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The Art of Charm

How to Get Good at Quitting and Achieve Greater Success | Annie Duke

The Art of Charm

http://www.TheArtOfCharm.com

Education, Health & Fitness, Business

4.711K Ratings

🗓️ 16 January 2023

⏱️ 77 minutes

🧾️ Download transcript

Summary

In today’s episode, we cover quitting with Annie Duke. Annie is a national best-selling author, former professional poker player, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book is Quit: The Power of Knowing When to Walk Away.  Quitting has acquired a bad reputation in a culture of grit and hustle, but even the most successful people quit things they’re working on frequently, so what is stopping you from quitting a failing project or relationship, and what questions can you ask yourself and others to determine when the right time to quit is? What to Listen For Introduction – 0:00 Why is knowing to quit just as important as grit and determination? How do you know when to quit? – 14:58 Why do many of us quit things too late and waste valuable time that we could be spending on the next success? What are some great examples of people making the right decision to quit? Opportunity Cost Neglect – 33:26 What is the blindspot that keeps us from quitting at the right time? What happened to the game Glitch before Slack was created? How do you break the Sunk Cost Neglect cycle so you stop wasting your time? Other Biases and Blindspots – 44:30 What is Escalation of Commitment? What is the Status Quo Bias? What is the Omission Comission Bias? The Questions to Determine When You Need to Quit – 1:01:20 After coaching over 10,000 clients including military special operators and Fortune 500 executives we’ve learned a thing or two about what it actually takes to grow your network. In fact, over 90% of the amazing guests on this show are from referrals in our personal networks. We’ve packaged our best insights inside a course called, Social Capital. And, as a thank you for being a podcast listener, we want to give you this training for FREE to start 2023. To get your hands on this training and immediately start improving your relationships, go to theartofcharm.com/sc Do you LOVE the toolbox episodes? Did you know that every week we give a LIVE mini-toolbox lesson inside our Private Facebook Group? Best of all it is FREE to join. Join today and get access to all of our live training and level up your communication, leadership, influence and persuasion skills. With 14,000 members it’s a great place to network, learn and overcome any obstacle that’s in your way. Running out of things to say in conversation… and still struggling to get people interested in you? That’s an uncomfortable position to be in. Don’t want to risk getting tongue-tied and screwing things up the next time you meet someone? Check out Conversation Magic now to make sure you don't crash and burn. With our bulletproof formula, you'll be flirting up a storm, sparking fun and engaging conversations, and making high-value friends anywhere! A Word From Our Sponsors: Babbel - https://www.babbel.com/charm Hello Fresh - https://hellofresh.com/charm65 Athletic Greens - https://athleticgreens.com/charm NextEvo - https://nextevo.com/charm Resources from this Episode Annie Duke | The Secret Ingredient to Making the RIGHT Decision When It Really Matters Quit: The Power of Knowing When to Walk Away by Annie Duke Annie Duke’s website Alliance for Decision Education After School All Stars Renew Democracy Initiative Check in with AJ and Johnny! AJ on Instagram Johnny on Instagram The Art of Charm on Instagram The Art of Charm on YouTube The Art of Charm on TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Articharm podcast where we break down the science of powerful communication and winning mindsets so you have the cheat code to succeed with people every episode is jam packed with actionable steps to unlock the hidden superpowers inside of you level up with us each week by listening to interviews with the best in business psychology and relationships we distilled thousands of hours of research in the most effective tools and the latest science so you can start winning today let's face it in order to be seen heard your communication needs to cut through the

0:30.0

noise and we're going to show you how I'm AJ successfully recovered introvert entrepreneur and self development junkie and I'm Johnny Zubak former touring musician promoter rock and roller and co founder here at the articharm and for the last 15 years we've trained thousands of top performers and teams from every background we have dedicated our lives to teaching men and women all they need to know about communication networking and relationships you shouldn't have to settle for anything less than extraordinary

1:00.0

all right let's kick off today's show today we have Annie Duke with us an expert on behavioral decision science and he's a returning guest as well as the author of many books including thinking in bets making smarter decisions when you don't have all the facts and how to decide simple tools for making better choices before she became an author and a coach Annie used to be a professional poker player we talked to the Annie in 2020 and we're excited to have her back to discuss her latest book quit the power of knowing win to walk away she shares why quitting actually gets you closer to winning we break down expected value and

1:30.0

the blind spots we have when it comes to knowing win to quit you may have heard of sunk cost fallacy but she shares other fallacies associated with quitting including the endowment effect omission commission bias and escalation commitment we also discuss how to create your kill criteria to make better decisions around quitting and why you need to interrogate your goals to overcome goal induce myopia that keeps you stuck welcome to show Annie so glad to have you back welcome back Annie to the show and I have the kick this conversation off this was

1:59.9

something that I was thinking about and reading the book so your new book is called quit and had a J and I gotten a book from

2:09.1

somebody that we didn't know with the title of quit I wouldn't have read it because it goes against my midwest

2:16.4

sensibilities and there is no quitting and unless you're trying to quit smoking cigarettes and then

2:22.8

it's don't quit quitting right so I realized that I was triggered right out of the gate just by the the

2:28.9

title of the book and however you've been on the show before I were familiar with how you write and how you

2:37.7

look at things so I was and of course your background right of being a professional poker player and of course

2:44.2

everything else you you have done so I was intrigued then of what does Annie do have to say and we knew that you

2:51.7

would look at this from very analytical way and which you have and and and reading it of course I

2:59.8

went into it I guess with my own biases of is this a book telling you when the quit and with all the

3:07.8

work that AJ and I have put in over the years in just a way that we go about things that's the last

3:14.6

thing on our minds so with all of that my question is why did you take on this topic okay well first of

3:26.8

all let me just say like that I did have some people say to me don't you want to title it something

3:34.2

I could be one of the gazillion books that are named pivot but I didn't want to for the reason

3:38.7

basically for the reason that you just said right like I maybe some people won't read the book because

3:44.2

they're going to have a bias against the title but I want people to stop having a bias against the

3:49.8

title like I want people to stop having a the bias against this word quit and the the reason that I

3:56.9

so want to do that is that I'm not taking an anti-grit position I'm taking a you have to have both

4:05.1

right that just sticking to things for the just because you think that sticking to things is good

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