Ever worked on a project or a task only to realize that it was actually a bad idea?
In this quick tip, James explains such a phenomenon and how to best address it.
James Schramko here, and today I want to share with you a tip that might save you making a huge waste of your time and resource.
Have you ever heard someone say just take action, just take massive action? I’ll tell you why I think that’s terrible advice. If the action is the wrong action, you can actually be heading further away from your goal. It could cause you to spend more time and more money on an outcome that may not get you the result you want.
So instead I would say, be aware of this trap, and the trap is called sunk cost. That is putting more time and energy into something that is already a failure. Instead, you want to take the right action. So as soon as you know you’re on the wrong path, stop. Write off your investment and start again.
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