Any smart businessperson knows you can’t just look at gross sales. You must also look at the cost of doing business. What is the price of first prize, a gold medal or blue ribbon? How much did you have to sacrifice? What was your investment? After considering these questions, only then can you assess if the achievement was worth it.
There are two reasons I’ll never win an Olympic gold medal. First, I’m not good at any sport. Second, there is no sport I enjoy so much that I’d want to practice it several hours a day. That investment of time would be far too great a sacrifice for me, even with the promise of a medal or some endorsement deals.
ABC News predicted that Michael Phelps’ eight gold medals from Beijing would over time yield him $100 million. To get that he had to swim 3.5 hours a day, six days a week. Over four years that translates to 183 days of life in the pool. I want wealth as much as the next guy, but that would mean investing half a year of my life (literally half a year without stopping). For a water lover like Michael Phelps that’s a good time, hardly a sacrifice at all. For me, it sounds like pure hell. I couldn’t do it – not even for $100 million.
Payment for success comes in many currencies. You goals may cost you:
- Time
- Money
- Family & Friends
- Stress
- Health
- Privacy
They may also pull you from other endeavors that might have a higher emotional yield.
As a father of two young children, I have to be very careful about my current ambition. I’ve worked very hard to make a living as motivational speaker, which means spending a lot of time on the road. While I get paid for every booking, one huge cost for me is time away from my children. I’ve missed some special moments. Watching my son on video winning second place in the spelling bee isn’t the same as being there (especially when I could have argued in person that the kid who won didn’t repeat his last word and should have been disqualified!) My career has come at a cost, and I’ve had to become more selective about the bookings I accept. I know the value of little league games and dance recitals. No amount of success is worth missing out on these experiences. I aspire to find a balance between my career demands and my family demands.
Approach your goals with a business mind. Achievement requires investment. Make sure the payoff is worth the payout.
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