{"id":1428,"date":"2018-02-26T10:30:30","date_gmt":"2018-02-26T15:30:30","guid":{"rendered":"http:\/\/clearsightbooks.com\/?p=1428"},"modified":"2018-06-11T21:05:31","modified_gmt":"2018-06-12T01:05:31","slug":"opportunity-cost-trade-off-for-your-book","status":"publish","type":"post","link":"https:\/\/test.atlasendeavors.com\/wordpress\/opportunity-cost-trade-off-for-your-book\/","title":{"rendered":"Opportunity Cost: What’s the Trade-off for Your Book?"},"content":{"rendered":"

\"\"\u201cYou have one dollar,\u201d our teacher said. \u201cYou can spend it on a comic book or on candy\u2014but not both.\u201d She let us think about our choice. \u201cIf you choose candy, you can\u2019t have the comic book. And if you choose the comic book, no candy. Whichever item you don\u2019t<\/em> choose is your \u2018opportunity cost.\u2019\u201d<\/p>\n

It was a harsh lesson at an early age. What? I can\u2019t have it all?!<\/p>\n

Nope. You can\u2019t have it all.<\/p>\n

Opportunity costs are everywhere<\/h1>\n

Money drives the classic opportunity-cost calculation because for most of us money is a constrained resource. We have a limited amount to spend, so we must choose wisely where to spend it. In business we ask: Which new product has the largest net present value (NPV)? Which piece of equipment will bring the greater return on investment (ROI)?<\/p>\n

Since \u201ctime is money,\u201d solopreneurs realize they need to hire assistants and bookkeepers because all that administration takes too much time. They need to spend their time doing the things only they can do. (We even talk about \u201cspending time\u201d the same way we talk about \u201cspending money.\u201d)<\/p>\n

Writing a book entails the same calculation: If you write during business time, what are you NOT doing? Sales? Marketing? Administration? Service delivery? If you write on personal time, what are you NOT doing? Binge-watching a mildly entertaining show that you forget as soon as it\u2019s over? Dinking on social media? Exercising? Spending time with friends? Volunteering?<\/p>\n

Conversely, what do you give up if you\u00a0don\u2019t<\/em>\u00a0write your book? How many doors could a book open? Which relationships might become possible? What visibility might you gain?<\/p>\n

Trade-offs only get harder<\/h1>\n

The older I get<\/a> the more I find time to be my constrained resource and the trade-offs to be harder. Elizabeth Gilbert (author of Eat Pray Love<\/em>) explains<\/a> why she turned down an invitation to a literary festival in Spain. (A literary festival in Spain!!)<\/p>\n

\u201cI needed to decline\u2026 as much as I would love to go\u2026 I am the bodyguard of \u2026 this new novel I\u2019m working on\u2014and everything else has to be defended against\u2026 [T]here comes a period in your life where you have to learn how to say no to things that you don\u2019t want to do, but I think the biggest, trickiest lesson is in \u2026 learning how to say no to things you do<\/em> want to do\u2014including going to Spain.\u201d<\/p>\n

Oh, she hit the nail on the head for me: the trickiest lesson is learning how to say no to things you do<\/em> want to do.<\/p>\n

Opportunity costs are real<\/h1>\n

Those \u201cshould I\/shouldn\u2019t I\u201d decisions\u2014big or small\u2014usually boil down to this: Is the trade-off worth it?<\/p>\n

    \n
  • What are you committed to creating with your money and your time?<\/li>\n
  • Which things, activities, or people are you willing to say no to in order to create it?<\/li>\n
  • What are the right trade-offs for you?<\/li>\n<\/ul>\n

    Today, if I were offered the choice of candy or a comic book, I\u2019d politely decline both and put my dollar in the bank. Time, however, does not offer us that option. Spend it well.<\/p>\n

    \n

    If you struggle with opportunity cost and trade-offs, you are not alone! I often find my articles reflect something I\u2019ve dealt with (or am dealing with!) myself. If you\u2019d like to discuss different approaches to getting your book done\u2014whether to minimize your time investment or your dollar investment\u2014give me a call at 919-609-2817.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    \u201cYou have one dollar,\u201d our teacher said. \u201cYou can spend it on a comic book or on candy\u2014but not both.\u201d She let us think about our choice. \u201cIf you choose candy, you can\u2019t have the comic book. And if you choose the comic book, no candy. Whichever item you don\u2019t choose is your \u2018opportunity cost.\u2019\u201d […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[11,54],"tags":[],"class_list":{"0":"post-1428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-mindset","7":"category-strategy","8":"entry"},"yoast_head":"\nOpportunity Cost: What's the Trade-off for Your Book? - Clear Sight Books<\/title>\n<meta name=\"description\" content=\"Opportunity cost calculations abound. 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