Avoiding escalation of commitment requires both strategic planning and emotional resilience:
Set Clear Criteria: Establish predefined criteria for continuing or terminating a project before significant investments are made. Flexible Mindset: Be willing to pivot or change direction based on new information. Separate Personal and Business Goals: While passion is important, ensure that business decisions are based on data and market realities. Learn from Failures: View setbacks as learning opportunities rather than reasons to double down on a failing strategy.