Asking the Right Questions and Opportunity Costs: Making Better Business Decisions

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Many business owners and founders find themselves in a failing business or emotionally unfulfilled because they fail to ask the right questions at the beginning of their journey. Excitement over a new idea often hinders scrutiny and consideration of opportunity costs. By focusing on opportunity costs and envisioning the future, individuals can make better decisions. It is important to believe that there can be even better ideas in the future and to consider what could be better three years from now. This exercise helps determine whether decisions are made to escape something or to move towards something better. By spending time on this exercise, better and sustainable decisions can be made.

#105: Serial entrepreneur Matt Higgins joins Chris discuss how people can stop getting held back from their full potential. They talk about why a backup plan might be what's holding them back. They also lay out a framework to get over reservations, understand your motivations, overcome fears, process failures and handle crises.

Matt Higgins (@mhiggins) is a successful businessman and author. He is currently the Co-founder/CEO of RSE Ventures, but previously was the youngest press secretary in New York during 9/11, Executive Vice President of the New York Jets, Vice Chairman of the Miami Dolphins, a guest shark on Shark Tank, and an Executive Fellow at Harvard Business School. His book is Burn the Boats: Toss Plan B Overboard and Unleash Your Full Potential.

Full show notes: https://allthehacks.com/burn-the-boats-matt-higgins

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Resources Mentioned

Join the All the Hacks Membership

Matt Higgins: Linkedin | Instagram | Twitter

Book: Burn the Boats: Toss Plan B Overboard and Unleash Your Full Potential

Wharton Research Article: The Downside of Making a Backup Plan – and What to Do About It

Full Show Notes

(02:08) What Sets This Story Apart from Other Business Books

(04:16) Common Obstacles That Hold People Back

(05:54) Identifying Roadblocks

(08:27) "Face Everything"

(11:31) Creating Change in the Workplace Environment

(13:24) Identifying Your Pathway Forward

(15:55) Opportunity Cost Decision-Making and Getting Buy-In

(21:09) Processing Decisions and Why It Matters

(26:14) The Difference Between Having a Plan B and Knowing Plan B is Out There

(29:12) Chris’s Valuable Membership Vision

(30:35) How Much Commitment is Needed to "Burn Your Boat"

(31:48) Consolidating Gains

(35:42) Acceptance and Growth

(36:28) Focusing on Your Strengths

(38:57) Processing Failures Through Persistence

(42:10) Never Give Up

(48:20) Moving Forward as a Paranoid Risk-Taker

(49:38) Framework for Setting Goals

(51:11) Dealing with Crises

(54:10) Settling vs. Pursuing

(54:55) Publicly Committing to Plan A: All the Hacks Membership

(59:11) Where to Find Matt Higgins Online

Connect with All the Hacks

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Chris Hutchins: Twitter | Instagram | Website | LinkedIn

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