Alright, so for those who are business professionals or even anybody familiar with the term ‘opportunity cost’, according to Investopedia.com, “An opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.”
This doesn’t necessarily have to relate to the business area. It could be applicable on daily life situations. For example, the best way applied to myself, is in fact, my part time job as a shift manager. I work at a convenience store; not the cleverest job you may think, but for an undergrad, that means a lot.
The opportunity cost of this decision was something big enough for any ordinary student to crave for: time.
Students at a university don’t always want to spend the little available time doing work. They would expect to go out, pursue a hobby, etc.
My parents didn’t really want me to do a job either, especially considering the time I get back home, which is about half eleven at night. But is it worth it?
Definitely, yes. See, the thing is, after putting a lot of thought into it and despite contradictions, I felt it was right to get a part time job. I started off as a customer service assistant, and wasn’t really sure about the job, as I had never worked before. But slowly, motivating myself by checking up on articles related to retail, I found the need to learn more about it and how it works. After working there for about seven months, I found myself in a state of confidence and need to take up greater responsibility and become a shift manager; and to my surprise, the store manager did find my request very dignified and allowed me to learn the process in two days which by his words, that turned out to be right, was that the job wouldn’t really be hard for me to catch up with.
Saying so, I have developed a lot of people skills and knowledge and experience in managing the store and performing office and basic accounting duties. This sounds really impressive, not only to me, but also on my LinkedIn profile. So, in the end, I did prove myself and others right, and I conclude that the opportunity cost spent was totally worth it.
But the hidden secret still lies beneath: you can still retain the opportunity cost spent. It’s just like spending money. You spend it wisely and you would still be able to enjoy the best of both sides. I hope you know what that means…