This time every year, I sit down and really challenge myself to think about what I have been up to with my brand and my businesses. And I have begun to realize that the opportunities I have received have both a positive and a negative effect on the time I dedicate to different things in my life. For instance, Summer 2019 was all work and very little play, but summer 2018 and 2017. This first semester started, and I had so many amazing doors open for me. I started a new role in international student politics, has the fantastic honour of sitting on so many boards both on and off-campus and have started doing more networking.
Now I'm a little over halfway done with the semester, and I seem to be still stuck in the same place I was last year when it comes to my business. Still prioritizing everything and everyone but the company. This got me thinking about something we talked about in one of my economics classes, OPPORTUNITY COST.
"Opportunity Cost is defined as a benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost. Read more:"
Many of the decisions we make in our day to day life actually use opportunity cost if you really think about it. For example, I just had to decide if I would order food or go out and buy groceries. Then after taking a look at my bank account, I went with grocery shopping. But then, I had to decide whether to take the bus or take a taxi to the grocery store. NOTE: This is not just limited to money. The time you spend doing one thing over something else comes at a cost too. Like Benjamin Franklin once said, "time is money."
It looks like me choosing to do all the things I am doing at uni over growing my brand. That looks like attending a Housing Committee meeting over filming a youtube video or recording a podcast. That looks like editing videos for the school instead of editing videos for Fadzo Productions. And while all these things are phenomenal once in a lifetime experiences, I have the problem of having to put my projects on the back burner. Without consciously considering all these activities' opportunity costs, I am more likely to keep allowing better choices to go completely unnoticed. This, for me, sucks more if I'm honest with you.
So I am committing to be more intentional with making decisions and choices that may affect my bag, coz we have goals and dreams that need to be done. Have a blessed week.
So I want you to think about this today, what is the cost you are paying for all your missed opportunities?
“Remember that time is money. He that can earn ten shillings a day by his labour, and goes abroad, or sits idle one half of that day, tho’ he spends but Sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent or rather thrown away five shillings besides.”