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The Problem With Quitting
- It has been internalized in us since childhood that we should never give up, and that quitting is bad.
- Many of us are stuck in the wrong jobs and due to this idea of not quitting, we waste a lot of productive years.
- We don’t quit because of a cognitive bias known as the sunk cost fallacy, which basically means we continue to do something that is not helping us, but because we have already invested our time, energy and resources.
Example: We don’t quit reading a half-finished book even if the content is not helping us in any way.
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Move On And Learn From It
As a well-known cliché goes: The definition of insanity is doing the same thing over and over again, and expecting a different result.
Be it an activity, a job or a relationship, we need to quit if things aren’t working out. We are too afraid to quit, and in today’s uncertain, com...
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The Sunk Cost Fallacy In Business
When running a company, many entrepreneurs fail to quit, change direction or pivot their business model, unable to admit that what they were doing isn’t working, or that they were plain wrong in their decisions.
The Sunk Cost Fallacy is the primary reason for this gross error in ju...
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Why you are afraid of quitting
The sunk cost fallacy is one of the primary reasons you are so afraid to quit anything. It occurs when you tell yourself that you can’t quit because of all the time or money you have already spent. The idea of all of that going to waste is what is keeping you at bay, paralyzed at th...
Common Explanations for Status Quo Bias
These explanations are all irrational for preferring the status quo:
- Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
- Sunk Costs: We continue to invest resources like time, mone...
The Progress Principle
If we don’t see enough progress by the end of the day, it feels (to us or our superiors) like we haven’t done enough.
Apart from the completion bias, where our brain seems hardwired to wanting to finish the given tasks, we are also having another cognitive bias called the plan...
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