Is it Your Intuition or Your Next Million-Dollar Mistake?
Entrepreneurs' Organization
SEPTEMBER 11, 2024
Fail Fast, Sunk Cost: Two Sides of One Costly Coin In a recent article, I discussed the problem with “ Failing Fast ” — essentially, relying on your gut to make decisions without data. A reader pointed out that avoiding Failing Fast could lead to another costly issue—namely, the Sunk Cost Fallacy (SCF), where companies double down on bad investments rather than cut their losses, potentially wasting millions.
Let's personalize your content