Coaching for Leaders

607: How to Quit Bad Stuff Faster, with Annie Duke


Listen Later

Annie Duke: Quit

Annie Duke is an author, 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. Her previous book, Thinking in Bets, is a national bestseller. 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, she was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania.

Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute. She also serves on the board of the Renew Democracy Initiative. Annie is the author of Quit: The Power of Knowing When to Walk Away*.

We’ve all heard the lie that, “Winners never quit and quitters never win.” In reality, one of the best practices to develop is how to recognize more quickly when you should quit something that’s not working. In this conversation, Annie and I discuss how to set kill criteria for yourself and frame goals in more helpful ways to know when quitting is the best answer.

Key Points
  • Kenny Rogers was right; professional poker players know that a big part of success is quitting approximately 75% of the time.
  • “Quit while you’re ahead” is often poor advice since we tend to quit too early when good things are happening. On the contrary, we tend to quit too late when we’ve accumulated sunk cost.
  • Determine kill criteria in advance when you’re not as likely to be swayed by the emotions of the moment. The best criteria contain both a state and a date.
  • Find someone who loves you but doesn’t care about your feelings. Trust and permission are essential to open up these kinds of conversations.
  • Effective goals include at least one “unless…”
  • Resources Mentioned
    • Quit: The Power of Knowing When to Walk Away* by Annie Duke
    • Interview Notes

      Download my interview notes in PDF format (free membership required).

      Related Episodes
      • How to Pivot Quickly, with Steve Blank (episode 476)
      • The Way to Make Better Decisions, with Annie Duke (episode 499)
      • How to Build Confidence, with Katy Milkman (episode 533)
      • Discover More

        Activate your free membership for full access to the entire library of interviews since 2011, searchable by topic.

        ...more
        View all episodesView all episodes
        Download on the App Store

        Coaching for LeadersBy Dave Stachowiak

        • 4.8
        • 4.8
        • 4.8
        • 4.8
        • 4.8

        4.8

        1,393 ratings


        More shows like Coaching for Leaders

        View all
        The Look & Sound of Leadership by Essential Communications - Tom Henschel

        The Look & Sound of Leadership

        1,167 Listeners

        The Learning Leader Show With Ryan Hawk by Ryan Hawk

        The Learning Leader Show With Ryan Hawk

        1,336 Listeners

        Teaching in Higher Ed by Bonni Stachowiak

        Teaching in Higher Ed

        372 Listeners

        HBR IdeaCast by Harvard Business Review

        HBR IdeaCast

        154 Listeners

        Negotiate Anything by Kwame Christian Esq., M.A.

        Negotiate Anything

        718 Listeners

        How to Be Awesome at Your Job by How to be Awesome at Your Job

        How to Be Awesome at Your Job

        1,036 Listeners

        Worklife with Molly Graham by TED

        Worklife with Molly Graham

        9,167 Listeners

        Speak Up: Develop Your Executive Presence & Leadership Communication Style by Laura Camacho

        Speak Up: Develop Your Executive Presence & Leadership Communication Style

        97 Listeners

        Maxwell Leadership Executive Podcast by John Maxwell

        Maxwell Leadership Executive Podcast

        384 Listeners

        Inside the Strategy Room by McKinsey & Company

        Inside the Strategy Room

        176 Listeners

        No Bullsh!t Leadership by Martin G Moore

        No Bullsh!t Leadership

        131 Listeners

        The Anxious Achiever by Morra Aarons-Mele

        The Anxious Achiever

        573 Listeners

        Think Fast Talk Smart: Communication Techniques by Matt Abrahams, Think Fast Talk Smart

        Think Fast Talk Smart: Communication Techniques

        828 Listeners

        A Bit of Optimism by Simon Sinek

        A Bit of Optimism

        2,230 Listeners

        Coaching Real Leaders by Muriel Wilkins

        Coaching Real Leaders

        678 Listeners

        HBR On Leadership by Harvard Business Review

        HBR On Leadership

        170 Listeners