Hi folks! We have an interesting concept waiting for us today, but before we get into it, imagine if you weren’t really feeling like reading this right now and decided to bail after just the first sentence. Well, guess what? You’d be missing out on some pretty cool stuff that could potentially shift your thinking if you stuck around and read the whole post.
We call this an opportunity cost.
In simple terms, Opportunity Cost is what you give up when you choose one thing over another.
Here’s a small example: Say you have a stable job. You come up with an interesting entrepreneurial idea. Now you have to choose between leaving your job to take this idea forward, or you have to stay in this job and let the idea go.
As you can see, the cost of staying in this job would be giving up on your entrepreneurial idea and its possible success and personal satisfaction of bringing your own idea to life. On the other hand, The cost of leaving your job to get the real deal out of your idea, would be to lose your stable income and job security and its benefits.
-So, guys, in life, work, business, or even simple things like food, we are always given choices. Which one to choose is up to us. You can analyze which opportunity is worth the cost of losing the others.
When analyzing a decision and its opportunity cost, here are a few things to keep in mind:
– Risk Assessment: Consider how much risk is involved in choosing one option compared to others.
– Personal Satisfaction: Reflect on which option truly satisfies your mind and aligns with your values and goals.
– Long term benefits or short term benefits: Try your best not to choose short term benefits over long term benefits.
– Personal growth: Determine whether the choice you want to take gives you the scope and space for your personal growth.
In our daily language, we simply say “Don’t take a decision that you might regret later!” right?
So guys, every decision you make, whether in your career, or in life, analyze both the sides of the coin, and make sure the cost of your choice doesn’t outweigh your choice itself later!
