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The Fallacy of the Sunk Cost
Manage episode 423458226 series 3410462
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The sunk cost fallacy is a dangerous trap that can hold entrepreneurs back from making smart, strategic decisions, but by recognizing the signs, overcoming psychological barriers, and fostering a culture of agility and experimentation, you can turn sunk costs into opportunities for growth and innovation.
Remember, the most successful entrepreneurs are not those who never fail, but those who know when to pivot and turn setbacks into strategic advantages.
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The 10 Minute MBA, is a no-fluff daily podcast that teaches you practical business lessons you can use to grow your business immediately.
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