June 28, 2011 in Book Reviews
Quit the wrong stuff. Stick with the right stuff. Have the guts to do one or the other.
Other interesting ideas:
Being the best in the world is seriously underrated.
Being at the top matters. Scarcity makes being at the top worth something. This scarcity comes from the hurdles that the markets and our society set up. It comes from the Dip.
Best in the world as in: best for your target audience, right now, based on what they believe and what they know. And in the world as in: their world, the world they have access to.
Getting to the top: In order to dominate a market, one must either significantly overinvest time and money to increase chances; or have guts to pick a different, smaller market.
The Dip: the long slog between starting and mastery.
Leaning into a dip: successful people don’t just ride out the Dip. They lean into the dip, push harder, changing the rules as they go.
Adversity is your ally. The harder it gets, the better chance you have of insulating yourself from the competition.
The choice to avoid: The common choice, the choice to give it a shot and then quit is the one to avoid if you are to succeed.
If you can’t make it through the Dip, don’t start.
How to become a superstar: If you wan to be a superstar, then you need to find a field with a steep Dip – a barrier between those who try and those who succeed. And you’ve got to get through that Dip to the other side.
The opposite of quitting: The opposite of quitting is rededication. The opposite of quitting is an invigorated new strategy designed to break the problem apart.
If you’re not going to get to #1, you might as well quit now.
Strategic quitting is a conscious decision you make based on the choices that are available to you. If you realise you’re at a dead end compared with what you could be investing in quitting is not only a reasonable choice, it’s a smart one.
Quitting smart is a great way to avoid failing.
The best quitters are the ones who decide in advance when they’re going to quit.
On selling: Selling is about transference of emotion, not a presentation of facts.
Overall evaluation: Understanding the anatomy of the Dip makes it much easier to spot one and decide whether it’s worth riding through. A short but important book.