The Opportunity Cost in Not Quitting the Dead Horse Projects – Part Five – 2024

The Opportunity Cost in Not Quitting the Dead Horse Projects

–An Eleven-Part Series—

Part Five

2024

by
Bob Marshall

October 29, 2024

Establish Your Identity in Your Niche

It’s acceptable to let go of unproductive candidates, clients, features, or designs, but never abandon your market, strategy, or niche.

Don’t quit simply because challenges arise. Instead, step back when you’ve exerted your best effort without seeing improvement.

Establish a clear timeline—a “drop-dead” date. If you reach this date without achieving success, it may be time to reconsider your approach and redirect your resources.

If quitting is a strategic decision that allows you to make informed choices in the marketplace, it’s essential to define your quitting strategy in advance, before discomfort arises. The challenge lies in maintaining perspective during times of pain, frustration, or stagnation. This is why preemptively setting your limits is so powerful.

Influencing a market is generally more feasible than it seems. While some individuals may have heard of you and even dismissed your offerings, many others remain unaware of your existence. Remember, a market does not operate with a singular mindset; different individuals have varying needs and desires.

Think of influencing a market as climbing a hill rather than hitting a wall. Progress occurs incrementally, and as you ascend, it often becomes easier. Conversations among market participants can amplify your impact, as each step forward contributes to broader awareness and influence.

Ensure your target marketplace is appropriately sized to facilitate your impact. If it’s too large, your message may become diluted, failing to reach a critical mass. Conversely, if it’s too small, achieving success may be challenging. I have consistently advocated for a marketplace that is robust enough to support recruiters across various economic conditions, allowing for a low-risk operation. However, even in well-defined markets, we will inevitably encounter unproductive clients and candidates. Recognizing these timewasters early on is crucial and knowing when to “quit” them is key to maintaining momentum.


Mark’s Story

Imagine an executive recruiter named Mark, who had dedicated months to securing a high-profile client in the tech sector. Despite his relentless efforts, he found himself stuck in a cycle of unresponsive candidates and lackluster results. Frustrated but determined, Mark set a deadline to achieve his goal—if he hadn’t made significant progress by that date, he would reassess his approach.

As the deadline approached, Mark realized he had poured so much energy into this one opportunity that he had neglected other potential clients and markets. On the final day, he took a step back and made a strategic decision: it was time to pivot. He shifted his focus from chasing this elusive client to exploring emerging startups in a rapidly growing industry.

In doing so, Mark connected with a network of ambitious entrepreneurs looking for leadership talent. These conversations revealed a gap in the market for experienced executives who could guide young companies through growth. By embracing this new niche, Mark not only revitalized his business but also established himself as a go-to recruiter for startups.

Through his willingness to let go of a stagnant pursuit, Mark discovered a vibrant community and a rewarding new direction. His strategic pivot transformed his career, proving that sometimes, quitting the wrong path can lead to the right opportunities.

Next week:  Part Six – “Dead Horses” & 5 Reasons Why “Horse Beating” Occurs

My Best,

Bob

Bob Marshall began his recruiting career over 44 years ago at MR in Reno, NV.  In 1986 he established The Bob Marshall Group, International, where he has trained recruiters throughout the United States and also in the United Kingdom, Malta and Cyprus.  With a dedication to executive recruiting, he continues to offer his proven training systems to individuals, firms, and private corporations both domestic and in select international territories.  To learn more about his activities and descriptions of his products and services, contact him directly @770-898-5550/470-456-0386(cell); bob@themarshallplan.org; or visit his website @ www.TheMarshallPlan.org.

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Bob Marshall

President

TBMG, International

247 Bryans Drive, Suite 100

McDonough, GA  30252-2513

770-898-5550

520-842-5550 (fax)

bob@themarshallplan.org

www.TheMarshallPlan.org