Giving up is a tactic, but most people use it in the wrong situations and it really impacts their future.
Most of the time people give up because they have had enough. Their job has become too stressful. They haven’t seen the kind of success they wanted to see. When we hear stories of successful people we are told that they never gave up, and that neither should we if we want to be successful.
But in reality, successful people give up all the time!
They give up on something when they see the ROI turn the wrong way, or the potential for the market drop. Take 3D TV as an example. Nobody wants to wear goofy sunglasses while watching tv in their house. Imagine how much development money Sony, Panasonic and LG could have saved if they had given up on a bad idea. Do you know anyone with a 3D TV now? Me either.
The same goes for business. If you insist on staying the course when that course will run your business into the ground, consider all avenues and what this action means for you in the long run.
Another example: a friend of mine invented a kitchen utensil that cuts garlic, ginger and spices quickly and into even pieces. He got it to prototype before he did his research and found that someone had an expired patent for a very similar device from the mid 90s, and had given up on the project after dismal sales.
My friend decided that despite having worked on this project for a long time, he knew it wouldn’t turn a profit. He gave up on it and started working on something else.
He didn’t fall prey to the Sunken Cost Fallacy.
Have you? Is there something in your life that you wish you had given up on sooner?