Tag Archives: opportunity cost

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chance opportunity

Chance Opportunity and Gauging Your Risk

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What about chance opportunity? The opportunity that presents itself, or you create, yet there is risk involved. Should you take it?

People often wait for the opportunity of a lifetime. They nestle in, they coast, they cruise, and they wait.

They may wait for the lottery, a marriage proposal, or a job with a salary that changes everything.

Life is full of risk. Error on the side of caution is often the advice. It may not be bad advice and it also may not be good advice.

Your chance opportunity is going to require some risk.

Will you take that chance?

Chance Opportunity

You have a chance to close a big sale but it requires a lot of unusual effort. You’re busy and can pick some other low-hanging fruit, but those opportunities are with lower revenue-producing clients. Do you put in the unusual effort or stay where it is safe and comfortable?

The product development team at your job needs a new design. There is both a stall and a void in the marketplace and you have an idea. Bringing the idea forward will require you to approach the CEO with some very unconventional strategies. You risk being labeled as crazy or seeking to break organizational norms. Should you speak up?

An unexpected job offer lands on your plate. It is a big change and you’ve been committed to your current endeavor for a long time. It will change your daily routine greatly, but your family would benefit from the additional income. Stay or go?

Lessening the risk is sometimes possible. It is also often a gamble, a negotiation of sorts, and a wrong move might weaken or completely sour the deal.

You’re never going to have zero risk.

It’s true that most cases of big rewards come with even bigger risks. Taking risk lightly is not the solution. Frozen in fear isn’t a good idea either.

This may be your only chance. Are you willing to risk the loss of the opportunity? Have you calculated what that costs?

-DEG

Dennis E. Gilbert is a business consultant, speaker (CSPTM), and culture expert. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.


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productivity trap

Would You Believe Time Is a Productivity Trap?

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Ask someone if they are going to the fitness center, and they may say, “I don’t have time.” Ask about running errands, paying bills, or doing the laundry, people may suggest there isn’t enough time. Could it be that time is a productivity trap?

What is time costing you? When life is all about the opportunity cost, what are you paying?

Time Spent

We make a lot of decisions every day. Many of those choices have to do with the time we spend. There are opportunities that are either gained or lost.

What choices will you make about time today?

How much time will you spend:

  • In the drive through lane at the coffee shop?
  • Studying the quality of the selfie image on the social media thread?
  • Procrastinating about work to be done instead of jumping in?
  • Proofing an email that took you two minutes to write but you’ve been studying it for ten?
  • Picking up your phone, turning it on, assessing in-bound data, turning it off, putting it back down?

What if the cost of an hour changed? Instead of sixty minutes it became fifty? How would this affect your productivity?

Productivity Trap

Imagine you are on the job for eight hours, but you lose ten minutes each hour. Hours are now fifty minutes. The workload and opportunities remain constant.

You lose one hour and twenty minutes per day. That is more than six hours per week. On average then you lose over twenty-four working hours per month. That would be more than 288 hours per year, which is more than seven work weeks.

If you were absent from your work for more than seven weeks what would have changed? Would nothing change, or might you suggest that everything would change?

Taking time for granted is the biggest productivity trap of all.

Waste less.

-DEG

Dennis E. Gilbert is a business consultant, speaker (CSPTM), and culture expert. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.


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