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To create a product or a service that is no longer needed, but you keep spending money, time, and effort on other features, hoping that maybe you can rescue it? This thing is known as “throwing good money after bad” and economists call it the “sunk cost effect”.
Sometimes, the effect is so strong that people are immune to any explanation, mathematical, financial, or otherwise.
Think that you haven’t invested anything in that project so far, that someone gave it to you. Would you continue it? No? Then close it.
Don’t seek the advice of someone who was involved in the initial decision. They are as biased as you are. Ask a new person.
I teach Thinking and Deciding in Business for multiple schools in Romania and abroad. On top of that, I am an angel investor, a trainer and I run marathons, often dressed as Mickey Mouse.
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