The sunk cost fallacy is a cognitive bias that occurs when an individual continues to invest time, money, or effort into something because they have already invested a significant amount in it, even though it may not be in their best interest to do so. This can lead to irrational decision-making and can cause individuals to make decisions that go against their own self-interest. This can lead to poor decision-making and suboptimal outcomes in the long run.

Here are five examples of the sunk cost fallacy in business:

1. A company continues to pour money into a failing product or project because it has already invested a large amount of money in it, rather than cutting their losses and moving on to a more promising venture.
2. An employee stays in a job they are unhappy with or no longer suited for because they have already invested a lot of time and effort into their career at the company, even if they would be better off leaving and pursuing other opportunities.
3. A business owner refuses to let go of a non-performing employee because they have invested a lot of time and resources into training and developing them, rather than hiring someone who may be a better fit for the job.
4. A company continues to support a failing subsidiary because it has already invested a lot of money in acquiring it, rather than selling it off or shutting it down.
5. An investor continues to hold onto a losing stock because they have already invested a significant amount of money in it, rather than selling it and investing in a more promising opportunity.

Here are three strategies that can help overcome the sunk cost fallacy:

1. Establish clear goals and decision-making criteria: Before starting a project or making an investment, it's important to establish clear goals and criteria for success. This can help prevent people from getting overly attached to a project or investment simply because they have already invested a lot of time and resources into it. By focusing on the potential returns and benefits, rather than the sunk costs, decision makers can make more rational and objective decisions.
2. Assign an independent party to evaluate the project or investment: Having an objective third party evaluate a project or investment can help prevent people from becoming too emotionally attached to it. This person can provide an unbiased perspective and help identify any potential problems or pitfalls that the project or investment may face.
3. Limit the amount of resources invested in a project or investment: By limiting the amount of time, money, and effort invested in a project or investment, people are less likely to become attached to it and more likely to cut their losses if it is not working out. This can help prevent people from falling victim to the sunk cost fallacy and making poor decisions.