Opportunity Cost



When running a business, you have to be careful and precise about your time allocation. Opportunity cost is the cost of your time and energy focused on one task when you could focus on another. For instance, if you are spending 3 hours a day making banners for your advertising campaign instead of doing business development, you could outsource that function to someone else cheaply, reclaiming your 3 hours. The time you spend missing out on opportunities because you are too busy is the opportunity cost.

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