Weekly Question & Framework: September 1, 2023

Hello and welcome to the Curiosity Chronicle Weekly Question and Framework in three minutes or less, I will give you one question and one framework to leave you thinking going into the weekend. Without further ado, let's dive right in A question on Creating Change if everything were to stay the same, what is the one change that would create the greatest impact? This question was raised during the Mastermind retreat I attended in Montana. The idea when faced with a variety of potential variables, a decision becomes very challenging. By adding a forced constraint. One change we can create new clarity. What one change would create the greatest positive impact in your life? What one change would move you most efficiently and effectively in the direction of your ideal life? That is the atomic variable. Focus there first. Everything else is a distraction A Framework on Time and Value the Locksmith Paradox Imagine a junior locksmith who initially takes an hour to complete a basic lock picking task for the customer. The customer pays $100 for the task and is happy with the service. The locksmith continues to perform this basic task on a regular basis. By the following year, the junior locksmith is now a senior locksmith. The same customer calls the locksmith back for another basic lockpicking task. Due to the accumulated experience, the senior locksmith is able to complete the task in just 30 minutes. Half the time he asks for his $100 and the customer stares at him, confused. The locksmith has improved at his craft, but the customer has become increasingly upset by the lower time input required to deliver the fixed output. The results are the same, but but the customer's perception of value changed the base logic of the locksmith paradox. It takes you 60 minutes to do Task X. Customers pay $100 for Task X. You improve at Task X. So now you can do it in 30 minutes. Customers want to pay you $50 for Task X. The output is the same, but the perception of value is reduced by 50%. You are getting penalized for your proficiency. This focus on time over results plagues most large companies. It leads to an unfortunate game that employees have to play. Create the illusion of work and long hours that mask productivity and efficiency gains. The most critical suggestion for how to manage this paradox? Focus on outputs over inputs. Traditional corporate culture has an obsession with input hours worked when what really matters is the output. It seems obvious, but as a manager or employee, always push for a focus on outputs versus inputs. It takes time to shift cultures, but it's worth it in the long run. As a solo entrepreneur or freelancer, seek to detach earnings from hours rather than charging by the hour for your service or offering charge based on deliverables. As you find new leverage in the system, you'll be able to scale your time efficiently and and rapidly increase your income and wealth creation potential. So the next time a manager, client or customer seems too focused on your inputs, shift the discussion to focus on the outputs. In the long run, everyone will benefit from this reorientation. That's all for today. I hope you enjoyed it. I hope you learned something and I hope you'll share it with others. As always, until next time, stay curious friends.