The Unaccounted Opportunity Cost In Small Food Business Ownership

This is one cost that is rarely considered when starting a business. Ask yourself what else you might be doing with our time and money. And weight that answer against what is motivating you to start your own business. Good article for any aspiring business owner.

Small Food Business

opportunity cost small businessIf you’re not familiar with the concept, opportunity cost is the difference in gains between one chosen path and another untaken path.  For example, when you decide to go into business full-time for yourself, your opportunity cost is the income you would have earned working for someone else.   Every decision you make has an opportunity cost, for example, if you decided to continue working for someone else then your opportunity cost would be what you could have made starting up your own business.    But there’s another form of opportunity cost that most start-up entrepreneurs don’t take into account.

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About gmuske

Glenn Muske believes in rural, small businesses as the cornerstone of a strong economy. His current efforts, as his own boss, focuses on helping those business owner achieving success. Previously, he did this for North Dakota State University Extension Service and Oklahoma Cooperative Extension Service.

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