{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"What Works","title":"EP 363: Making The Hard Call With 90-Day Business Launch Founder Michelle Ward","html":"","width":"100%","height":180,"duration":3183,"description":"\n\n\n\n\nIn This Episode:\n\n\n\n* Why Michelle Ward decided to retire as the When I Grow Up Coach to go all-in on the 90-Day Business Launch* Why a complicated business model (and her peer mastermind) made the decision pretty clear* How she made the transition and the impact its had on revenue* How she’s reprioritizing business & life so she’s focused on what she really values\n\n\n\n\n\nSmall business owners are famously susceptible to the sunk cost fallacy.\n\n\n\nIf you’re not a familiar, sunk cost fallacy is the idea that the more we sink our time, money, and other resources into a project or idea, the more likely we are to stick with it even when it’s not working.\n\n\n\nOur resources are limited—or at least feel that way. So we’re attached to them. Deciding to invest precious resources into an idea then creates an attachment to that idea. The more attached we become, the less likely we are to willing detach.\n\n\n\nThe more resources we sink into a project—and the more attached we become—the fewer choices we seem to have about how to move forward.\n\n\n\nThis is the work of a mindset of scarcity and limitation.\n\n\n\nNow, I don’t want to give short shrift to the drain on material resources any project, idea, or business can be. We can invest money in growth—and not see it shift into a return. We can invest time in a new offer—and not see it sell. We can forgo our own compensation to make a big move—and have it not work out.\n\n\n\nThose situations all suck. And the drain on resources is very, very real.\n\n\n\nHowever, where the scarcity narrative starts to wreak havoc is in our perception of choice. Is it possible to peer through the thick fog of disappointment and still see an array of possibilities in front of you?\n\n\n\nMaybe even an array of opportunities?\n\n\n\nNow, it’s easy to see how the sunk cost fallacy applies when things aren’t going well. But the sunk cost fallacy also applies when things are humming along, doing just fine.\n\n\n\nIn fact, I’d wager that it’s harder to see different...","thumbnail_url":"https://img.transistorcdn.com/AmfGeDL96-fhMaeOcqmX7TK_eWrvTLco6OJj2QpZtZI/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS80NGUx/OWY5ZDg1M2E5MmU3/ZjEwOWVmNDM3MWVh/ZjZlOS5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}