Why "The Dip" is an Enterpreneur's Best Friend

While I've been absent from this blog over the last month, I've been very present to The Dip.

What is The Dip?  It's the name of a book by Seth Godin, with the subtitle, "A Little Book That Teaches You When To Quit (and When to Stick.)" I read it for the second time recently, to get my bearings as an entrepreneur. To understand where was I after working like a dog for the last six months (www.naturalway2network.com), and finding myself taking out a business loan for the first time ever, to cover costs. 

The Dip told me. I was in a dip and one that is worth getting through. It was not time to quit. Photo by juhansonin

In Godin's words:

"The fact that it's difficult and unpredictable works to your advantage. Because if it were any other way, there'd be no profit in it...The reason we're here is to solve the hard problems...You've acquired the equipment and the education and the reputation...all so you can acquire this Dip, right now. The Dip is the reason you're here."

And here's where my thinking really shifted:

"It's not enough to survive your way through this Dip. You get what you deserve when you embrace the Dip and treat it like the opportunity that it really is." 

In other words, if my idea had been an easy one to implement, it would have already been done by someone else. Put your mind to it and the rewards will be there.

Godin also talks about how to determine if you are barking up the wrong tree. When this happens, it's best to recognize the opportunity cost of sticking with a losing effort and get the hell out as quick as you can. A losing effort is one in which you don't have what it takes to become "the best in your world" at what you are doing. This pointed to a disturbing question:

Should I have even started this new business six months ago? 

This checklist from The Dip helped me sort that out:

Seven Reasons You Might Fail to Become the Best in the World

You run out of time (and quit).<---check back next year

You run out of money (and quit). <---check back next year

You get scared (and quit). <---what, me worry?

You're not serious about it (and quit). <---you don't know me well, do you?

You lose interest or enthusiasm or settle for being mediocre (and quit). <---loss of interest or enthusiasm for a few days but never, never settling for being mediocre

You focus on the short term instead of the long (and quit when the short term gets too hard<---this can be me, but fortunately, my resiliency keeps me in the game for the long haul

You pick the wrong thing at which to be the best in the world (because you don't have the talent.) <---Honestly, why would anyone bother if they didn't have the talent to begin with? 

My thanks to Seth Godin for putting the entrepreneur's journey in such stark terms.

Over the last month, the dip has made me keenly aware of the importance of persistence. One of my business mentors gave me this advice upon hearing that I was in the dip:

Keep at it. Not for one year, but for five years. 

Oh, my. Really. I know that's what it takes. I just didn't want to admit it. My mentor later emailed me this quote from Thomas Carlyle, 1795-1881:

"Permanence, perseverance and persistence in spite of all obstacles, discouragement, and impossibilities: It is this, that in all things distinguishes the strong soul from the weak."

Okay, I'm sticking. Check back with me in 2014 and I'll let you know if I made the right decision.

Comments

[Paul C]

I'm sorry to hog comment space but you are a talented and perceptive writer. I encourage you to glide through the dip. You have what it takes to get your insights across to readers.

Thanks for your perspective on Godin whom I also respect very much. Five years seems to be a long time, but it's worth pursuing when you have a sound business plan.

[Carol Ross]

Thanks, Paul, for your comments which are *always* appreciated. Kind words always to brighten my day. And yes, I do realize that building a business takes time and is worth it when one has done their homework to vet the idea.

It strikes me that being an entrepreneur is an odd combination of being impatient (as in, I can see the future and it's not coming fast enough!) and being utterly patient (as in, I'm hear for the long haul and I'll build what I need to, bit by bit.)