Cutting Your Losses: How to Avoid the Sunk Cost Trap

“If at first you don’t succeed, give up,” is the road less traveled for leaders who continue to spend money on an acquisition they made – even though the acquisition is clearly not working out. But why, as this author asks, don’t we actually strive to create an organizational climate that makes admitting and learning from mistakes as valued as persistence and perseverance? Below, he describes four steps that can make it easy for leaders to cut their losses and save face.

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