Change can be scary. The unknown of something new.

Many people will never move from their home town, or leave their job for a new adventure, or challenge where they stand on certain beliefs and traditions that were handed down to them.


Daniel Kahneman, professor of psychology and public affairs at Princeton won the Nobel prize for his work on cognitive biases in business decision-making talks the sunk cost fallacy.


Sunk Cost Fallacy is when you’ve sunk time, effort and energy into something and even though you may not want to stick with it, you do. Because of what it’s already cost you.


Like paying to go to a movie, but then 30 minutes in you realize you hate it. Sunk cost fallacy keeps you in the theater because you paid for 1.5 hour movie, you’ll get your 1.5 movie even if you hate it. Instead of getting up, and going to do something you actually want to do with that next hour.


In business this could be a career path that you aren’t passionate about anymore, or using a CRM you hate because you already paid annually and you have 4 months left.

I’ve had guests on here who have talked about change, from Shaun Austin Gordan talking about becoming a new you (Episode 70),

To Roy Serafin (Episode 79) and Abby Grace (Episode 144) who changed aspects of their business which in turn grew their businesses.

To Britney Jeanine (Episode 101) who’s whole job is coaching business owners how to change and pivot in their business.

Feel free to DM me about your possible changes. I’d love to talk and even help you set up a good strategy for change.

ShowNotes

Find John at:

Website: allheartphoto.com/education

Instagram: instagram.com/allheartphoto

Instagram: instagram.com/witt.pod

Shownotes: podcast.allheartphoto.com