A sunk cost is a cost that has already been incurred and cannot be recovered.
The part of a country's economy which is not state controlled, and is run for profit.
A startup is a newly formed company which is in the phase of developing its product or service. Startups are typically small and initially financed & operated by a handful of founders or one individual.
A time-boxed process for rapidly prototyping and testing new ideas, typically involving a cross-functional team working intensively over a short period of time.
The Sunk Cost Fallacy is a toxic mindset that keeps people and companies investing in failed projects even when they should be stopped.
Sunk-cost bias affects decision-making in innovation projects, leading to zombie projects. Daily reflection and mindfulness meditation can help reduce sunk-cost bias and the anticipation of regret in the future if a project is abandoned.
