What are your 'real' priorities? A simple test.

One of the most difficult questions we answer to ourselves are 'what are our priorities?'.

To be clear, that's not, 'what do you say your priorities are', but what they really are. That's the hard part.

To determine how well your stated priorities align with your actual priorities, try this trick: Next time you say to yourself, "I don't have time to... (activity)", change 'time' to 'priority', by saying instead "It's not a priority to me that I..."

It's revealing. And in some cases, disappointing. It quickly reveals the real priorities we've set for ourselves.

Because when the average American spends hours in front of the television every day, its easy to allow time to slip away unnoticed. But time is a finite resource that must be placed into a triage - and that simple change in wording will help you determine if you truly do not have time, or you simply have other priorities.

Next time you miss the kids' school play or ballgame, skip studying a new language, or stay in instead of going for a run, is it really a lack of time, or simply not, truly, a priority for you?

 

Your dream is a sunk cost: Facing reality with your start-up

This article from the New York Times underscores a point I've made to unemployed friends, my college students, even in articles a few years ago for the Dallas Morning News, and I've alluded to it in this blog, here.

Treat your dream to build a business as a sunk cost.

Feel good Successories posters and legions of Twitter career coaches would have you think otherwise. They've no skin in the game. Of course they're going to tell you to 'go for it'. They aren't investing their savings, their time, their energy.

A sunk cost is a cost that is irretrievably lost. Business professors tell us to ignore them when making go-forward decisions. Any entrepreneur, hell, any gambling addict will tell you that it's hard to do. One more sale, one more roll of the dice, and it's all alright again. But it's not real. Your dream is a sunk cost. No getting it back - that is, it's there, it's been imagined, it exists. No turning back on having the idea. The 'one day'. It's a yearning, and therefore a drain on your energy, but not yet your wallet, or your family. Turn your back on it. Because everything that follows is not, not yet anyway, a sunk cost.

Now, hopefully this allows you a bit more objectivity. Every additional moment you put toward this dream is a sunk cost. An opportunity cost. At some point you invest in research and site location reports, engineering drawings or trips to see investors or check out competitors. Sunk costs of time, energy, initial but modest expense. But you still have money in the bank and a steady job.

The dream, the drawings, the unsigned lease agreement, a logo, and business cards. Sunk costs.


Now the question is, IGNORING your sunk costs, ignoring the biggest sunk cost, that is, IGNORING the fact that this design/store/studio/idea is 'your dream', are you ready to move forward?

Really?

Because if you are really ignoring the 'sunk cost' of this emotionally compelling dream of telling your boss to f- off and instead go it alone, then you need to be able to tell yourself this: That you are sufficiently distanced from this dream such that even if this was someone else's dream, you'd still invest this level of energy and money into it.

Because in the end, dreams aren't real. Sunk costs, on the other hand, are real. And bankruptcy, particularly self-inflicted bankruptcy, is a nightmare.

Okay, still? Great. Dream's over. Wake up and get to work.

Sir Edmund Hillary, RIP

Sir Edmund Hillary, who in 1953 was the first Western man to summit Everest (his Nepalese Sherpa, Tenzing Norgay, should never go unrecognized) died today.

Many might suggest that he wasn’t the first person to summit Everest, that that honor arguably belongs to George Leigh Mallory, who died in the attempt in 1924. But as significant as Mallory’s attempt was, it is important to remember that the rule for summiting is that a successful effort is measured less by reaching the summit as by the safe return afterward. So it is in mountaineering as in business, the greatest leaders are trailblazers known as much for their own accomplishments as the opportunities they create for others, the imagination they spark in us, and the possibilities they inspire among us all.

It is hard to imagine that the tallest peak on earth was conquered only as recently as just 55 years ago. But almost as proof of the impact of Hillary's pioneering spirit on others, it is perhaps even more difficult to comprehend that the moon was conquered a mere 15 years after Hillary’s summit here on terra firma. I would suggest that the indomitable spirit of Edmund Hillary and Tenzing Norgay certainly fed the spirit of our space program as much - as if not more - than the competition we felt from the Russian launch of Sputnik.

Just as Hillary had his moment, business leaders today have an opportunity to leave their mark on history – but they should also learn from that humble New Zealand beekeeper that the larger impact they can make is through leading by example, taking risks and inspiring their team toward their own, as Jim Collins (Built To Last) would have it, “Big Hairy Audacious Goal”.

As George Mallory proved, driven men are remembered for the risks they take and the accomplishments the master. But it was Sir Edmund Hillary who proved that leadership is not only about reaching the peak, but about coming down off the mountain, and by doing so, showing others the way and encouraging them toward their own personal summits.