Sunk Cost Fallacy
Memories of capturing light have been with me since childhood. I was fascinated by the cameras that surrounded me, from the clunky VHS video camera of my childhood to the vintage Minolta I discovered at my grandmother's house. Back then, my fascination with photo and video waned as the technology failed to keep up with my imaginative mind.
It wasn't until college that my love affair with photography was reignited. The scent of chemicals, the thrill of the wait, and the surprise of the final product had me smitten all over again. The delight to see a moment in time being revealed in front of my eyes fascinated me. I could choose what I wanted to remember.
As a photographer, I explored the world of photojournalism and documentary photography, capturing raw and authentic moments. The beauty of it all was breathtaking, but the clients were hard to come by. The United States wasn't ready for documentary photography, and I found myself struggling to keep the business afloat.
It was then that I realized I was in a sunk cost fallacy, continuously investing in a project that no longer made logical or financial sense. I had to ask myself the hard questions, evaluate my inputs and outputs, and ultimately, make the difficult decision to close the business.
Have you ever found yourself in that situation?
It's quite common, actually. It's a hard truth we don't want to hear because we've invested so much into the project, it's almost painful to part ways.
If you find yourself dreading or wondering if what you are doing is still worth your time, consider these questions:
Have you absolutely tried everything in your power to make this happen with the resources you have and without hurting your integrity?
Are the resources invested still producing a positive return? (In my case, am I still getting clients?)
Are there other options you can try where you may get more profit than with this project?
Remember to give yourself time to grieve and let go of your time and efforts. Don’t forget the knowledge and expertise you have gained from attempting will help the next project you take on.
Maybe this weekend I’ll dust off my camera and go out and play with the light.
~ Pam
