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In business, there is this little thing called ‘opportunity cost.’ And really, the concept is very simple. Opportunity cost is what you give up in order to get something. A lot of business decisions and choices are made up from this perspective.

For instance, your wife might decide to go back to work part time. What you give up is the attention to the kids, the sanity of your wife (and you!), and the chores which are usually taken care of when you get home. What you receive is a paycheck and health benefits if you’re lucky.

Unlike a lot of my ramblings, there is actually a reason I am writing about opportunity cost. I had to use it to base a decision on that could have affected quite a few things in my life. I was given a pretty good job offer for a company that I am consulting for.

The job I was offered was one that carried quite a bit of weight to it. Not only would I be back in the sales industry, but I would also have the burden of most of the web work, as well as the task of project management. On top of all that, it is in a largely struggling industry.  Why would I go from the nice little life I lead to one of punishment?

What can I say, I like a challenge and I love learning new things.

So I sat down, made a list of the good and bad things, and thought about each point. Even though the salary was respectable and there was built in commission (so earning power was limitless), I couldn’t help but think about what I would be giving up.

I would give up my come-and-go-as-I-please lifestyle. I would have to answer to someone. There would be a dress code (even though I typically dress accordingly… It’s just that if I feel like wearing jeans, I feel like wearing jeans!). I would have to put up with the corporate style bullshit. I would not be able to expand my companies as I see fit. And on and on…

All for the possibility of a paycheck and paid health benefits! Oh, and an ever expanding pool of people to network with. That’s a big positive.

In the end, I figured that it wasn’t worth me giving up everything that has sustained my existence in the past two years so that I could work 60 or 70 hours a week. It wasn’t worth it to me. The opportunity cost was too high.

With that being said, I hope that everyone reading has a very profitable, safe and happy 2008. I will do my best to help you along your way. In fact – I have some things up my sleeve which I think you’ll like.

One of the most fundamental parts of business is a mission statement. Oftentimes, mission statements are built before the business is even off the ground.

Why? Because it give a sense of direction.

It is meant to be a timeless sense of purpose given to the organization. For instance, when I worked at Pespi, is was, “We sell soda.” And thats we did.

I sold soda by the pallets.

Why, then, has it never occurred to me that individuals need mission statements as well? I have a purpose. Or at least I think I do. Companies that hire me to consult usually don’t like to throw away money, so I think it’s about time that I know exactly what I have to offer!

The Personal Mission Statement

A personal mission statement is a concise statement of your purpose in life. This can be in the context of your profession, you personally or a mixture of both. The key is it has to be unique to you. It also has to be broad enough that it will fit in a lot of different situations, for many years to come.

Your personal mission statement is going to be what you hold everything up to like a new job offer, a new consulting gig, or a new car. It is going to be made up of all the core values that make up who you are.

The Value of a Personal Mission Statement

1. It will force you to evaluate you life, your purpose, and what is important to you.
2. It makes you identify you values and goals.
3. It makes your values and purposes real, so that they are always top-of-mind.
4. Integrating it into your weekly planning gives you a clear sense or purpose on a day to day basis.

Identifying Aspects of your Personal Mission Statement

One of the hardest things for a lot of people to do is be real with themselves. Getting down to our core values is terribly hard, especially if we are easily affected by other people.

For me, I used to be a terrible introvert. I didn’t like getting in front of people or expressing my opinion in the least. That is mostly gone away now, thanks to speaking engagements I forced myself to set up and this site (outward expression). But a year ago, that introvertedness would have affected my personal mission statement.

When you are thinking about the different aspects of your Personal Mission Statement, take these into consideration:

• Identify your core values… What makes you, you.
• Figure out who you want to become, not just what you want to do. If you’re like me, you will quickly see you don’t ever want to grow up.
• Identify a couple influential people in your life. Why were they influential? List some of their qualities.
• Define your life roles – mother, father, husband, wife, executive, worker, fabricator, etc.
• Think about these things:
  • I am best when…
  • I am worst when…
  • I am truly happy when…
  • I am really good at…
  • I really suck at…
  • Goals for me are…

After that little brainstorming session, we move on to the putting it all together.

Draft your Personal Mission Statement

The last couple steps are the easy part. Since you have identified your roles, your values, and so on… All that’s left is to sit down and write!

Use the your normal writing style, and make sure you do a draft, working copy, and final copy. Also, try to make it as short as possible, without leaving anything out.

If it’s a page long, you still don’t know what it is you are after.

Summary

I have read a lot recently discussing personal mission statements in books like 7 Habits and Never Eat Alone. Since I developed mine, I have found how easy it is to become relying on it to make decisions and predictions about where I am going in my life.

My Personal Mission Statement is as follows:

I commit to consistently learn, grow, and assist others while empowering ideas that lead to success for myself, my family, my clients, and my associates.

There is a great white paper detailing all the steps required to develop a personal mission statement at rochestermnchamber.com