Opportunity Cost: Making a choice means sacrificing something else at the same time because we can’t have everything. If the value of what is given up is significant, then the choice incurs a relative loss, and it is up to the CEO to recognize this as a cost. In reality, whether I am aware of the opportunity cost or not, it still impacts my current financial situation. However, to calculate profit or loss as an opportunity cost, there must be a future opportunity to forgo the current choice and select an alternative. No one should keep repeating the cycle of giving up and choosing without knowing whether the next decision will be beneficial or not. Giving up is worthwhile only when the next option is good. - Joseph’s “just my thoughts”
The identity of the messenger is more important than the message itself. In other words, it’s crucial to consider whether the messenger’s identity is reliable. It matters more to others that they know who I am and recognize me than how well I have built relationships and interacted with them. Identity begins with my proclamation , and credibility only emerges when others acknowledge that proclamation. If there is a significant gap between my declaration and how others perceive me, I will need to invest considerable time and money to bridge that gap. Similarly, if there is a significant discrepancy between the message I intend to convey and my declared identity, it also requires a substantial amount of time and money. Consumers are acutely aware of these differences, yet they often remain silent about them. Asking others to share their inner self-assessment is as burdensome as expecting them to reveal their true selves. - Joseph’s “just my thoughts”