It's never too late to change strategy

Today I was working on a task that took more than two hours and got me questioning my approach to the solution. I made it work but I was not happy with it.

I decided to discuss it with team members and as a conclusion, I went back to a different approach which will keep things simple and easy to understand.

I realized that one should always be thinking about the final outcome and the value it is going to bring. If while preparing things, you are not sure about the outcome's usefulness.

But if we are only continuing because:

• we are feeling bad about the effort we have spent so far
• we are feeling so much attachment to our solution/approach

Then how are we going to bring the value out of it?

The answer is: only in rare cases.

Most of you have come across the same Delima and have decided to

• ask for help
• consult with experts
• abandon the work done so far

And that is a brilliant move.

These symptoms are showing the dip into Sunk Cost Fallacy

Many of the startups fail for the same reason. They want to stick to their original idea and haven't considered Feedbacks, Market Fit etc and readjust.

Giving into Sunk Cost, they keep pushing the work and soo they are out of money to continue.

If they now

• keep talking to prospective customers
• take Feedback
• always analyse the Market Fit

They will have a chance to readjust their strategy has better chances to succeed.

It came as a revelation to me today because of this simple task and hence I wanted to share it with all of you.

You can watch (hear in the background) it in video form if you prefer listening:

Conclusion

It is always good to reassess and see if the solution at hand is going to be delivering the value we are expecting out of it.

If not, please discuss with your colleagues (or friends) and adjust ruthlessly.

Let me know through comments ? or on Twitter at @heypankaj_ and/or @time2hack

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