Jul 19, 2019
Have you heard of the Sunk Cost Falllacy?
The sunk cost fallacy is where the decisions you make are tainted by the emotional investments you accumulate, and so the more you invest in something the harder it becomes to abandon it. Farmville and candycrush are a good example of this. The more time you invest in a game like that, the more you are unwilling to stop and ‘lose’ any progress you have made.
In business, sunk cost fallacy is where you keep investing time, money and energy on a project, just because you’ve already invested a lot of time money and energy on it. I did this with my disastrous online store venture. Tune in to find out what I did wrong and how you can avoid making the same mistakes in your business.