|
|
|
|
|
|
Hey reader,
How's your brainstorming gone over the last couple of weeks? I know I've now got a pile of interesting ideas I didn't think I had in me. For those that are new to the useletter, firstly... Welcome! & to fill you in on what I'm talking about, the last useletter Be.More.Creative. I wrote about brainstorming and getting unstuck. Check it out.
|
This week instead of thinking of new things, I'm thinking about the things I need to let go of so I can make better decisions. The things I might have invested in but no longer serve me and can consequently lead to bad decisions. These are sunk costs and when I first heard the concept it blew my mind 🤯.
|
reader what do you need to walk away from in order to make a better decision? Please allow me elaborate
|
|
|
|
|
For better decisions, ignore sunk costs
When we've invested time, money and effort into a concept or venture (or part thereof), we often continue to pursue it even when it's not working. It's a sunk cost and these costs aren't recoverable. Yet due to our initial investment of time and/or money and our emotional attachment, we're more likely to follow through on the original decision and venture to avoid feeling loss, waste or even guilt. We do so even when it's not in our best interest. For example, continuing a Dentistry Degree, just to finish it, after realising you don't want to be a dentist. This is despite the degree no longer serving you - the previous years of studying are sunk costs. I hope we agree that's not a good decision.
|
In order to make a rational decision, it's necessary to ignore any sunk costs you might have invested to that point. Regardless of your investment, the only investment that counts is any future costs or benefits. The emotional investment is understandably hard to ignore and you might want to consider who might be able to support you with a dispassionate decision making process. For those that want to research further, there are also mathematical methodologies to assist in taking the emotion out of the decision. (Note: the maths can still be influenced by the emotions.) Seeing the attachment through someone else's eyes is often the most effective solution.
|
Remember tomorrow is always worth more to you than yesterday.
|
What sunk costs do you need to let go of today to make a better decision?
|
|
|
|
|
|
|
|
recent useful blog posts...
|
|
|
|
|
|
|
It might be time for the architecture profession’s leaders to starting learning form the ground up.
|
|
|
|
|
|
|
|
There’s two main ways to stand out. Be different. or Be better. Copying is the route to unexceptional.
|
|
|
|
|
|
|
|
Or…
do architects do too many of the wrong things?
|
|
|
|
|
|
“Nothing will work unless you do.” - Maya Angelou
|
|
|
|
|
At unmeasured I help architects reframe and find joy in their practice.
|
|
Working with you to better practise in your practice and get better at what you do.
|
|
If you need help, or you're just interested in a chat, please drop me a line.
|
|
|
|
|
|
|
|
|
