TOP 10 LESSONS LEARNED FROM BOOK - "THE DIP"

1. Be the Best

 Anyone who is going to hire you, buy from you, or do what you want them to do is going to wonder if you’re the BEST choice.

BEST: Best for them, right now, based on what they believe and what they know

THE WORLD: Their world, the world they have access to

2 . Quitting Is Not Failure

If you are not going to be the best, then you should just QUIT.

Quitting, in some scenarios, is actually essential for freeing up resources to get through the dips that matter.

This means you only have two options in life:

Quit or be Exceptional.

To become the best, you must understand these three curves:

3. The Cul De Sac:

1. This first curve is where you work and work and work… but nothing changes. It doesn’t get a lot better; it doesn’t get a lot worse… it just is what it is.

Whenever you find one of these...

...you need to get off it fast.

The opportunity cost of investing your life in something that’s not going to get better is just too high.

4. The Cliff:

2. The cliff looks like something potentially promising at first… but then all of a sudden it drops off rapidly & you suffer.

The cliff is a situation like this where you don’t quit… until you fall off the other end and everything falls apart.

5. THE DIP:

3. If there wasn’t a Dip, there’d be no scarcity. If It’s Worth Doing, There’s Probably a Dip. The Dip creates scarcity, and scarcity creates value.

It’s easy to Be a CEO. what’s hard is Getting there. There’s a huge dip along the way.

6. "Cul de sacs" & "Cliffs" Lead to Failure

If you’re facing either one of these curves, you need to quit. Not soon, but RIGHT NOW.

"The biggest obstacle to success in life is our inability to quit what isn’t working soon enough."

7. Quitting As Tactic VS Quitting As Strategy

Quitting is important, but we’re not talking about giving up and abandoning your long term strategy.

You do have to quit the TACTICS that aren’t working.

8. The 6 Reasons why you might fail:

1. you run out of time or money

2. you get scare

3. you’re not serious about it

4. you lose interest or enthusiasm and settle for mediocre

5. you focus on the short term instead of the long term

6. you pick the wrong thing to be best in the world

9. What The Woodpecker Knows

When faced with a dip, many people choose to diversify to give themselves more options.

Before you think about doing something new… consider what would happen if you focused your efforts and managed to get through The Dip that you’re already in.

10. Two Questions To Ask Before Quitting

1⃣Am I Panicking?

The best quitters are the ones who DECIDE IN ADVANCE when they’re going to quit. You can always quit later – so wait until you’re done panicking to decide.

2⃣What Sort Of Measurable Progress Am I Making?

To succeed, to get to that light at the end of the tunnel, you’ve got to make some sort of forward progress, no matter how small.

Measurable progress isn’t just a raise or a promotion – it can be much more subtle than that.

In Conclusion:

There are times when winning means quitting.