The Dip summary

When you were growing up, there’s a very good chance you were taught to have modest, realistic goals rather than bold, grand ambitions.

The truth is that if you aim for being the best at what you do, the rewards can be phenomenal.

The average grade school experience is about getting an all-around general education, with rewards tending to go to the students who get good marks in every subject.

But in the post-school world, being good at everything isn’t as important as being at the top of your class in one important subject. In other words, success is about specializing in something.

As the saying goes, “knowing is half the battle.” And knowing that a Dip is on the way is an important insight that gives you time to plan ahead and to familiarize yourself with what your particular Dip will look like.

Since every type of business has its own Dip, let’s take a look at some of the most common ones, starting with manufacturing.

If it wasn’t for the unpredictable nature of the wind, windsurfing would probably be pretty easy. In fact, many people are drawn to windsurfing and experience an initial thrill, but then end up cursing the wind and giving up what at first seems like a fun hobby.

But despite the difficulties it may occasionally bring, you obviously can’t windsurf without wind! In fact, the wind is the best part, which brings us to the key in withstanding the Dip: embracing the challenge.

Competition is rarely a pleasant business. Dealings with competitors can be full of treachery and resentment.

Often, one of the primary motivations of a competitor is to lengthen your time in the Dip. Specifically, an established competitor will create a marketplace that makes it very hard for you to gain a foothold.

If you’ve ever been stuck in a long line at the supermarket, you know how tempting it can be to switch to another checkout lane in the hopes of getting out a little bit quicker. But there’s always a chance that once you switch to the other line, that first one will start to speed up and you’ll end up waiting longer than you would have in the first place!

This supermarket scenario can be applied to careers and personal projects too. If something seems to be slowing down or stalled, you may be tempted to move everything over to a new endeavor – but what’s really needed is patience and grit, otherwise known as determination.

While it’s undoubtedly beneficial to have grit, it’s nevertheless wise to know when to cut your losses and quit a project that’s clearly falling apart. But there’s also a smart way to both quit and simultaneously stick with your chosen field.

When something is clearly not working, there’s no sense in letting it continue to drain your time, energy and resources. But that doesn’t mean you should quit the market that you’ve grown familiar with and gained experience within. Doing so would just be yet another waste of your time, energy and resources.