The High Cost of Doing Nothing

| Total Words: 520

Cost is sometimes a difficult term to define. Here, we are not simply discussing cost as it relates to selling price, but rather opportunity cost. The web site, “Mentors, Ventures and Plans” defines opportunity cost as “The loss of the next best alternative whenever a decision is made involving two or more options”. “Investing in Options” defines it as “Choosing the best alternative means that you can’t choose the next-best alternative. Opportunity cost is the next-best alternative that must be sacrificed in order to get something else you want. Opportunity cost can be thought of as the road not taken.” Inactivity, or doing nothing, is usually the highest price paid and is often associated with great opportunity cost. Inaction is usually the worst decision one can make, made from a base of fear.

Many of us will freeze when facing decisions. For some reason, decision making becomes complex, paralyzing and even painful for many people. It should not be this way. Making a decision is simply the act of choosing between alternatives. You must learn to weigh the implications of each possible decision and choose the outcome...

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