I started my tech blog on 18th February 2019.
Obviously, I needed consistent readers for my new blog.
So I started a Whatsapp group to build my community of readers who were interested in tech.
Along with my article links, I used to share tech news with my group every single night.
It was a habit and a daily ritual.
No matter how busy I was, I used to do that without missing it.
Monday-Saturday, every single day without any break for 3 long years.
My office shift used to end at 11 PM at night and I used to post my daily tech news while traveling back home.
It used to take roughly 20 minutes every single day to research, curate, format and share in my groups.
At its peak, I had 1500+ Whatsapp group members across multiple groups.
Initially it was all fun.
But gradually I started losing interest because maintaining my community was taking more time than the results it gave.
I used to write one article and got thousands of visitors from Google.
But my community was small. Sharing there hardly gave me around 500 readers.
No, it’s not less at all.
But consider the efforts it took to write blogs vs efforts it took to share daily news.
In reality, I was not enjoying the process because (1) it was monotonous (2) it demanded a slot of my time every single day.
I even tried to automate it. But automation cannot replace human touch.
I wanted to stop. But how would I do that?
I was accountable to hundreds of members who used to eagerly wait every single day.
I loved interacting and replying to my community members.
I was hoping that it would magically grow big because I was being consistent. I was wrong.
17th January 2022 – I got infected with covid in the second wave. I was down with high fever and its other symptoms.
I was so weak that I finally decided to break my streak. I took a break of 1 week due to weakness.
After I recovered, I tried to restart my daily tech news again. But it never happened because I lost my momentum.
I kept procrastinating and eventually gave up.
I still kept blogging on that website for a few more months but the lockdown resulted in a shortage of supply in the tech industry.
Just like the whole industry, I lost my revenue for a few months.
It was no fun as the market collapsed for a while and I started gaining interest in another project.
This was an example of Sunk Cost Fallacy – a concept when people continue to invest time, money, or effort into something because they’ve already spent a lot on it, even when it’s clear that continuing is not the best decision.
I just shared my story about a project but it is applied in day to day life for everyone.
- Being in the same job because you are emotionally attached
- Continuing a toxic relationship because you spent years together
- Investing more in a failing business because of substantial initial investment
- Forcing yourself to finish a meal you dislike because you paid for it
- Keeping clothes that no longer fit you because you spent money on them
- Failing multiple times and still continuing to prepare for a competitive exam without considering alternative career paths
and there are countless such examples.
WHAT ALL I GAINED IN THE PROCESS
- Obvious learnings about sales, community management and everything that I learned about marketing.
- I was also lucky to attract several clients from my community, as they noticed my regular efforts and dedication to my projects.
- Over time, I gained some recognition in my network for my consistency, which is a soft skill that is deeply valued by professionals.
- I was fortunate to earn a sweet affiliate income every month through my communities. At its peak, this digital income even surpassed my monthly salary.
- I built a personal brand in tech, and I’m grateful that its impact has been significant. Even today, people often consult me before buying a phone or any gadget.
TODAY’s ACTION ITEM
Assess what you need to give up – project, job, business, relationships, unwanted things, or anything else.
Most of the time we don’t give up because we invested too much time, money, emotions and other resources.
- Define specific criteria for success and failure before starting a project or investment
- Consult with relevant mentors or professionals who are not emotionally invested in your situation
- See if the resources you are spending on it can yield you better returns if used on something else
Of course, it’s easier said than done and it will require lots of practice to get precise decisions.
RELATED RESOURCES
There’s a good research-based article on Harvard Business Review by the title of – How Susceptible Are You to the Sunk Cost Fallacy? by David Ronayne, Daniel Sgroi, and Anthony Tuckwell.
Conclusion of the article is that the experience can help people avoid the sunk cost fallacy, but it is not enough to entirely overcome it.
Good read for founders and managers of teams.
WHAT I DID THIS WEEK
I traveled and stayed at Mulshi which is famous for its greenery and surrounding mountains. It was a cool and adventurous getaway.
Completed reading No Rules Rules.
It’s a wonderful book about Netflix as a company and its work culture. It is a practical guide on how to implement a Netflix like culture in a company. I’d strongly recommend it to founders.
Published a video on the topic – Writing as a Career in 2024 – Is It Worth It?
And a social post explaining how freelancing can put your career on steroids!
It was a peaceful, slow week with cool breeze blowing throughout the week due to rains.
How was it for you?