2024 marks Business Improv’s 25th year in business! To celebrate, we’re excited to share our Top 25 Lessons we’ve stumbled upon, learned, and taught over the last quarter century.
On the second and fourth Tuesday of every month, we share thought provoking topics and provide practical techniques to use them in our newsletter. With areas of focus from Behavioral Psychology, Organizational Theory, trends in Learning & Development and more! The best part: we’ll keep it short and sweet. To receive these in real-time and your inbox, scroll down and subscribe!
An Irrational Escalation of Commitment
YES…
Related to Daniel Kahneman and Richard Thaler’s research, an Irrational Escalation of Commitment is when our decision to continue our behavior is based on what we have put into it in the past, rather than if it is the right decision for us in the present or the best course of action for us going forward. You may recognize this as the “sunk-cost fallacy” and it can happen in relationships, habits, courses of action, corporate strategy, etc. Some also define this phenomenon as, “throwing good money after bad.”
AND…
As you kick off the new year, it’s a great opportunity to take an audit of your commitments and an honest inventory of your own potential sunk costs. Keep in mind that the sunk-cost fallacy is defined as “irrational,” so introspection is required in determining if there are there any “sunk costs” in your own life that are potentially hindering your trajectory. To learn more, check out this great overview!
25 FOR 25: #1
Flexibility. Improv is all about being agile enough to move and adaptable enough to make your movement count, which helps you achieve your goals. Use “Yes, And…” to help you let go of the past and embrace the future. (“Yes, it happened in the past, And this is what I’ll do going forward.”)
BONUS
Watch BI CEO, Bob Kulhan’s fun breakdown of an Irrational Escalation of Commitment in an archived live performance.
