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Understand Opportunity Costs When Making Decisions

Making decisions as an entrepreneur can be overwhelming and downright exhausting. On today’s show, we talk about the importance of weighing opportunity costs in your life & business.

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Key Insights

  • Key Insight #1 - We can only do so much we only have so many resources, time, money, energy.
  • Key Insight #2 - We make so many decisions as entrepreneurs we forget to weigh the hidden costs

Timestamps

  • [00:03] - What are opportunity costs
  • [02:45] - Starting at the beginning with college - an example
  • [04:55] - An example, the free dilemna
  • [08:19] - The to do it yourself, or to hire conundrum
  • [12:50] - The worst person for the job
  • [14:04] - The often forgotten opportunity cost
  • [16:08] - Actions

Resources Mentioned

Actions to Take

Tom Sylvester
  • Tom's Action - Create your decision filters
Ariana Sylvester
  • Ariana's Key Action - Remember that not making a decision, is a choice in and of itself!

Tom's Bookshelf

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Tom Ariana Lifestyle Builders

Tom & Ariana Sylvester

Tom and Ariana have built 3 business and quit both of their jobs, all while raising 2 amazing kids.  Together they share their philosophies and guidance for entrepreneurs on their Lifestyle Builders™ podcast, their upcoming book Lifestyle Builders™: Build Your Business, Quit Your Job, & Create Your Ideal Life, as well as through their coaching and consulting programs.

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