What is Path Dependency | Explained in 2 min

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In this video, we will explore What is Path Dependency
It’s important that you become adaptable to change as that will enable you to perform at your best and achieve your goals faster.

Path Dependency is explained the continued use of a product or practice based on historical preference or use. 
A company or individual may persist in the use of a product or practice even if newer, more efficient alternatives are available.
For example, you might have a business where you develop websites for the clients by using certain templates and solutions.
As time is moving on there are new alternative solutions to build websites with more functionality and in a more efficient way.
But despite these new opportunities, you resist the change and you stick with old ways of doing things as you always did.
As a theory, path dependence is based on the straightforward assumption that “history matters.”
When we start doing things in a certain way of our life then we are often getting used to them and it’s really hard to make a change.
Path dependency occurs because it is often easier or more cost-effective to continue along an already set path than to create an entirely new one.
Let’s say you have a business website and you know that if you build a new website then you will be able to get more clients.
But you also know that existing website works well and creating a new website will cost you a considerable amount of resources upfront.
So if you want to make progress towards your goals then you have to be willing to change and try out new things in your life.

I hope that you enjoyed this video and I was able to give you a quick summary of what Path Dependency is and how it works.     _________________

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YouTube url:	https://www.youtube.com/watch?v=gkGSgTZJwHg
Created:	24. 3. 2021 21:24:49

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What is Path Dependency | Explained in 2 min