“Sunk cost bias” is when you say, “I have come this far in this direction, so I have to keep going”.
“I have spent this much effort on this project, so I have to finish.”
“We have spent so much time and money trying to make this work; we are going to continue, we can’t abandon it now.”
But what if you realize it’s the wrong direction, the wrong project, the wrong hire, the wrong product, the wrong machine, the wrong business….?
If you realize it’s wrong, ignore the time, money, and effort you have put into it.
Abandon it and start working on the right thing instead.
The art of letting go. Not everything will work and not everything can you make work. Find the balance between dedication and wisdom.
Boy, did that one speak to me lol, sometimes I wish I was not so stubborn.
I love think daily 😊
Great message! We (your friends and brothers) are grateful for you too! We are really appreciative of what you have done for so many of us.