A great panel discussion earlier this week with fashion start-ups was the ideal place for me to finally meet Murielle Scherre from La Fille d’O as one of the other panelists. She described how her stubbornness brought her where she is now. Even though the fact that she was a sustainable avant la lettre felt very often as a weight in her backpack is what she said. Many times she was approached by people that wanted to invest in her company, but were not willing to follow her in her true core values.
I described it myself as the importance as an entrepreneur to think about your non-negotiables. Even though the mindset of an entrepreneur is very often that everything can be negotiated to come to a good deal, which is very relevant as well, I believe we do not have to go for compromises, we have to look for that third option. There is no relevance to partner with someone if one of the parties has to go far away from what is important to him or her.
What might look as an opportunity and is nice for your ego might turn out to be a trap.
Whenever you decide to start a project, a company, or a collaboration you have to accept the consequences however if your gut feeling tells you it is better to pull the plug and follow your heart.
Listen to your heart and forget about your pride.
One of the things you have to deal with as an entrepreneur in the start but even after many years is what we call sunk money. Sunk costs are excluded from future business decisions because they will remain the same regardless of the outcome of a decision.
Leave your partner, your deal, your project and never believe your pride. The sunk cost fallacy is a psychological barrier that ties people to unsuccessful endeavors simply because they've committed resources to it.
Maybe you lost money or time but at the end your heart will sing.
