From the course: Decision-Making in High-Stress Situations
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Deciding how to persist, pivot, or quit
From the course: Decision-Making in High-Stress Situations
Deciding how to persist, pivot, or quit
- When is quitting failure? And when is failing to quit failure? That's one of the big conundrums in decision making. And stressful situations where you're feeling stuck or trapped or in doubt, or even excitement about the future make it really hard to know what to do. Remember two things about opportunity costs and sunk costs as they relate to persisting or quitting. Number one, the opportunity cost of not quitting is whatever else you could be doing instead. And number two, whether you quit or not quit, the time, money, and mental energy already spent on whatever you're doing are sunk costs. You won't get them back. Here's a quintessential stressful situation. You promised others a certain result. Maybe it's your boss, or your investors, or your partner. You promised yourself. But things aren't happening exactly like you planned. How do you know whether you should persist or quit? You want to make a wise decision but…
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