EP 133: The Thought Process That Can Demolish Your Business Results With a Massive Time and Opportunity Cost
Have you ever found yourself trapped in a cycle of investing even more into something that’s clearly not yielding results? Today Nicole delves into a critical thought process that often sabotages outcomes, racking up a hefty toll on both time and opportunities. The concept at the center of this discussion is the sunk cost fallacy – that inner tug to persist with a failing endeavor simply because you’ve already invested so much in it.
From professional scenarios where employees linger in unfulfilling roles due to tenure, to cases where individuals stay in toxic relationships due to history, this situation can happen in any aspect of life. Listen in as Nicole advocates for a mindset shift regarding how we view our investments, emphasizing the importance of valuing our time and focusing on the future. You will learn how to avoid making unwise choices, recognize when to quit, and ultimately embrace growth through discernment.
What You’ll Learn In Today’s Episode:
- The reason so many people continue to invest time into things that clearly are not working. (2:00)
- What a sunk cost fallacy is and how to avoid letting this control your decisions. (4:20)
- How to let go of the limiting beliefs that are holding us back from progressing forward in life and business. (8:00)
- The importance of focusing on what is best for your future. (10:00)
- The value in learning when to let go or quit. (12:00)
Ideas Worth Sharing:
- “We have to change the way we think about money if we want to make more of it.” – Nicole Spencer
- “Focus on what is best for the future.” – Nicole Spencer
- “You have got to learn to let go of bad decisions and move on without feeling guilty.” – Nicole Spencer
Resources In Today’s Episode:
- Nicole Spencer: LinkedIn | Instagram | Facebook
- Free Training: How to Build An Online Coaching Business to 6 Figures in 3-6 Months
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