Know When to Hold ’em and When to Fold ’em
"You’ve got to know when to hold ’em, know when to fold ‘em, know when to walk away, know when to run.” This iconic hook from the song "The Gambler" is about more than just playing cards. It’s also a metaphor for many circumstances that we encounter in life and business. Knowing when to end a dead-end job or a toxic relationship is critical to maintaining a happy life.
Likewise, understanding when it’s time to quit a product you love, but that is not providing you with the gains you want, can mean the difference between success and failure, or even fulfillment and frustration.
In 1976, 23-year-old Don Schlitz wrote "The Gambler." After pushing it around for a few years, eventually, it was picked up by Bobby Bare and later, Johnny Cash. Despite the talent behind the lyrics and performers, the song never really took off. That is until Kenny Rogers picked it up and launched it to the top of the charts. Schlitz knew he had a song worth pushing and didn’t give up. That perseverance paid off in spades (pun intended).
Knowing when to keep going with a product or service is not always so straight-forward, though. It’s a difficult decision to give up on your “business baby” that you created and nurtured, especially when revenues are “ok.” Sometimes, though, it’s necessary to give up an “ok” thing to make room for an extraordinary thing. So, hear from some of the top founders in the country about how they know when to hold em’ and when to fold em’.
Is It Profitable?
For Matthew Newton, Founder of TourismTiger, his approach is similar – "if the return on time or money invested isn’t worth it and you can’t find a clear solution, it’s time to kill the product."
Is It Providing Value?
Micheal Ericsson, Founder of Search Scientists, looks to the founder’s mindset in determining when to kill a product: “Everyone I know with a truly successful product…[is] not creating a product to create a product, they’re moving forward with the goal to change a piece of the world.”
Is It Feeding Your Passion?
Continually working on a product that you hate will erode your ability to put your best efforts into it. Nobody wants to put their name on a mediocre product.
Phil Ivey, (a.k.a. Gambler) always quits for the night when he’s no longer at his best. The same holds true for running a business.
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