November 29, 2011
Nine Things Successful People Do Differently
Nine Things Successful People Do Differently
Why have you been so successful in reaching some of your goals, but not others? If you aren’t sure, you are far from alone in your confusion. It turns out that even brilliant, highly accomplished people are pretty lousy when it comes to understanding why they succeed or fail. The intuitive answer — that you are born predisposed to certain talents and lacking in others — is really just one small piece of the puzzle. In fact, decades of research on achievement suggests that successful people reach their goals not simply because of who they are, but more often because of what they do.
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Nine Things Successful People Do Differently – Heidi Grant Halvorson – Harvard Business Review
April 27, 2011
Sunk Cost
Interesting lesson to learn: Sunk cost effect all your decisions. Try to recognize it.
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In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (that is, they are not dependent on the volume of economic activity, however measured) or variable (dependent on volume).
In traditional microeconomic theory, only prospective (future) costs are relevant to an investment decision. Traditional economics proposes that an economic actor not let sunk costs influence one’s decisions, because doing so would not be rationally assessing a decision exclusively on its own merits. The decision-maker may make rational decisions according to their own incentives; these incentives may dictate different decisions than would be dictated by efficiency or profitability, and this is considered an incentive problem and distinct from a sunk cost problem.
Evidence from behavioral economics suggests this theory fails to predict real-world behavior. Sunk costs greatly affect actors’ decisions, because many humans are loss-averse and thus normally act irrationally when making economic decisions.
Sunk costs should not affect the rational decision-maker’s best choice. However, until a decision-maker irreversibly commits resources, the prospective cost is an avoidable future cost and is properly included in any decision-making processes. For example, if one is considering preordering movie tickets, but has not actually purchased them yet, the cost remains avoidable. If the price of the tickets rises to an amount that requires him to pay more than the value he places on them, he should figure the change in prospective cost into the decision-making and re-evaluate his decision.
December 4, 2010
Business Tip #1
You can always do with less.
No matter what you think you need, you could do with a bit less. Do you need business Cards? Do you really….
Do you need a new Computer to setup shop? Or even to run your current one? Probably not.
While you can always do with less, the question is where or not it pays to do with less.
You can do with a lower end computer but does it make sense? If you need to wait 15 minutes for your email, then probably not.
You can do with a bit less heat, but if your shaking too much to write, then not so much.
October 19, 2010
What to do, What to do.
And so my journey begins. How do I make money online? How do I market myself online?
These are questions I plan on answering (probably very slowly).
I’ve read over a lot of profession blogging website / books. I don’t want to be one of those.
I’ve looked into affiliate marketing and again, its not for me.
I’ll need to find my niche…. and so my journey begins.