Opportunity Cost

One of my favorite micro-economic concepts is opportunity cost.

Simply put, if I have a limited resource, the total cost of spending that resource on something is the face value plus all the foregone opportunities by spending that resource on something else.

It’s highly personal because it has been one of my driving factors on why I still am not back in school.

I still had 2 more years to go before I graduate (assuming I didn’t fail a subject). When I had thoughts to go back, I kept on thinking, “What can I do in those 2 years?” and so many things come up.

I could learn mobile.
I could be better at getting customers.
I could be better at keeping customers.
I could learn more design patterns.
I could study how to keep engineering talent.
I could do this and that.

I could learn more by spending my time somewhere else. The underlying truth is, I didn’t want to be a computer scientist as badly as I wanted to be other things. If I wanted to learn specifically about computer science, sitting through lectures is probably the most efficient use of my time. But it’s not what I want to be.

10,000 hours of deliberate practice is what it takes to master anything.The best time to plant a tree was 10 years ago. The next best is now. You become good at things where you spend your time [1]

Are you spending your time on things you want to master?

[1] There’s an argument to be made here between talent and hardwork, but that’s a topic for another day.

I have a nagging feeling that I’ve written about this before already.

Featured image by G.X. He’s 12 years old now.