Breaking free from the Sunk Cost Fallacy and what to do instead

Today’s episode of the podcast is all about the Sunk Cost Fallacy and the impact it has on our decision-making as business owners. In this episode I share what the Sunk Cost Fallacy is and why we need to break free from it, to prioritise our time and future success. If you know someone who needs to hear this episode, I would love for you to share it with them!   KEY TAKEAWAYS COVERED IN THE PODCAST Why you should never ignore your gut What to do when we fall foul of the Sunk Cost Fallacy Different ways the Sunk Cost Fallacy can show up in product and service based businesses   LINKS TO RESOURCES MENTIONED IN TODAY’S EPISODE Find out more about my 1:1 Coaching Find out more about the Dream Business Club Connect with Teresa on Instagram, LinkedIn, Facebook or Twitter Transcript Hello and welcome to episode 304 of Your Dream Business Podcast. And as always, I am your host, Teresa Heath-Wareing. How are you doing? So this week I've got a really interesting podcast episode. I think it's going to really resonate with lots of you and hopefully will give you something to think about. I'm going to be talking about the sunk cost fallacy. So have you heard of that before? Do you know what it is? I'd be interested to know whether many of you had heard of this before I did this podcast episode. But let me tell you before I explain what the sunk cost fallacy is by their definition that you find on the internet. Let me explain why this has come up and why I wanted to talk about it. So I was speaking to a lovely lady a few weeks back and she was telling me that she had recently signed up for a coaching program. She'd already done the coaching program once and she didn't want to do it again. And her gut was saying, you don't need to do this. I don't want to do it. And she got on a sales call with the person and they basically convinced her otherwise. Which, firstly, before she said anything else, I already in my head was going, no, no, no, no, no. If your gut is saying something isn't right, then never ignore it. Never ever think, I'm wrong, my gut's wrong, someone else is right. So, that was the first thing, but that wasn't the reason I started this pod this episode. So she then continued to tell me that she had paid a considerable sum of money to be part of this coaching program and she had done two calls and hated both of them and they were awful and it just wasn't resonating with her and I'm not saying that whoever's coaching program it was was awful I'm just saying it didn't fit her at that point and in fact on one call she had ended the call early and had become really upset by what was said. And she was like, I just don't want to be in it, but I've paid this money and now I'm in it and it's just awful and I don't know what to do. And the sunk cost fallacy, easy for me to say, came to mind. Because what was happening was she was, she'd already paid the money, the money had gone. Okay, now the best you could try and do was get your money back....

There are no comments yet.

Please log in to write the first comment.