Hi there and welcome back to the Abundantly Clear Podcast!
Why do we often find ourselves clinging to relationships or projects that clearly aren’t delivering? Why is it that even when the signs are all there to move on, we resist?
The need for objective reasoning becomes apparent when we understand how our psychology can potentially skew the decision-making process. We often value loss more than gain, and this loss aversion can lead us to cling to failing ventures longer than we should.
If you think about gaining a hundred dollars, you’ll find that the emotional impact of that gain isn’t as strong as the feeling you’d get if you lost a hundred dollars. We feel losses more intensely than we feel gains, and this fear of loss can blind us to better opportunities.
And then there’s the sunk cost fallacy – we invest so much time, effort, and resources into a person or project, that we find it hard to let go, even when it’s evident that things are not working. We keep pouring our energy into these projects, but to what end?
I’ve also seen times where perfectionist tendencies can also contribute to this dilemma. We struggle to accept when something isn’t working. Acknowledging a perceived failure feels like admitting a personal flaw, and we’d rather avoid it. But in the long run, clinging to these perceived failures can cost us more than we realize.
But here’s the liberating part – understanding these psychological traps allows us to step back and see the bigger picture. When we know that our fear of loss can cloud our judgment, we can consciously choose to detach our emotions from our decisions. We can choose to cut the cord when necessary, and move on to greener pastures.
In my journey, I’ve seen this struggle at every stage of business – from fledgling start-ups to multi-million dollar companies. The fear of loss, the sunk cost fallacy – these psychological pitfalls can affect anyone.
So, I invite you to join me in asking yourself this question – is there anything in your life you need to let go of? It could be a business decision, a relationship, a personal belief, or even a way of life. Remember, sometimes, the best way to move forward is to let go.
Remember, at some point in time, this information will be helpful for you because something will come up.
Thank you for joining me on this journey, and I hope to see you again as we continue to navigate the intricate maze of business and psychology.
Till then, stay tuned!
Did you know Malorie has a book coming out in Summer 2023, stay on the lookout!
Next step: Take the internal upgrade quiz here
If you liked this episode, take a moment to subscribe on Apple Podcasts
Connect with Malorie on Facebook: Malorie Nicole