In this video Kris Amerikos talks about a problem that every entrepreneur, investor, businessperson, and person in general faces at one point or another: when to quit.
Too often people hold on too long rationalizing it by saying that they need to see a return on their investment. They say that their prior investments justify their future investments when in reality they need to subjectively reassess their approach. This is known as the sunk cost fallacy.
A sunk cost is an expense or investment that has already been made and cannot logically be used to evaluate the value or worth of something in the present or future. It is money, time, or other resources that have already been used. This video gives examples of the sunk cost fallacy and how it applies to a variety of situations.
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