Bad Decisions Are Like Sunk Costs

A sunk cost is a cost that a business has already incurred, and which it can no longer recover. 

Pragmatic entrepreneurs don’t consider sunk costs when it comes to making new investments in a project since it is not possible to recover the ‘sunk’ costs.

There is no project bigger or important than life.

And, those who take their chances are bound to make bad decisions and mistakes in life, many of them. The key is not to make the same mistakes again.

The best thing a person can do after making a mistake is to reflect on what caused the mistake, and feel the pain and then create a system to avoid repeating the same mistake.

If procrastination derailed your big plan, then find ways to kill it and throw it out of your life.

If bad relationships took you down, learn and create a filter for such relationships so that it never happens again.

If your startup did not work because there was nobody to support you or to grow your reach while you brought new business, then get a cofounder when you do it next.

Whatever you do don’t dwell on sunk costs i.e. the mistakes you made. Reflect, make a plan to not repeat them and get going again.