John Lee Dumas – Avoid the Sunk Cost Fallacy by Testing Your Idea in the Market

<p><a href="https://www.linkedin.com/in/eofire/"><strong>John Lee Dumas</strong></a> <span style="font-weight: 400;">(JLD) is the host of</span> <a href="https://www.eofire.com/"><span style= "font-weight: 400;">Entrepreneurs on Fire</span></a><span style= "font-weight: 400;">, an award-winning podcast where he has been interviewing the world’s most inspiring Entrepreneurs. With more than 2,000 episodes, one million-plus listens a month, and seven-figures in annual revenue, JLD has learned a thing or two about podcasting.</span></p> <p><span style="font-weight: 400;">I learned about podcasting from John and joined his podcaster’s paradise in 2014. It is a community of more than 2,500 people and is the place to go to if you want to become a podcaster. I highly advise those who wish to become podcasters to go to the Apple Podcast called “</span><a href= "https://podcasts.apple.com/us/podcast/free-podcast-course-with-john-lee-dumas/id947671706"><span style="font-weight: 400;">Free Podcast Course</span></a><span style="font-weight: 400;">” and listen up.</span></p> <p><span style="font-weight: 400;"> </span></p> <p><strong>“I never have since then created something that I didn’t first get proof of concept by actual people investing actual dollars into that offer.”</strong></p> <p><span style="font-weight: 400;">John Lee Dumas</span></p> <p><span style="font-weight: 400;"> </span></p> <h2><strong>Worst investment ever</strong></h2> <h3><strong>Clueless college investor</strong></h3> <p><span style="font-weight: 400;">When JLD was in college, he found this penny stock after reading some guy’s website. The stock was six cents at the time. JLD invested $1,000 instantly and planned to sell when the stock got to eight cents. He left it at that and went to class.</span></p> <h3><strong>Rich in 45 minutes</strong></h3> <p><span style="font-weight: 400;">JLD came back 45 minutes later, and the stock was at 12 cents. In literally 45 minutes, he’d made 1,000 dollars, which for a college student was a big deal. So he thought thi