True grit in business and life involves not just persistence, but also the wisdom to recognize when to cut losses and move on; ego can prevent us from making rational decisions to quit failing ventures, and resilience means having the courage to acknowledge when a situation is not working and to let go rather than throwing good money after bad.
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Sometimes Grit Means Knowing When to QuitAdded:
One of the biggest ones I little embarrassing.
So I think you remember I I started a gym.
>> I do. I remember the F45.
>> I went against all my I guess natural instinct.
>> I trained there. It was pretty fun. It was a really good workout for like 45 minutes.
>> Yeah, so I started a gym because it was something I just wanted to do. It was you know, I've been in logistics 35 years. That's what I know. That's what I do, right? So I started the gym and started the gym right when COVID hit. Which I mean what are two of the worst businesses you probably have when COVID hit?
>> A restaurant or a gym, right?
>> I'm sure other ones, but you know what I mean.
>> Yeah, those were two big ones for sure.
>> big ones.
So um and and I and I continued to roll with it even though it was failing and I knew it was failing and threw a lot of good money at bad if that makes sense.
So I learned from that. You know, I ended up cutting my losses, selling the the business and moving on to you know, doing logistics what I do best.
>> If you were to do it all over again, how would you change that situation?
>> Well, I would have um This was a This was a This was one of those rare incidents where I let my ego get in the way >> Yeah.
>> of my better judgment.
So the decision was the decision, right?
But I knew early on that it was a bad decision and I probably would have cut bait early on if I could do it over again. I mean obviously I wouldn't have done it at all if I could do it over again, but that's what you're asking, right?
>> I would have got out quicker and sucked it up and and sucked out the ego and just let it It is what it is.
>> Yeah, there I think there is an element of grit of knowing when not to exhibit grit.
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