Daily Nugget of Gold 1219

The art of being happy lies in the power of extracting happiness from common things.” – Henry Ward Beecher

Daily Nugget of Gold 1219

Price and Value

Price is what you pay, value is what you get.” – Warren Buffet

Warren Buffet is a multibillionaire who has done some amazing things in business. His statement above seems awfully simple, doesn’t it? It may seem weird that we spend so much time looking for meaning in such little things as that. We’ve spent a moment and read it, we’ve understood it, for sure, but have we extracted the value out of it? It’s just 10 small words, isn’t it? And yet- we’ve got to wonder that if a man of his stature thought it was worthy to utter, then perhaps there may be something more than meets the eye. Now, we’ve actually put the spotlight right back on his words in looking for a place to apply the meaning of it- but let’s look at some other examples.

Suppose we make a mistake in our quest to do whatever it is we set out to do. We could close the door on that experience, or we could decide to take a closer look since we’ve already paid the price of temporary defeat (or what others might call failure). Here are a few questions we might want to ask before abandoning the mistake entirely:

What can I learn from this? Wow, great question! Is there some sort of information available to me now that I would have missed before?

What can I do to avoid making a similar mistake again? We have valuable feedback here in finding out what didn’t work, let’s not miss it.

Is there anything I can salvage from this? An engineer at 3M asked this when he was trying to invent a glue which would never come apart and ended up with one that was easy to take apart and reuse. The invention of post-it notes was the result of asking this question, a billion dollar idea!

When I think about this later and relate it to others, where is the humor in it? Doesn’t it make sense to turn something unpleasant into something amusing and fun? Remember, if we aren’t “having fun with it” then the odds are we aren’t doing it to the best of our ability, either.

What can I do to enhance my ability to have better ideas in the future? This setback wasn’t born without having it’s conceptual beginnings in an idea. If the idea we had clearly was lacking, then improving our approach to farming and evaluating ideas from ourselves and from others may be in order.

See? We’ve narrowed the focus on Buffet’s words to just one area- what most people call “failure”. When someone like Warren Buffet arrive at the point of being one of the wealthiest persons on earth, you can bet that it wasn’t without difficulty, here and there. When roadblocks occurred, you can also bet that Buffet was determined to get the most value possible for the price he had paid.

Question of the Day to Ask Ourselves

What’s most important to me, price or value?

Copyright 2014 Kevin Littleton, all rights reserved.

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