Episode Transcript
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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
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tell you about this new podcast I discovered
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2:41
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called all the hacks and it's a top
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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
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gold medalist, Carrie Walsh Jennings,
3:16
and business casual listeners, you all know that
3:18
I travel a lot. I'm all over the place but
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
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on all things, airline, hotel,
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what changes to expect this year
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and which loyalty programs to avoid.
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That is very important. So check it out.
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Search for
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all the hacks on Apple Podcasts,
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to podcasts, your wallet will thank you
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
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43:07
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43:09
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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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