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Opportunity cost is the value of what you’re missing out on by choosing one option over another. It’s not always about money 💵 – it could be time ⏰, resources 🛠️, or any other factor that has value. In business, opportunity cost appears in various forms: Resource Allocation: Deciding where to allocate your time, money, etc. means choosing between different projects or investments. Investment: When you invest in one project, you forgo potential returns from another. For example, investing in new technology 📱 might mean you can’t expand your marketing efforts 📈. Product Development: Launching a new product 📦 might mean you have to delay or cancel another project. The opportunity cost here is the potential profit from the delayed/canceled project. Time Management: As a business owner, your time 🕒 is incredibly valuable. The time you spend on one task is time you can't spend on another potentially more profitable activity. By being mindful of opportunity costs, you can make more informed decisions that align with your long-term business goals. 🏆 #OpportunityCost #BusinessGrowth #DecisionMaking

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Chirag Selarka

Senior Enterprise Business- SaaS | Elevating Board Governance & Business Development | Empowering with Digital Solutions .

3mo

Wing Assistant any remote work opportunities I can apply for?

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