Sunk Cost Bias
The sunk cost fallacy is associated with the commitment bias, where we continue to support our past decisions despite new evidence suggesting that it isn't the best course of action. We fail to take into account that whatever time, effort or money that we have already expended will not be recovered.
In comes my pickleball business - I finally let it go.
from previous post you may remember that back in 2019 i launched a pickleball paddle business. It was one of my favorite sports and I knew that it would see a lot of growth. I was right and it has grown almost too fast for my liking. I never could figure out how to make much money with the paddles. I just kept not working hard on it and losing money.
today I read about the sunk cost bias and I realized why it was so hard to give up the dream of that business. I did not want to admit that it was not going to make it. How many times a day or month does this affect us and what we do with our time and efforts.
I wish someone would have slapped me a couple years ago and told me to give it up then.
Oh well - We live and we learn.
Now I wanna start a new side hustle? Any ideas? Let the brainstorming begin!