annie.

41:58

I'm so glad I didn't quit any of

41:59

these anymore. I don't have

42:02

any

42:02

more for you, but you can come back and play

42:04

and we can just do a whole episode on this. Andy,

42:06

I'm gonna call this a three for three because you

42:08

just you know all the facts. You knew

42:10

everything, so you win this game. Andy,

42:12

let's leave things there. This is so fun. Thank

42:14

you for joining us on the podcast. We

42:17

appreciate it. Well, thank you for having

42:20

me. This is business casual, and

42:22

I'm Nora Ali. You can follow me on

42:24

Twitter at nora k Ali.

42:26

That's Nora, the letter K, Ollie.

42:28

And I would love to hear from you. If you

42:30

have ideas for episodes,

42:32

comments, and thoughts on episodes you

42:34

love, fun segment ideas,

42:36

just shoot me a DM, and I will do

42:38

my very best to respond. You can also

42:40

reach the b c team by emailing a

42:42

business casual at morning brew dot com

42:44

or call us. That number is 8622951135

42:47

And if you haven't already, be sure

42:49

to subscribe to business

42:52

casual on spotify, Apple,

42:54

podcast, or wherever you listen. And

42:56

if you like the show, please leave

42:58

a rating and a review. It really,

43:00

really helps us. And guess what? We

43:02

are on YouTube. So if you've ever wondered what I look

43:05

like, what our guests look like, or

43:07

what anything else looks like, full

43:09

episodes are available on our

43:11

very own YouTube channel. That's business

43:14

casual with Nora Ollie. Again, a

43:16

business casual with Nora

43:17

Ollie on YouTube.

43:18

Business casuals produced by Captain Milsop, Olivia Meade, and

43:21

Raymond Lu. Additional productions, sound design

43:23

and mixing by Daniel Marcus,

43:26

Kate Brand is our fact checker, and A. B. Silver is our senior booking

43:29

producer. Sebastian Vega edits our

43:31

videos. Our VP of

43:33

Multimedia is Sarah

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