"We can't all be right all of the time. Sometimes you just gotta take a loss."

In corporate life, admitting you're wrong might seem career-ending. But holding on to a failing strategy is not resilience, it's arrogance. Hubris is a luxury no leader can afford.

Let's look at this point by point.

1. The sunk cost fallacy is your worst enemy.

We've all been there – investing more in a failing project because we've already invested so much. It's human nature, but bad for business. I've seen many leaders fall into this trap.

Take a step back and evaluate your projects. Set clear goals and be honest about your progress. If something's not working, don't waste money. Don't waste money on a failing venture. You need to invest in your next big idea.

2. The power of change.

Knowing when you're wrong and changing course is a superpower in business. I learned this the hard way and it changed how I lead.

My advice is: Make it OK to change direction. Let your team tell you when things are going wrong. Knowing when you're wrong gives you more options to fix it.

3. The ego trap.

Your ego is not your friend in business. It's the voice that says "you can't be wrong" when you know you are. I've seen great leaders lose their careers because they couldn't admit a mistake.

I've started listing three things I got wrong at the end of each quarter. It's humbling, but it's also freeing. It reminds me that being wrong isn't fatal – refusing to admit it is.

4. Vulnerability is strength.

Admitting you're wrong builds trust and fosters innovation. When a leader admits a mistake, it encourages everyone to take risks and be honest.

Try this: When a project fails, gather your team. Start the meeting by talking about your mistakes. See how it turns the conversation from blame to learning.

5. The Learning Curve of Failure.

Every mistake is data. In business, data is valuable. It's not about being wrong, it's about what you do with the information.

I keep a log of my failures. It's not nice to read, but it's helped me avoid repeating mistakes and see patterns in my decisions.

The bottom line is:

We often forget that being wrong is part of success. Successful leaders know when they're wrong and act on it.

This week, find something you've been holding on to. Examine it. If it's not serving you, let it go. Your future self will thank you.

In business, sometimes you have to lose something to win.