Don't be afraid to cut your losses
and do better next time.
[Management Tip of the Day]<https://t.a.email.hbr.org/r/?id=h8c429545,106f38c9,106f38cb&p1=?utm_medium=email&utm_source=newsletter_daily&utm_campaign=mtod_actsubs&utm_content=signinnudge>
Today’s Tip
Don’t Be Afraid to Cut Your Losses
Too often, we hold on to things even after they’ve run their course. Think about that relationship you couldn’t give up on or the job you stayed in despite a boss who made you miserable. These five strategies can help you figure out when it’s time to throw in the towel.
* Reframe your thinking. Instead of focusing on what you’ll lose, think about what you gain if you stop putting time and energy into the lost cause.
* Identify what's in your control. Getting clear on what you have agency over and what you don’t will help you make a quality decision about whether to call it quits or persevere.
* Expand your identity. Avoid the trap of insisting that you’re “not a quitter.” Sometimes putting an end to something is a sign of wisdom and strategic thinking.
* Seek other perspectives. Rather than relying solely on your own thinking and instincts, consult with friends, colleagues, and mentors to get a different point of view.
* Have self-compassion. When something promising doesn’t turn out the way we imagined, we can be overly self-critical. Instead of ruminating over what went wrong, focus on what you can learn from this situation, and do better next time.
This tip is adapted from “Do You Know When to Give Up?<https://hbr.org/2021/09/do-you-know-when-to-give-up?utm_medium=email&utm_source=newsletter_daily&utm_campaign=mtod_actsubs&utm_content=signinnudge,”> by Dina Smith
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Today’s Tip
Don’t Be Afraid to Cut Your Losses
Too often, we hold on to things even after they’ve run their course. Think about that relationship you couldn’t give up on or the job you stayed in despite a boss who made you miserable. These five strategies can help you figure out when it’s time to throw in the towel.
* Reframe your thinking. Instead of focusing on what you’ll lose, think about what you gain if you stop putting time and energy into the lost cause.
* Identify what's in your control. Getting clear on what you have agency over and what you don’t will help you make a quality decision about whether to call it quits or persevere.
* Expand your identity. Avoid the trap of insisting that you’re “not a quitter.” Sometimes putting an end to something is a sign of wisdom and strategic thinking.
* Seek other perspectives. Rather than relying solely on your own thinking and instincts, consult with friends, colleagues, and mentors to get a different point of view.
* Have self-compassion. When something promising doesn’t turn out the way we imagined, we can be overly self-critical. Instead of ruminating over what went wrong, focus on what you can learn from this situation, and do better next time.
This tip is adapted from “Do You Know When to Give Up?<https://hbr.org/2021/09/do-you-know-when-to-give-up?utm_medium=email&utm_source=newsletter_daily&utm_campaign=mtod_actsubs&utm_content=signinnudge,”> by Dina Smith
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What reason should you give? How much notice? Do you need another gig lined up? We've got you covered.
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