Is it time to quit?

If you're reading this, you're probably someone who pours their heart and soul into their work. But what do you do when things aren't quite going as planned?

Creative entrepreneurs need to know when to steer their ships in a different direction. But sometime, it's hard to let go of something, even when deep down, we know it's not working. Why? It's often because of the anchor that holds us back: sunk cost bias.

This is when we stick to our current path due to the time, energy, effort, and money we've already invested. It's the reason why many of us find ourselves glued to a Netflix series or determined to finish a book, even when our interest has waned. We struggle to quit. And as creators, this bias can subtly influence many of choices:

🎬 You continue with that YouTube series, even though it doesn’t seem to be resonating with your audience.

📖 You persist with another cohort of your course, even though interest has declined.

🤝 You keep working with a team member who's failing to meet expectations, all because of the time you've invested in training them

Sunk cost bias is the voice in our heads saying, "I've come this far; I can't just give up now." And here's the catch - the more we've invested, the harder it is to cut our losses and move on. But as creators, it's essential we overcome sunk cost bias. Here's why:

• Unlock New Opportunities: Sunk cost bias can blind us to fresh ideas. By letting go, we open the door to uncharted territories, potentially leading to greater success.

• Be More Efficient with Resources: Continuously investing in a fruitless project or strategy drains our resources. Overcoming sunk cost bias allows us to redirect our time, effort, and money towards more productive ventures.

• Align with Current Goals: Shedding sunk cost bias helps us make choices based on our present goals and objectives, rather than our previous investments.

• Renewed Creativity: Letting go of projects or commitments that no longer serve us frees up mental space and creative energy, allowing us to channel our efforts into new ideas.

So, how do you overcome sunk cost bias and steer yourself towards growth and success? Here are four questions to ask yourself when things aren't working, and you're not sure whether to hold on or let go:

1. Is my thinking based on now or what I've done in the past? It's crucial to assess if our decision-making is being driven by our current situation and goals or if we're stuck in the past, fixated on previous choices we’ve made.

2. Will investing further time, effort, and money fix the situation or cause further loss? This question forces us to consider whether pouring more resources into a project will genuinely yield better results or if it's just throwing good money after bad.

3. If I continued further, would I lose potential opportunities? Sometimes, clinging to something out of sunk cost bias means we can’t open our arms to new, exciting opportunities.

4. If I weren't invested in this decision, would I be willing to enter it today? This is perhaps the most revealing question. Imagine if you hadn't invested all that time and effort. Would you still make the same decision today?

While it's important to appreciate every step on our creative journey, it's equally vital to recognise when things aren’t working. Quitting or changing direction doesn't always mean failure. Sometimes, it's the very thing that will lead to growth and success.

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Stay passionate,

Akta