One of the ongoing questions entrepreneurs face is, “Should I do this myself or should I hire it done.” The conservative (read “cheap”) side says what my dad used to always say: “I’d rather have the money in my pocket than in theirs.” But that pat answer ignores opportunity costs. Yes, there are opportunity costs with your time. Would you rather fix a toilet or watch your kid perform in sports or theater (well, maybe), or something? Would you make more money fixing that toilet or finding another deal?
But the thing about opportunity costs is they cut both ways. You always have to give up something to get something.
Luckily, there is a secret formula—I love secret formulas!—that ensures you always make the right economic decision. It can even help with the kid dilemma.
To get started, you have to know three things: Continue readingHermann says please like and share!