Every once in a while, we all make mistakes. We take the wrong route, say the wrong things, choose B in place of A. It’s a human thing.
But, down the road, sometimes, we get lucky. We come to the realization that we were wrong from the onset and naturally, what is expected of us is to do a U-turn. Normally. But it turns out that, doing a U-turn isn’t as easy in life as it is in driving a car, in part because, humans are creatures of emotions….and these emotions sometimes blinds us to objectivity.
And that’s how people get emotionally attached to a failing idea, failing initiative or project — they take it personal. They start to worry about Sunk Cost — all of the resources of time, money & useable effort that have been invested. They get stuck on stupid. One of the most profound and difficult lessons in business school is: Ignore sunk costs and any smart entrepreneur knows that, Go/No-Go investment decisions are not made on the basis of what have been spent already but what can be made in future…what the project is worth in terms of clear ROI,…and if that demands a 360 degree turn to a new direction, then, so be it.
Now, the takeaway is, no matter the amount of investment that we may have made, choosing to continue determinedly on a wrong path, won’t make it right. And that art of knowing when to quit (when you are on a dead end) is a skill and it’s also golden.
Don’t stick when you should quit!