Begin as you mean to go on
The Cost of Sunk Cost Fallacy with Kronda Adair
CEO, KARVEL DIGITAL
If you drag out deciding to cut your losses on something that's not working, you're just dragging out your eventual success.
Have you ever continued down a path in business that you knew wasn't for you, but you just kept on going because you had already invested so much time and money into it?
If you're like most, and the answer is yes, then you've experienced today's topic first hand. In this episode, we're talking about Sunk Cost Fallacy and how it can be detrimental to your business if you don't get a handle on it.
Building awareness around this behavior is only half the battle. You also need to learn how to decide when it's time to cut your losses. In this episode, we talk about three significant ways I see this show up in business all the time. I also share specific examples from my business when I had to cut the cord, cut my losses, and move on, despite it not being easy or cheap to do.
Dealing with these decisions is tough and can slow you and your business down, but there are things you can do to minimize their occurrence, and we talk about them in this episode.
What You'll Learn in This Episode
- [03:03] What is sunk cost fallacy
- [04:23] 3 big ways the sunk cost fallacy shows up in your business
- [08:08] Specific examples from my business
- [12:06] How do you know when to cut your losses
- [14:39] How to minimize the need to make these kinds of decisions
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