The hardest strategic decision is not choosing a direction. It is walking away from one you already chose. This article shows you how to tell the difference between principled persistence and stubbornness, how to set exit criteria before emotion clouds your judgment, and how to abandon a failing strategy without wrecking morale or your credibility.
Why we cling to strategies that are already failing
The pull to keep going has a name in behavioral research: escalation of commitment. Once we have invested money, time, and reputation, we treat those past costs as reasons to invest more. Prospect theory,