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Every two weeks, I share my writing about investing, career transitions, parenting, and other topics that engage me. I'm just trying to figure stuff out.

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Much has been written recently about Nvidia CEO Jensen Huang’s comments reflecting on the difficulty of starting a company. In case you missed it, in the closing minutes of an Acquired Podcast interview (at the 1 hr, 19 min mark), Huang dropped a stunner when asked if he’d do it all over again, knowing what he knows now.

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Nvidia must be considered among the most successful startups in history. This leading semiconductor company is central to every leading-edge digital technology, including gaming, crypto, robotics, and artificial intelligence.

The company has irrefutably changed the world and sports a $1+ TRILLION market cap. It’s hard to imagine any founder having higher hopes for their fledgling company. Still, knowing what it took, Jensen Huang wouldn’t do it again.

Huang’s reflections resonate deeply now that I have nearly two years at a startup under my belt.

I never expected the startup journey to be easy. Hardly. I knew it’d be tough.

I embraced my new role as an exciting opportunity for personal and professional growth as I sought a deeper feeling of meaning in my work. I promise, my eyes have been wide open from day one. But still. It’s so much harder than you think it’ll be.

So when Jensen Huang says, with perfect hindsight, that he wouldn’t do it again, how can that not trigger some introspection?

As you can tell, I’ve been thinking a lot about this topic lately, but is this question unique to startups?

In the face of difficulty, the decision to persevere or step back is often complex. We're frequently told that persistence is key to success, yet there's a fine line where perseverance can turn into a stubborn pursuit of unattainable goals.

Perseverance and Its Benefits

Perseverance is often celebrated as a virtue. It's the fuel behind many success stories, where challenges are overcome through sheer tenacity. Huang’s multiple near-death experiences in the earlier days of Nvidia offer great examples.

Our culture celebrates discipline, commitment, and persistence.

Outside of business, Abraham Lincoln’s journey from humble beginnings in a Kentucky log cabin life offers one classic example. Despite facing numerous early career setbacks, personal tragedies, including the loss of family members and his own struggles with depression, and the immense pressures of leading the nation through the Civil War, Lincoln remained steadfast.

His unwavering commitment to his principles, exemplified by the Emancipation Proclamation and his determination to preserve the Union, highlights his extraordinary resilience in overcoming adversity.

Self-help books are filled with hundreds of other inspirational tales.

The Costs of Over-Persistence

However, dogged perseverance can have its drawbacks. The stress and burnout resulting from relentless pursuit, especially in the face of repeated failures, can lead to significant physical and mental health issues.

The 'sunk cost fallacy' further complicates this, where one continues to invest in a failing endeavor simply because of the resources already expended.

For example, I once knew a lawyer who hated his job. He was miserable at work. But he wouldn’t consider leaving the law profession for fear of “wasting” his time and money spent on law school.

The fallacy of this logic is clear, but he couldn’t see it.

Balancing Perseverance with Wisdom

The key lies in recognizing when perseverance turns counterproductive. It’s also helpful to constantly revisit the soundness of our goals and strategies. Are the objectives still realistic? Is the current approach effective?

Sometimes, stepping back can provide a clearer perspective, revealing new paths or previously overlooked alternatives.

Decision-Making Strategies

A useful strategy in this decision-making process is consulting with mentors or peers who can offer an objective viewpoint. But ultimately, the decision must be subjective, and there are no shortcuts.

The confidence that comes with clarity requires space for honest reflection and self-awareness.

Below is a series of questions that have helped me consider whether to persist or pivot. I hope these or similar questions may help you.

1. What’s hard? What exactly is so difficult? The people? The tasks? The uncertainty? Are you facing healthy challenges that lead to growth? Or are you wasting your time fighting against politics or a toxic culture?
2. Why is it hard for you? Dig deep. What is it about the first answer that is especially difficult for you? Is the problem structural (dysfunctional culture) or specific to your wiring? Are you in an incompatible role or environment that might be better suited for others? Are you afraid of failure? Do you fear success?
3. Why might you want to persist and work through this challenge? Think about how it might feel on the other side. Can you imagine your future self reflecting on your success? Or might you have regrets about staying put?
4. What alternatives might you consider, whether they are other opportunities or different ways to do the same thing? Opportunity cost. What else could you be doing in the same role in another organization? Your time and energy are scarce resources. What else might you be contributing to the world if you decide to move on?
5. Decide, Commit, Reflect, Adjust At some point, you need to make a decision and commit to that direction. Are you in or out? Constant doubt and equivocation often sow the seeds of failure. Instead, choose your path and set specific dates to revisit your plan and course correct as needed.

Conclusion

In conclusion, while perseverance is a valuable trait, it is equally important to recognize when it’s time to change course. It may be ok to redirect your efforts. Balancing persistence with the wisdom to let go is not just a skill but an essential component of personal and professional growth.

Other Stuff

Weekly Good Things Sometimes, you meet people who seem to have 50 hours in their days. I'm not sure how Sam Tackeff does it all. She is the Co-Founder and COO of Ompractice and has run at least one mile daily for more than six years! Sam packs a bevy of good things into her weekly newsletter and writes about each item with eloquence, humor, and verve. Recently, I shared a coffee with Sam after visiting one of my new favorite stores, The Paper Mouse, which Sam recommended in her newsletter.

​Read the newsletter (9 mins)

Why Managing Real Estate is So Challenging Real estate owner and developer Eric Edelman shares his perspective in this guest article written for Thesis Driven. Managing real estate assets involves finding tenants, collecting rent, and maintaining the space, but the challenges of executing these tasks can be difficult to navigate. Property management requires various skills spanning accounting, construction, mechanical engineering, finance, law, marketing, psychology, recruiting, and social work. The business can be straightforward, but it's not easy.

​Read the article (11 minutes)

Huberman Lab Podcast - Robert Greene: A Process for Finding & Achieving Your Unique Purpose I've had him all wrong. While I've admired Greene's books, especially Mastery, there was something about Greene as a person that bothered me. Maybe the subject matter of his books on power and seduction misled me about his well-intended motivations. I assumed he found pleasure in manipulating others. During this 3 hour conversation with Andrew Huberman, it became clear I had it wrong. Greene is fascinated with enduring ideas and forces that affect the human condition. He's deeply curious, compassionate, and thoughtful. I enjoyed this conversation immensely and plan to reread Mastery with a fresh perspective on its author.

​Listen to the podcast (3 hours)

And a Farewell Photo...