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Everything in life is about opportunity costs. Every time you say “YES” to a choice, you are also saying “NO” to everything else you may have accomplished with your time, money, and resources
Opportunity Cost is a concept you MUST understand if you want to grow your business.
What is opportunity cost
Opportunity cost is largely defined as a decision you make that alters your personal landscape going forward.Opportunity costs can impact various - and critical - aspects of your life, including money, career, home and family, and other lifestyle elements. In general, it means having to choose one option over the other, be it money, time or lifestyle choices - and living with the consequences.
To gain a different perspective on opportunity cost, ask yourself these questions:
What scenarios can occur if I opt for one path over another?
What's more, what outcome am I leaving on the table and how is that my opportunity cost?
Charles Thomas Munger an American investor, businessman and philanthropist said “Intelligent people make decisions based on opportunity costs”
There are high opportunity costs associated with certain activities:
- Not building up the courage to talk to a person about your business.
- Delaying a meeting that may change your business forever.
- Building your business in a lax manner.
- Not considering to have a look at other business opportunities.
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The technical definition of opportunity cost is: "The loss of potential gain from other alternatives when one alternative is chosen"
Loss of potential gain. Whenever you decide to do something or not do something there is potential to gain or lose. The key is to make decisions that have the lowest amount of personal risk and the highs amount of potential gain.
Opportunity cost is not always figured in currency. Sometimes it costs your quality of life.
- Not talking to a prospect about your opportunity can prevent you from booking a dream vacation.
- Procrastinating over a long period of time can make it impossible to pay for your children's college education.
- Making unneeded mistakes in your business can make your goals unreachable.
- Not considering other opportunities may let you loose out on your dream lifestyle
Actions You Can Take to Find Your Opportunity
- Look for opportunity. Before you can see an opportunity, you have to be looking for new opportunities...
- Be willing to read and research. They say knowledge is power, and it's true. ...
- You have to go for it. You have to get out of your comfort zone ...
- Make contacts. Everything you want, somebody else has it.
The key to achieving your dream life in is to TAKE ACTION.
Most people in Network Marketing will never take the leap and go full time. They can't imagine leaving the comfy full-time job they hate.
Most people working a full-time job never sit down and do the math. They never realize that it will take them 25 years to double their income. They don't understand that an opportunity like yours could cut that time by 80%.
I was just like this. I would join an opportunity and then watch it dissolve in front of my eyes. I never looked at my business or the gift I had for the people around me as a way to change their lives.
Trust me, when I look back on my career I can see the thousands of mistakes I made and the opportunities I allowed to slip through my fingers.
I simply did not have the money to invest in each opportunity that came along. That may be where you are right now?
If you don't want to miss out on another opportunity that may change the course of your life, start with the small things. Read books, watch webinars, listen to podcasts.
If you can afford to invest a little bit in your self, go to conferences, look at other opportunities...
Lastly you have to ask yourself, “What is the cost of NOT investing in myself?”
I wish you the best in your journey. Keep going, keep learning, keep growing and most of all consider looking into other or new opportunities.
Join The Wealth Creators Method, a new way of thinking
To Your Success,
Colin
Entrepreneur