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Podcast: Pocket Sized Pep Talks
Episode: When Optimism And Confidence Create Challenges
Description: In this Pocket Sized Pep Talk, you'll learn:How optimism and confidence, two traits to be admired, and two traits found in most entrepreneurs, can create unique challenges. The harder the journey, the harder we fight. But it can also create an irrational escalation of commitment (EoC).   The concept of, Sunken Cost Fallacy: a person who is reluctant to change a strategy or course of action because they have invested heavily in it. How we are hard-wired toward cognitive biases.What human decision-making mechanisms lead to EoC (escalation of commitment) behaviors.When we are pumping in time and money and...