November 15, 2018

The Truth About "Opportunity Costs" and Entrepreneurship

“Opportunity costs” seem to be synonymous with entrepreneurship and living your purpose. 

I, myself, used to think of it even worse…I called them, “The Lesser-Known Debts of Entrepreneurship” 

Why is that? 

Why do we always think there has to be a loss in order to gain? 

Call me an optimist, but I think it’s more than just being optimistic (more on that later). 

Perhaps it’s this “costs” perspective alone that leads to the high failure rate of entrepreneurs. Or even why we have so much fear to begin with. We’ve all been there before…

  • The fear of not being good enough
  • The fear of missing out
  • The fear of what others think
  • The fear of the unknown
  • The fear of change

We could talk fear, and struggle, and pain and problems for what seems like forever. At least, that’s what we see portrayed in the media. I can pretty much guarantee you’ve experienced it on social media more often than not. Why is the opposite so rare?

The Truth About “Opportunity Costs”

If happiness is a choice then why can’t we look at this situation the same way. 

Instead of thinking about the “opportunity costs” associated with building your dream life, why not consider the “profits of possibility”? 

What if you could decide? 

Just like happiness, it’s a choice. Right? 

Well...you CAN!  Let’s look at this a little further. 

As I write this blog (fending off writer’s block) the NFL season is kicking off (I LOVE football!). It would be easy to think as though missing game day (while I write) is an opportunity cost. And it's not just the game others would tell me I'm missing.  I could say another cost is missing the relaxing downtime on my couch. 

I've also heard many colleagues say they miss time with friends and enjoying their favorite beverage at their local sports bars.  That could be another cost of me writing. According to them...On a Sunday, the day of rest, never the less.  I’m “grinding” through work. 

I, however, don't think it's a grind at all (at least not 95% of the time). Actually, it's designed that way on purpose. I made the decision. You can TOO.

The Profits of Possibility

Now what are the profits of thinking about what's possible? Here’s a few:

  • There are so many benefits of writing alone. Just in a few years as a professional writer I’ve experienced improved personal clarity, professional credibility and have even received a significant financial return for it (both directly and indirectly).
  • Looking at the profits and possibilities instead of the costs could continue to shift my own outlook on life leading to less stress, more happiness and even fulfillment.
  • The possibility that this one piece of written work could change someone’s life, improve a business or transform someone’s mindset.
  • That business or individual could go on to buy my programs or services in which helps to take care of my family, invest in my business and cultivate the retirement portfolio I need to enjoy a retirement of family time, travel adventure and more.
  • That individual or business I just mentioned could go on to solve a major world problem, changing the trajectory of life for millions of people.

Just writing these and reading through them again, there’s an energy that comes with living out your ambition and having the right motivation. Instead of the emotional drain of costs, profits and possibilities ignite that fire inside. It rekindles the natural desire to BE more, DO more and GIVE more. Your deep personal and professional convictions come alive. And it all comes with viewing things as possibilities rather than problem; profits rather than costs.

The Truth About Entrepreneurship

There is no wrong path if you know where you’re going. There are only different ones. Sure there are fundamental principles and best practices. But, how you apply them and when and what you emphasize in your business can vary in any number of ways. 

I’ve seen clients and colleagues make it happen all in different amounts of time, with different skill sets and a variety of processes. I’ve experienced these dynamics myself. Your journey right now may seem long with some fun peppered in.  Another individual may be exciting, but grueling. 

The variables of success are many. 

It’s not just about optimism. I wish it were that simple, but it’s deeper than that. 

It’s a belief in self, faith in other people and a tenacious commitment to something previously unseen. It’s more than pursuing your passion or chasing your dreams. And it’s all in cultivating possibility. 

Entrepreneurship is a deep conviction that something extraordinary will happen.  Being an Entrepreneur is about creating what could be rather than thinking about what the costs will be. Costs are not fun.  Life on the other hand should be. 

Life is about believing in what is possible.  And Entrepreneurship should be a fun and purposeful path to get there. 

If you BELIEVE in profits and possibilities more than costs, I’d be very grateful if you’d help it cultivate this belief in the minds of others by emailing this to a friend, or sharing it on Twitter, LinkedIn or Facebook. 

Thank you!

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