Get Smart!: How to Think and Act Like the Most Successful and Highest-Paid People in Every Field
Reevaluate Your Business and Career
Download 0.86 Mb. View original pdf
|
- Navigate this page:
- Evaluate Your Investments
- Your Investment Is Gone Forever
| Reevaluate Your Business and Career The second area where you apply zero-based thinking has to do with every aspect of your business and career, including and especially your business model. Is there any product or service that, knowing what you now know, you would not bring to the current market Is there any process, method, or expense in your business that you would not startup again today, knowing what you now know Is there anything in your current strategy that, knowing what you now know, you would not get into again if you had it to do over? Is there any part of your career—the work you do, the activities you engage in—that, knowing what you now know, you wouldn’t get into again today Remember, it is quite common for people to have many different jobs, indifferent companies and industries, using different skills, over the course of a lifetime. Many people decide to start over in anew field and learn an entirely new set of skills when the economy changes. Could this apply to you? If the answer is yes, the next question is, How do I get out of this situation or discontinue it, and how fast?” Evaluate Your Investments The third area for zero-based thinking has to do with investments, especially those of time, money, and emotion. In accounting, there is a category called sunk costs. This is an amount of money that has been spent and is gone forever. It cannot be recouped. It is like dropping an anvil off a ship in the middle of the ocean you can never get it back. It is gone. It is a sunk cost.” It is amazing how many businesses and individuals are confused in this area. They are constantly trying to recover sunk costs. This is called “throwing good money after bad or throwing money down a rat hole.” Your Investment Is Gone Forever This refusal to accept the fact of a sunk cost is especially true with regard to time. Is there any area of your life where you have invested a large amount of time, in a project, a service, a person, or even the development of a skill that is no longer helpful or necessary Be prepared to recognize that this past investment of time has now become a sunk cost. Accept it. Move on. And don’t invest anymore time in an area wherein your heart, you know it is not the best use of your time and effort. The second area of sunk costs has to do with investments. Is there any financial investment that, knowing what you now know, you would not make again today if you had to do it over? If there is, the next question is, How do I get out of this investment, and how fast?” It is sad to see how many people and companies keep investing money in an area that knowing what they now know, they would never invest in at all if they had to do it over. Download 0.86 Mb. Share with your friends:
|