Cost is sometimes a difficult term to define. Here, we are not simply discussing cost as it relates to selling price, but rather opportunity cost. The web site, "Mentors, Ventures and Plans" defines opportunity cost as "The loss of the next best alternative whenever a decision is made involving two or more options". "Investing in Options" defines it as "Choosing the best alternative means that you can't choose the next-best alternative. Opportunity cost is the next-best alternative that must be sacrificed in order to get something else you want. Opportunity cost can be thought of as the road not taken." Inactivity, or doing nothing, is usually the highest price paid and is often associated with great opportunity cost. Inaction is usually the worst decision one can make, made from a base of fear.
Many of us freeze when facing decisions. For some reason, decision making becomes complex, paralyzing and even painful for many people. It should not be this way. Making a decision is simply the act of choosing between alternatives. You must learn to weigh the implications of each possible decision and choose the outcome that is best for you and all others involved. For example, when your telephone bill comes due, you may choose to pay it or not. There are real obvious consequences for both actions. The situation becomes more complex however, when our human emotions enter the picture. For instance; you are offered a new job and must decide to leave your current position and move your family to a new location, hundreds of miles away..
What we often fail to realize, is that delaying important decisions or simply not making a decision at all, are actions that often impact us with the highest opportunity costs and worst case scenarios. Inactivity, or the lack of a decision, is actually a decision made, although one seldom made in our best interests. In this case, we unfortunately transfer over control of our lives to external forces and circumstances. We are now positioned to be at the mercy and decision-making of others. This is not your best scenario. There are often unusually high costs associated with doing nothing.
Decision making is actually a skill set that can be learned and refined. Like all skills, entering into a new area as a novice requires practice and application in order to improve. Keep in mind that you will indeed improve! Start small, with less important decisions involving less than crucial outcomes and gradually make more decisions on matters of greater importance. Soon, you will have few if any issues with making decisions. Learn to start small and work your way up, gradually extending your comfort zone in this area. A by-product of learning these new skills is that your confidence will surely improve as well.
Decision making need not be frightening. Think of it as a process that is your own, shedding any external pressure that others may be applying. Take your time, get your facts and choose the outcome that works best for you. Do not allow yourself to fall victim to the high cost of doing nothing.
Daniel Sitter is the author of the popular, award-winning e-book, Learning For Profit. Designed for busy people, this new book teaches simple, step-by-step accelerated learning skills, demonstrating exactly how to learn anything faster than ever before. Learning For Profit is currently available from the author's web site http://www.learningforprofit.com/ and a variety of online software and book merchants. Mr. Sitter is a contributing writer for several online and traditional publications. His expertise includes sales, marketing, self-improvement and general business topics.
Self-esteem is very important. It is the way we view... Read More
Ever have those days where no matter what you try... Read More
Challenges posed by recent economic and market shifts, though predicted... Read More
An unexamined life is not worth living ? SocratesAll too... Read More
"See, I told you so," she emailed me, "it turned... Read More
Smile brings beauty to your face, charm to your personality... Read More
As a work-life and career coach, I regularly work with... Read More
The title of this article also happens to be the... Read More
However there is one success secret that costs nothing. And... Read More
Both the worst and the best of the great achievers... Read More
Success begins with a personal dream that is bigger than... Read More
Let's get right to the point, folks.We're all looking to... Read More
It's not new news. It's not some ethereal theory. It's... Read More
I was at a dinner party the other night when... Read More
To be clear about what success is must be the... Read More
What if I told you that you could be more... Read More
One of the greatest compliments I ever received in my... Read More
Who wants to carry on being a failure?Failure. Not a... Read More
Do not make the mistake of looking at your failures... Read More
A couple days ago I was listening to a CD... Read More
The very first "motivational speaker" I heard as an adult... Read More
Nicholas Darvas, escaping his war-torn homeland, Hungary, sought refuge in... Read More
We're all adults, and most of us probably like to... Read More
"A man's life is what his thoughts make of it."-... Read More
Several years ago, I attended a "success" seminar in northern... Read More
Take a page from Eastern wisdom Meditation, martial arts that... Read More
About a month ago, I was hit by a car... Read More
For each of us, how successful we feel will depend... Read More
When you are in business every person you hire gets... Read More
We all want success in life. We want success in... Read More
I receive several emails every week asking me about how... Read More
Whenever I'm feeling stuck in a rut, I go out... Read More
One of the most important aspects of creating success involves... Read More
The ability to make good decisions is an essential step... Read More
Here are 10 of 26 proven strategies gleaned from interviews... Read More
1. Be Courageous. Flex your risk muscle and step out... Read More
Be weary and leery when it comes to standardized tests... Read More
The most under rated method to achieve success is: The... Read More
How many times do we fail at something, then attemp... Read More
Everything we do in life involves risk. There's no growth... Read More
Have you ever wondered why some people seem to be... Read More
I'll let you in on a little secret...life delivers pretty... Read More
Hello everybody and a good day (or night !) to... Read More
Fourteen thousand civilised people died when the tsunami hit Andaman... Read More
I don't need to be a gypsy fortune teller to... Read More
"When I think back on all the crap I learned... Read More
As a professional speaker, father and business owner I often... Read More
Unless you have been living in a cave, you have... Read More
A More Effective WayI own a stack of self improvement... Read More
You talked but didn't get a response. You talked but... Read More
Every single one of us is trying to reach success.... Read More
As kind of a hobby I like to watch people.... Read More
The other day I went shopping at the local consumer... Read More
Freedom is the deeper meaning, the foundation behind all of... Read More
You're enjoying a perfectly shallow conversation with a good friend... Read More
Believe it or not, there is a special 3-step formula... Read More
Coming up with new dreams and passions can be fun,... Read More
In my private practice for the past 13+ years I... Read More
Lesson 1. Category Well Being Plan to do this.Stop blaming... Read More
They 'do it' by sharpening their FOCUS on the task... Read More
The power went out. Again!I looked out my second story... Read More
Your personal image: It's the most important YOU asset you... Read More
"Fear Factor" is one of my favorite TV shows. It... Read More
A couple days ago I was listening to a CD... Read More
Have you ever met people who exude charm and charisma?... Read More
How do you land your dream job, win... Read More
Success |