The Cause of Bad Decision Making
DarrenDaily On-Demand
Darren Hardy LLC
4.9 • 1.8K Ratings
🗓️ 8 June 2022
⏱️ 6 minutes
🧾️ Download transcript
Summary
Every day we are faced with choices. Sometimes we make bad ones, and sometimes we make the right choice. There is one factor that is affecting your decision-making that shouldn't be. Darren talks about it in this episode and gives you questions to start asking to avoid this decision-making pitfall.
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Transcript
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| 0:00.0 | Hey Darren Daly on Demand listeners, producer Mary Anna here with a quick message before we get |
| 0:04.6 | started today. We are so delighted to hear how so many of you are really enjoying receiving your |
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| 0:26.4 | find their way to us and helps us expand the better every day movement further and farther. |
| 0:32.0 | And once again, thank you for being on this continual and never-ending growth journey with us. |
| 0:37.6 | Now let's get to the episode. Welcome to Darren Daly on Demand, your most trusted resource to |
| 0:44.2 | help you become better every day. Here's your success mentor Darren Hardy. |
| 0:48.8 | So recently, I had to make a tough decision. I had invested about $150,000 into a project. Then |
| 0:58.8 | the dynamics of the project changed. The upside of this no longer as grand as originally projected. |
| 1:04.8 | Now, I had to make a choice. A, it would take another $50,000 to complete the project still. Once |
| 1:11.1 | completed, it would no longer be the big upside projected, but it would still give me a small shot |
| 1:16.2 | at getting the original $150,000 back along with the additional $50,000 that I would have to use to |
| 1:21.6 | try to get it back. Or B, I could abandon the project and immediately lose the $150,000 for sure. |
| 1:28.6 | Now, what would be your choice? A, or B? Me? I didn't give it a second thought. I chose B and cut |
| 1:36.4 | the project immediately. No hesitation at all. Let me tell you how I got to that decision so quickly |
| 1:43.6 | in the hopes that there are several lessons in this for you to consider this morning. |
| 1:48.0 | The initial $150,000 is what is called sunk cost. It's gone. And should not be |
| 1:53.7 | factored into the new decision. And that is a key point. The new decision was what I spend |
| 2:00.7 | $50,000 for a small shot at getting it back. Hell no, I wouldn't, so I didn't. You've heard |
| 2:07.8 | don't throw good money after bad, right? That is what we're talking about here. The good money is |
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