All too often we hang on too long and quit too late. No one likes to lose or concede failure. We chase after the Gold of El Dorado, the Fountain of Youth, and the pot of gold at the end of rainbow. The question is how long is too long? Researchers spend their entire lives looking for a cure, and like Ben Gates from the National Treasure movies they get one more clue that leads to one more clue.
I discovered this weekend that a business I have gotten to to know well and used their services shuttered their windows and doors and called it a game. I was sad, but in the reality of it all it was just game over. They knew that with all things this too shall pass and there is some times a point where you have to “call it”.
I think Seth Godin did a nice job of explaining when to call it quits today with this post from his blog. Enjoy his post and let me know what you think about knowing when to quit.
Bankruptcy
“Declaring Chapter 11″
What a poetic phrase, starting with ‘declaring’. Not sighing or announcing or admitting, but Declaring!
Chapter 11 refers to part of the bankruptcy code that covers reorganizations. In Chapter 11, you don’t shut down your business. Instead, faced with failure, you suspend certain agreements and debts and negotiate in a way that permits you to continue.
Chapter 7 is very different. It means “I give up.” You shut down, it’s over.
Metaphorically, we have the chance to declare either kind of bankruptcy whenever we work on a project or consider a habit, a social media addiction or even a job.Teetering on the edge of bankruptcy is painful. Declaring is often a relief.
Acknowledging that you’re stuck is the very first step in getting unstuck…
Perhaps it’s time to stop fighting a losing fight and start creating value doing something else instead. Bankruptcy is never fun, but when you give up something that wasn’t getting you where you needed to go, sometimes you discover a future better than you ever expected.
~via Seth’s Blog
Michael Mock
Some Disassembly is Required
