University of Chicago economist Steven D. Levitt, co-author of the best-selling book Freakonomics, talks about the key to his success: fail fast. Dr. Levitt stops working immediately on anything when the likelihood of failure is great. This is mainly in the world of his economic theories, but he applies this principle widely to the rest of his life’s decisions.
This is to not undermine stick-to-it-iveness and perseverance that is so crucial for success. But Levitt insists that too many people spend too much time on things doomed to fail when they could be using that same time and energy, known in economic circles as opportunity costs, to build something much more successful and capitalize on their giftedness.
This same principle is key to setting up our children for future success. Sometimes the best things we can do for our kids is to encourage them to stop an activity, but not before going through a checklist to help them really think it through. Here are 10 things to consider before you let your children quit.
Tony Dungy – when is it the right time to have your child quit a sport?
Huddle up with your children tonight and say: “One time I made the right decision by quitting when I ____. I say that because ____.”