E242 | Annie Duke: Quit! – The Power of Knowing When to Walk Away

The Art Of Coaching

Brett Bartholomew

Health & Fitness, Business, Education

5 • 642 Ratings

🗓️ 3 October 2022

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s guest, Annie Duke, is an author, speaker, and decision-strategist. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. In today’s episode, Annie dives deep into decision-making under uncertainty, and gives you the kick in the pants you need to take action and apply it - so, for once, I don’t have to! Specifically, she covers these key concepts and tools that are essential to understanding how to make good decisions: How to evaluate your situation using a “Cause-benefit analysis” (29:50) How to leverage the “endowment effect” to properly place value on things, ideas, or beliefs (32:50) How to use the “sunk cost fallacy” to avoid making poor decisions (39:30) How to set “kill criteria” so you know when to quit (44:00) More on Annie: Annie’s latest book, Quit: The Power of Knowing When to Walk Away, will be released October 4, 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets, is a national bestseller. Website: Annieduke.com Twitter: @annieduke Nonprofit Organizations: The Alliance for Decision Education After School All Stars Renew Democracy Initiative A big decision that many of our listeners have told us they struggle with is knowing whether they should start and how they should go about building their own brand. If this is you, or you’re in a similar situation, come to our Brand Builder workshop! You’ll leave not only confident in your decision, but also with a specific plan and action items to help you take the next steps. We’re keeping this event small and intimate to facilitate practice, repetition and feedback. Spots and limited and going fast- Check out artofcoaching.com/brand for more details. Today’s episode was brought to you by Dynamic Fitness & Strength and Momentous. Dynamic: Our go-to equipment partner. Fully customizable and manufactured in the heartland of America- if you’re looking to outfit your home gym or weight room visit mydynamicfitness.com to get started. Tell them Brett and the Art of Coaching Team sent you! Momentous: Whether you’re an elite athlete, weekend warrior or just looking to improve your everyday health / performance, check out their entire line of protein and supplements at livemomentous.com and use code BRETT15 at checkout for 15% off! My personal favorites are their fish oil and magnesium, both of which I attribute to my better sleep and recovery.

Transcript

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0:00.0	Every single one of us knows one of these three people.
0:13.9	One, we know somebody who is stuck in a job where they feel like they could be doing
0:18.5	more.
0:19.5	And more importantly, you know they could be doing more.
0:21.9	And they just are really uncertain of themselves and scared to take that next leap even though they could offer so much value to the world.
0:28.0	We also know some people that are in a current entrepreneurial venture but they're scared
0:32.0	to scale. They're scared to take that next step. They're scared to grow. And finally, we
0:36.2	also know somebody who is just a consummate over thinker. And they are always wondering
0:41.6	who is going to listen to them, who is going to care about what they have to do.
0:45.2	Now even if you don't know one of those people, the chances are that you are one of those
0:50.2	people in some way, shape or form.
0:52.4	A lot of us want to make a bigger impact in the world.
0:54.9	And that is exactly why we do our brand builder course.
0:58.0	And the doors are closing soon for our final course of the year on November 5th and 6th.
1:02.5	It's a bottom line. Listen, we have done something to help more
1:05.5	coaches get out of their own way so they can provide more value for other people. It is a two-day
1:10.5	course we try to be really cognizant of your limitations. This is hosted at an incredible mansion
1:15.5	in Phoenix, Arizona that's poolside. And you're going to walk away with the following tools. One,
1:20.0	you're going to be able to identify what's keeping you from taking the next step and how you should really niche down and approach your target market.
1:27.0	Two, you're going to get a lot more clear on what your time is actually worth and how you can get people to pay you in accordance with that because there's a lot of people out there that respect you, respect your work, respect your perspective no matter how much you doubt yourself that want to do that. You're going to be able to better pinpoint the unique problem you solve, the value you have to offer, clarify your target audience,
1:48.9	and learn how to manage your time, your staff, your effort, your growth, your doubts, your
1:53.0	insecurities, everything is going to be done in these two days. Now, this is open to
	...

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