Lenny Rachitsky argues founders need to be coldly rational about perseverance versus pivoting. Continuing a failing venture is costly and humiliating, requiring commitments from investors and employees. Pivots are emotionally hard, not romantic stories like Nike's.
Chapters
The decision is about? Have you exhausted the possibilities? The default advice for anyone in anything is persevere is like a kitten hanging off the branch and the poster says, hang in there. There's so many stories of so and so. Started out going door to door and was rejected by everyone. And then suddenly there was Nike. If you stick with it long enough, you'll eventually be successful. I think you have to really be coldly rational. And the reason I say you have to be coldly rational about it is because it's fucking humiliating. You have to commit so many people to get a company off the ground. You have to go to investors, you have to go to early employees and say you should leave your other job. I think for a lot of people it feels better to just keep doing it until it dies of suffocation due to lack of capital or something like that, than to admit, like, okay, I was wrong, this didn't work, and it's humiliating. It's painful. So pivots aren't something I take lightly.