Seth Godin is one of the people in the content industry I look up to.
He has been writing his daily blog for over 25 years now.
And over and above being a marketer, he is one of the finest thinkers I’ve come across.
In a recent blog post, Seth mentioned about his new course on decision making.
The course got me thinking, where Seth primarily focussed on giving up your chips.
The sunk cost fallacy.
The opportunity cost.
The cost of continuing something you hate just because you spent 5 years decades ago working on it.
It is like most dentists hate being called dentists. Yet they continue that profession because their neighbours know them as dentists, they have invested in that chair, and they spent 5 years getting that degree!
He shared that example by demonstrating the green iguana lizard. The lizard is a few inches long, in its nascent stage. It is very easy to bring it home, and tame it.
With only one problem.
Within 6 months, the lizard becomes up to 5 feet long. Not the best thing to still tame it.
Most people, would drown in a guilt trip, on taking the 3 feet long lizard a month later, and dropping it back to the jungle.
That is where we need to throw down our chips.
This is where we need to let go of the green iguana.
This is where we need to know that I need to drop out of my PhD. Or I need to give up my consulting and join a startup. That I need to step down from the position of CEO of nearbuy to get all into content creation.
Just because you’ve been doing something for a long time, it is not enough a reason for you to continue doing that forever.
The opportunity cost is the cost we do not see in cash, it is nevertheless a cost.