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The Sunk Cost Fallacy

 

In reality, we fear downtime or abandoning projects midway is because of the fear of losing all that we have invested in so far. And that’s exactly the sunk cost fallacy. This is when you’ve already invested so much time, emotion or effort in something, that it becomes difficult to abandon it, even though you should.

Instead of worrying about our sunk costs or opportunity costs (the loss we experience from picking one alternative over another), how about we embrace the fact that failure is the key for innovation and growth to happen.

 

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About The Article Author:

Hi, I’m Rachana. Its been my dream for years to do something to consciously create a better future where every one of us is excited about our own potential. My challenge to everyone is that they aspire for their personal best and leave a legacy of their work through their contributions to mankind.

One more thing. In December of 2044, I hope to win the Nobel.

Will you join me on this journey of growth and transformation? 
Namasté.

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