The Dip
By Seth Godin
This is a short, quick read, written succinctly and to the point. You can read it in just an hour or so, though it might take you longer if you pause in the middle to think and absorb and ponder how it affects your life or business.
The book’s premise is that whatever you do, you should aim to be the best in the world at it. YOUR world - your market or niche. If you’re not going to be the best, whether due to lack of skill or will, then just quit now.
There’s definitely something to that. To realize when you’re facing the Dip - the point at which you need to make a significant investment and focus in order to come out on top or decide that the goal isn’t worth it and it’s better to quit now and invest your time elsewhere. It helps to gain that perspective when evaluating cutting out extraneous or failing products or services from your offerings.
But there’s also something to knowing your amount of “enough.” Do you even aspire to be the best, or just to be good enough to meet your income goals? Is your goal in trying out this activity to gain some experience and try out new things, learning lessons and/or about the world in the process? If so, then starting and quitting when you hit the Dip is actually a great strategy. (His advice would be to quit before you start if you don’t plan on going through the Dip).
So I think the main point is to first assess your goals for each venture before you begin. And then decide your moment of “enough” and at what point the cost of the venture becomes too high to be worth continuing.
Because quitting doesn’t mark you as a failure. It marks you as a smart, strategic person who acts deliberately with long-term goals in mind.
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My favorite quotes:
“If it scares you, it might be a good thing to try.”
Coping never leads to exceptional performance.
“Quitting creates scarcity. Scarcity creates value.”
“Diversification feels like the right thing to do[...] And yet the real success goes to those who obsess.”