Cognitive biases can lead us to turn small mistakes into bigger ones.

Recognizing our mistakes requires questioning assumptions we take for granted.

Cognitive flexibility helps us change course before small mistakes become bigger problems.

Sometimes, the biggest mistake we can make is refusing to admit that we’ve made one. What could have been a minor misstep then becomes a much bigger problem, not because of what we initially did, but because of what we decided to do—or not do—next. One skill I try to teach, and hone for myself, is cognitive flexibility. When things aren’t working, look for other options. Even so, I’ve turned small mistakes into much bigger ones by not admitting them quickly enough. I’ve also felt the regret of knowing I should have owned my mistake sooner, all while letting the problem become more entrenched and making the hole I had to climb out of deeper.

Cognitive flexibility after a mistake starts with recognizing that each moment is a new decision point. We don’t have to wait for consequences to unfold, double down on bad decisions, or simply hope that somehow things will work out. We can admit what went wrong and change course. Two cognitive biases, however, can stand in the way and turn small mistakes into much bigger ones.

The sunk cost fallacy concerns the weight we give to what has already happened when deciding what to do........

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