It is the inherent feature of the emerging world. You may be seen obsoleted by a new improved technology. So you are involved in the sunk costs.
Sunk costs are the ones which you cannot curb them any more. Let’s imagine a story:
Mike is 27 years old. He is working in a restaurant and he seldom feels hilarious with his job. He has 3 years experience and of working in different restaurants, caterings and also cafes. But he is dealing with an old dream in his mind bothering him: I will grow up to be an athlete.
Mike made the decision. So he went to his mother for expressing his feelings and ask for help:
- Mom, I’m working 10 hours a day full-time but I am not happy. I want to change my profession.
- You have spend 3 years of your life on it.
- I know, but I want to change.
- So What? It is better not to do that.
- I want to be an athlete.
The conversation has not a precious demise. The mother is doing her best to induce Mike not to have a change.
The end of this story will be open for days, months or even years. It is not clear who will yield. But you can now imagine what the sunk cost is in the story: 3 years of experience in the restaurant industry.
Let’s be back: Why sunk costs are indigenous today in almost every industry?
Because life’s journey is becoming more complicated in our era. Tremendous tide of the required ability pool is becoming rife in almost every industry. I mean life cycle for a particular industry is shorter than any time in history. So don’t panic when you or your peers graduate and should seek for some new skills you’ve never thought of.
These all means that being professional is becoming harder and harder.
Forget the time that we learned a skill and graduate a special major, so we could guarantee our future professional life. You need to learn everyday as a habit.
You also need to learn smart things smartly to survive among the emerging innovative technologies.Technology may threaten you and substitutes you in a short period.
Having more sunk costs is inevitable. Just be enough astute to minimize them.