“Giving up and starting over is a sign of failure.” Don’t try to diminish your losses from a past failure by continuing to follow the exact same path that led to the failure in the first place. In other words, don’t do the same thing over and over again and expect different results. If it didn’t work last time, and you haven’t made any significant changes, it probably won’t work this time either. Sometimes we justify our decision to continue investing in a failed endeavor based solely on our cumulative prior investment, despite new evidence suggesting that the cost, starting today, of continuing to pursue it outweighs the expected benefit. The logical thing to do would be for us to cut our losses and change our course of action. However, due to the sunk costs we have already invested, we feel committed to the endeavor, so we invest even more time, money and energy into it, hoping that our additional investment will reverse the outcome. But most of the time it never will. When you can no longer think of a reason to continue, you must think of a reason to start over, and that’s perfectly OK. There’s a big difference between giving up and starting over in the right direction.
Posted on: Fri, 27 Sep 2013 18:00:35 +0000
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