It blows my mind the way we still talk about the tech industry, or “tech stocks.”
Now we also have spaces that include Fintech, Biotech, etc..
Let’s just face it, everything is, or should be a tech company. Technology is not an industry, its a tool that can be used in every business for growth and development.
Time to recognize this fact, or we will be falling behind our competitors who have.
How often do we read Terms and Conditions for contracts?
Maybe we take the time to read through job offers, but when it comes to the everyday decisions, logging into public wifi hotspots, signing up for a new email, the latest app, etc, the majority will click the “I accept” button without a moments delay.
What about the ingredients in our food, the ones listed on the side of the cereal box, around cans, on our packaged meat?
A lot of healthy people will read through this, but still, the majority do not know what they are reading, and will blindly buy the item regardless of what it says.
These tradeoffs are interesting, for our data may be used for research, we may gain extra calories, but we get what we want in return.
Every decision in life we make comes with trade-offs, or “side effects.” They may not show up right away, or ever fully come to the surface, but they were part of our transaction.
We believe that we bought A, but it came with side effects including B and C.
Side effect B might come to nothing, while side effect C can turn into X, X into Y, and Y into Z. All of a sudden, never knowing of B or C, we can have the result of Z showing up on our doorstep, asking for an invitation in.
And when Z comes knocking on our door, are we going to read those terms and conditions?
I had a Professor in college who started off one of his classes with the question:
“Say Michael Jordan received a $100M contract to play basketball. Is Michael Jordan worth $100M?”
Instantly, hands from across the room shot up, each with their own opinion. Some took several minutes to explain their rationale. Arguments of valuing championships, what those wins mean to the sports nation/city, the belief of overpaying for star athletes, and others were brought up. In the end, my professor said, “He’s worth it because that’s what they paid him.”
This idea of Willingness to Pay, (WTP) is the most important aspect of valuing anything. For it’s not the actual value, (which is often difficult to measure) but the perceived value that matters.
Understanding this concept is vital in our own lives as we make daily decisions with budgeting and purchasing. These decisions will be measured based on our perceived value, and no one else. What we might pay $100 for, someone else might not pay $1, and vice versa.
We don’t love money.
We love what money can buy.
And we don’t purchase items, we purchase feelings/emotions.
You bought that bar, because you needed one for your weight set. But you have the weight set becuase you want to get in shape. You wanted to get in shape because you wanted to live longer, look better in the mirror, or impress other people.
In the end, it all goes back to the feelings of security, safety, and affirmation. At the core, we are all emotional people.
We don’t need more experts.
At least, not in the way you think about experts.
We need people who are one step ahead of us.
If they are 30,000 feet above, they dont know whats its like to be living on the ground.
For their perspective/view on life has changed.
We need to find the person who knows where the ladder is.
Where the elevator is located.
Someone who is just one stair above us, for they can get us to the first step.
And once we do, they will (or should) already be on the next.
Mitch's Blog 