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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 judgement, as entrepreneurs believe that if they quit now, all the time and money investment would go down the drain.
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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 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
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The sunk cost fallacy
Humans are especially susceptible to the “sunk cost fallacy”—a psychological effect where we feel compelled to continue doing something just because we’ve already put time and effort into it.
But the reality is that no matter what you spend your time doing, you can never get that time ba...
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