Opportunity Cost of Choice

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Opportunity cost is what you sacrifice when you choose one option over another. And we face an abundance of choices every day.

What should my athlete’s weekly training schedule look like? Should I start playing football because all of my best friends do? What should I say to me child after they lose?

What opportunity are you willing to give up by pursuing another? How do you really know that the choice you make is right?

Ultimately, you don’t. It’s impossible to predict the future. But whether you’re a coach, athlete, or parent, there are ways to increase your chances of a successful outcome. Here are 3 things to consider next time you’re faced with difficult choice to make.

  • Know what you want

A clear picture of your goals is vital. But what’s more important is to know exactly what it’s going to take to achieve them, and who the best people are around you to help you to get there. You can read more about goal setting here.

  • Understand what comes first

Success is an outcome, but the pathway to get there is a process. Once you have a clear understanding of what that pathway looks like, it’s much easier to stay on track as you learn, improve, and fail along the way. Always remember that the road we choose to take has been travelled before. So be resourceful enough to find those individuals who have been there, done that, and succeeded, and who are willing and ready to help you out.

  • Lead with your strengths

What are you great at? Where do your strengths lie? You must understand the things you do well, and lead with them. Make a choice, then aim to achieve small successes quickly that you can build on. It will increase your confidence no end. Then look to work on your weakness, which if left alone may trip you up on your road to achieving more long term goals.

When faced with a big decision, take the time to weigh up our options. Do your homework, so you know as much as possible about what’s involved either way. Be sure about what you want, even if it’s just a short term gain. Take the time to talk to the right people who can help you out. And make choices based on what you’re good at.

What do you think about when making the hard decisions? Flick me a tweet, I’d love to hear from you.

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