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 judgement, as entrepreneurs believe that if they quit now, all the time and money investment would go down the drain.
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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, complicated world, we are better off moving on.
Example: We don’t quit reading a half-finished book even if the content is not helping us in any way.
The phrase "work-life balance" seems to imply that work and life are in balance.
If one imagines an old-fashioned scale, that would mean work is on the one side, and everything else about yourself on the other side - your friends, hobbies, family, relationships, beliefs, sports, etc. It hardly seems like a balance and really points out our obsession with work.
This is one of the most important stories in our culture. You're supposed to start at the bottom and work your way toward the top.
If you want to move up in the ladder, you are most welcome, but it should not be an imposition, a mandatory race for everyone.
Loving your job often means that you may be working more. It's harder to stop when you care.
It's deceptive to think that remote work means that you can start and stop whenever you want. Bloomberg reported that people who started working from home since the beginning of the pandemic are working three hours longer per day.
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