Why We Stay in Dysfunctional Relationships When We Know It's Best To Walk Away Once you realize you're pouring time into an unsuccessful venture, project or partnership, why is it so hard to exit and invest your time elsewhere?

Your ability to successfully manage your time as an BIZ Experiences has more than you would think to do with the people you surround yourself with.

BIZ Experiencess often hold onto "dead weight" because they want to believe once they invest in something, it's worth holding on to. But even after you realize someone is holding you back or harming you, why is it so hard to send them (or it) packing?

You can thank the sunk cost fallacy and its strangely strong grip on human behavior.

It works like this: The more invested you are in something — intellectually, emotionally or financially — the harder it is to stop investing more in it long after a rational voice inside your head tells you it's a dead end. It's why there are so many business leaders and BIZ Experiencess who spend time on an unsuccessful venture, project or partnership.

Related: Why A Big Ego Reduces Your Chance At Business Success

Hal Arkes, a psychologist at Ohio State University, has spent years studying the sunk cost phenomenon. Arkes explained in a New Yorker article:

"Abandoning a project (practice or person) you've invested a lot in feels like you've wasted everything, and waste is something we're told to avoid."

It's why people sit through a boring three-hour movie after buying a ticket or stay with a partner after investing years into them and the relationship. It's also why companies and their leaders stay committed to very bad business plans — they've already invested millions. And the worst part of the sunk cost fallacy? You are inclined to keep putting more and more resources behind what's failing to "fix it."

Sunk cost is a lot trickier than people give it credit for — many seemingly smart or successful people and organizations fall for it. The situation with FTX falls into this category, with Sam Bankman-Fried refusing to accept losses at his crypto trading firm Alameda Research and using customer funding from the FTX exchange to cover these losses.

Why do BIZ Experiencess especially have a hard time letting go?

We've all heard countless stories of BIZ Experiencess not giving up and pushing through hard times. These success stories are the epitome of what it means to be a gritty, tenacious BIZ Experiences. But this can also lead to hubris and failure to assess business decisions objectively.

We recently sat down with Shopify president Harley Finkelstein. One of the lessons he shared? "Don't get married to your first idea." Inventive and original are the cornerstones of the BIZ Experiencesial spirit. It's easier for BIZ Experiencess to become attached to their ideas than other people because they are the ones who assume a majority of the risk when they create new products or services. As a leader and creator, it's your job to separate a good idea from an idea you created.

Related: Shopify's President Breaks Down the Best Ways to Grow Your Ecommerce Business

How to stop digging a deeper hole

Regardless of your situation or level of BIZ Experiencesship, knowing how to combat the sunk cost fallacy is a necessary leadership skill. It shows your coworkers, friends and family that you can take decisive action and look at things logically and objectively. Here are three reminders to stop you from digging a deeper hole when you start doubling down on your bad decisions:

1. The "never give up" mentality has to go

Everyone has at least one go-to "don't give up" quote like "quitters never win, and winners never quit" or "it always seems impossible until it's done."

Although these are great reminders in times of adversity, they can be dangerous when walking away is better. It can lead to keeping toxic people or partnerships in your life. It's okay to have one of these sayings in your back pocket to keep you going, but don't let it guide all your decisions. Learn to have the courage to admit when something isn't working.

2. Principle of the Swift Sword

This strategy comes from Dan S. Kennedy, who is a strategic advisor, consultant, business coach and author of the popular No B.S. book series. He wrote in his book:

"I have long practiced and taught what I call the Principle of the Swift Sword. I've returned substantial retainers to clients after only days or weeks when they've misbehaved and demonstrated they are going to be 'difficult.' I've pronounced business projects and ad campaigns D.O.A. after the briefest, cheapest possible tests. I tell myself and my BIZ Experiences clients that there is no shortage of interesting, productive and profitable things to apply time, talent, energy and capital to. There's no reason to pour it down a black hole."

Kennedy's approach is simple: Make clean cuts, and do what you need to do.

Related: The 4 Cognitive Biases BIZ Experiencess Should Avoid

3. Get a reality check

There's a reason why most major companies won't let individuals sign off on their own expense reports or why we use a peer review system in academia. Checks and balances counteract the sunk cost fallacy effectively.

It's easy to let your confirmation bias help reaffirm your decisions. Having a trusted advisor or third party look at your decisions objectively can help you become aware of any skewed perspective you might have due to the time and effort you put into a relationship or project.

As Dr. Gleb Tsipursky writes, "To mitigate the impact of cognitive biases on corporate fraud, companies need to be aware of these biases and take steps to counteract them. This can include regular training and education for employees on how to recognize and overcome cognitive biases, as well as implementing systems and processes that help to counteract these biases."

So what does all this mean to you? If you want a dynamic new approach to managing your time for maximum gain and benefit, you must steel yourself to disregard sunk costs in your own past practices, in established relationships of all kinds and in specific individuals you may have years and a great deal of money invested in.

You need relationships that work for you and people who accept, cooperate with and support your goals. Beware of the sunk cost fallacy, and favor the swift sword.

This story was written with excerpts from the book No B.S. Time Management for BIZ Experiencess. Buy it now from BIZ Experiences Bookstore | Amazon | Barnes & Noble | Apple | Google Play

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