Create wealth: Be ready to take plunge
- Hyderabad: Body of Dalit student, who committed suicide, sent for autopsy amid protests
- 'Dawood of Tamil Nadu' says ready to return from Dubai for 'fair trial'
- Ink attack on Kejriwal sparks war of words, AAP calls it a BJP conspiracy
- 'Widespread' match-fixing allegations hit tennis, Grand Slam winners involved
- In fact: Why Nawaz won’t buck the Pak army on Pathankot
Life is about making choices. We exercise our right to choose everyday, every minute; whether it is work or playing some game. What we choose depends on what we understand and what we understand depends on our knowledge, past experience and our wisdom.
Suppose I was to offer you a job and I say, "You have a choice on compensation. Either you take R 25,000 fixed salary or you take R 15,000 fixed and you can have a 10 per cent share in profits." Now think for few minutes. Which one will you really take? If you cannot decide, here is some more information. I say that you can probably make four times as much with the second option ie, you can potentially make R 60,000 per month and to reach this level you will take some efforts for the first 2-4 months. Post that everything will be in order. Now which one will you choose? Just make your choice for now with the information provided. It will help you to appreciate the following contents of this article.
Whatever you have chosen, is based on your understanding of the facts above and such understanding is developed over time with experience of your life events. If you choose the first option, you are of the conservative type – "A bird in hand is better than 2 in a bush". If you choose the second option, you are of the enterprising type – "You feel that the maximum loss or risk is R 10,000 from fixed salary but the potential gain is R 35,000 over the fixed salary, so let me see if I can pull this one. If I do even better as such there is no upper limit. There is so much opportunity to experiment. The reward can be enormous." The process working in an enterprising mind is also that of substitution of current or immediate benefit for a potentially larger reward. I love this test and keep running it every now and then. You will be surprised to know that most people, i.e. almost 95 per cent tend to choose the first option. If I further told you that there is a 80 per cent chance of success in the second option, then the percentage of people choosing second option would go up from 5 per cent to 15 per cent but 85 per cent people will still stick to option one.
- Risk taking, experimentation and teamwork must also infect government machinery
- New mobile towers, better roads are making a difference in Bastar
- Raja-Mandala: Re-imagining the Middle East
- My birth is my fatal accident
- Yes, Delhi, it worked
- Reduction in interest burden could prevent more companies heading towards bankruptcy