Opportunity Cost (Bright Shiny Object Syndrome)

Opportunity Cost…

Everyone is aware of the ‘Bright Shiny Object Syndrome’. But how many people properly consider the opportunity cost?

We all love to focus our attention on what’s new and current regardless of whether it’s actually worth our attention.

More often than not it isn’t that valuable to us.

It ultimately distracts us from what we really should be focusing on.

Many entrepreneurs fall victim to this syndrome.

It can easily lead you down the wrong path.

That’s why it’s important to think about opportunity cost.

Understanding your true opportunity cost is vital to determine your success as it helps guide your decision making.

How do we look at opportunity cost?

My business partner, Sunny, works in the US, and we run an Insurance based lead gen company over there.

There’s tonnes of opportunity in this space, it’s great.

People are constantly asking us if we can supply leads for them. 

Someone who approached me in the Annuities lead gen space, who is doing very well. I’ve introduced to my business partner to start making plans a reality.

But before any rash decisions are made, it’s important to consider the opportunity cost.

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For this example, it was important to think about the potential risks that may arise from starting a slightly new venture.

Ultimately, how it’ll affect the opportunity cost.

New funnels will need to be built, new copies with new hooks and angles will be created etc.

It is important to remember that once you turn your funnels and ads on, it isn’t always plain sailing. Usually, something goes wrong, let’s be honest!

Everyone knows the usual problems which occur… problems with lead quality, delivery, targeting issues, funnel problems.

You name it, it can go wrong.

There are so many variables that can be wrong.

It takes a lot of practice to make sure all  of different variables to work together to be able to master a new venture.

It’ll require a lot more work.

It’s nearly always better to concentrate on mastering one area at a time.

You want no one to be able to compete with you.

It is sometimes easy to say YES quickly to a decision, particularly when leads for an appointment can go for large amounts of money like for Annuities. But, you always need to think about the true opportunity cost of a venture before committing to it.

This may sound like common sense, but many do not give it enough thought.

You want to be using your time most effectively, so why fall victim to the Bright Shiny Object Syndrome?

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