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The dip - Coggle Diagram
The dip
1) what does this
opportunity costs
money, time, energy
being number has endless benefits
because when you become number #1 you're the first thing that comes up on people's minds
being #1 isn't as hard as it used to be
With the existence of google, it allows people to search for specific solutions to specific problems
Seth says "Mass market is dying". there are plenty micro markets for each category
The only opportunity worth investing in is the opportunity to become number #1
seth says if you're not planning to become number 1, might as well quit right now.
if you cant be the best its time to quit
quitting will allow you to free up time for what's worth it
invest your energy in the things that will allow you to become the best
best and fastest way to be the best is to get through as many dips as possible.
2) identify who are you influencing?
how to recognize The Dip ?
set up a limit for persistence for each publisher
the reason she succeed because she did not target an individual but rather a whole market of publishers.
create a specific goal: for example your goal is to become the number one author of children's fantasy books
your goal has to influence a mass market rather than just one publisher because if you keep going to same publisher over and over again and not get the book publish you might end up building a barrier.
With each rejection you come back stronger, and you become a new subject to each publisher that meets you and finally being approved by one that will end up publishing you.
decide when you will quit
be smart and decide when you'll quit before the dip starts
when an investor purchases a stock they set up a stop limit on their purchase, if the stop limit is met then they will automatically sell their stock and accept the loss unless changes in the market. This will prevent them from exiting too quickly and quitting too late.
A marathoner, Dick Collins once said, you have to decide before the race, the conditions that will cause you to drop out
because you dont want to be out there saying
"well gee my leg hurts"
"i'm dehydrated" "i'm sleepy and tired" and eventually talk yourself in to quitting.
If you make a decision based on what you feel at the moment then you will probably make the wrong decisions and throwing away your effort.
3) c Questions:
how much time am i going to spend on this?
how much money are you willing to lose?
how much are you willing to face?
so just like investors, be responsible and create a quitting contract with yourself
promise yourself you will not quit until it goes beyond your limits or something fundamental changes