Those who persevere succeed can tell the stories about perseverance saving their company.
Those who persevere and fail may tell how not quitting early enough continued the agony, but also can tell how just a bit more help could have led them to success, but odds were just all stacked against them.
Those who saw a failure coming and quit are likely not to tell much about it, there's no glory at it.
This all produces a kind of evolutionary / social pressure to persist and maybe win even when the chances are slim. The winner takes all. The losers persist at their (and, in a sense, everyone's) expense of "malinvestment", but they, and the price they pay, is handwaved away and forgotten. Evolution is about advancement of a species, not of a particular organism; progress is about advancement of an industry, not a particular company.
I'm with the "wind it down properly if it's not working" crowd though. One reason is that you have to fire people, and it's nicer to still be able to give them some severance pay.
Those who persevere and fail may tell how not quitting early enough continued the agony, but also can tell how just a bit more help could have led them to success, but odds were just all stacked against them.
Those who saw a failure coming and quit are likely not to tell much about it, there's no glory at it.
This all produces a kind of evolutionary / social pressure to persist and maybe win even when the chances are slim. The winner takes all. The losers persist at their (and, in a sense, everyone's) expense of "malinvestment", but they, and the price they pay, is handwaved away and forgotten. Evolution is about advancement of a species, not of a particular organism; progress is about advancement of an industry, not a particular company.
I'm with the "wind it down properly if it's not working" crowd though. One reason is that you have to fire people, and it's nicer to still be able to give them some severance pay.