Opportunity Cost

There’s a principle in business called the opportunity cost. Its the idea that everything has a cost that we don’t actually see. If you choose to spend your evenings watching television than the opportunity cost could be that you missed out on the opportunity to start your own business because your time was otherwise tied up.

The same idea goes for someone who works an exorbitant amount of hours a week. It is costing them the opportunity of spending time with their family and friends or pursuing hobbies etc.

Sometimes things that are merely good or beneficial are not what’s best.

Consider opportunity cost before making a decision that will cost you what you don’t want to pay.