View the Dip as an opportunity

Instructions

Identify the Dip and the Cliff.
If you're facing a problem in your business, evaluate the situation and determine if it's a temporary setback (the Dip) or a long-term failure (the Cliff). If it's a Dip, embrace it and push through with effort and creativity. If it's a Cliff, acknowledge it and be willing to quit to avoid wasting your time and resources.
Avoid spreading yourself too thin.
Instead of trying to diversify your efforts, focus on your current market or area of expertise. Consider the potential payoff of persevering through the Dip and succeeding where you are already established.
Be selective and prioritize.
Choose which ventures to pursue and prioritize those that align with your goals and values. Focus your efforts on what really matters and avoid wasting time on unproductive pursuits.
Be exceptional in the areas that matter.
Don't settle for mediocrity; strive to be the best in the world in the areas that matter to you. This means using the Dip as an opportunity to innovate and differentiate yourself from competitors.
Be willing to quit when necessary.
Don't be afraid to quit when it's necessary. Recognize the signs of a Cliff and avoid wasting resources on a doomed situation. Quitting frees up your resources and allows you to focus on more important things.