“Our greatest weakness lies in giving up.
The most certain way to succeed is always to try just one more time.”
– Thomas A. Edison
Grit is the ability to pursue a long-term goal with passion and perseverance. It is keeping up and returning through the window (after they kick you out the door). It’s also one of the better predictors of startup success.
The main point to remember is to be agile. On one hand, you want to try again (and again) but on the other hand, you need to tune and improve and sometimes pivot to a new idea. This is the challenging aspect, to decide when to cut the sunk cost and move to a new idea.
There isn’t any ‘checklist’ here that will help you take the right decision. However, if you have advisors or mentors, that will be a great time to leverage their experience.
Below is a good TED talk on the topic.