How Can Entrepreneurs Recognize Escalation of Commitment?
Recognizing escalation of commitment involves a deliberate and objective analysis of the situation:
Regular Reviews: Conduct periodic reviews of the project's progress and viability. Objective Metrics: Use Key Performance Indicators (KPIs) to assess the project's health. External Feedback: Seek input from advisors or mentors who can provide an unbiased perspective. Scenario Planning: Consider what actions you would take if you were starting from scratch today.