In finance, there’s a term commonly used when analyzing different investment options called “opportunity cost.”
Opportunity cost is what businesses use to analyze the potential benefits — and potential costs — of choosing one option over another. But for today’s guest, the discussion of opportunity cost doesn’t start and end in boardroom finance meetings.
“You should always think about the opportunity cost of not making a decision,” Julian Reis says. “Let’s say, for example, you're working at a bank and you're earning a decent salary. If you quit and try to make it on your own, what's the worst thing that could happen? My view [is that] the worst thing that could happen is you go back to the banking industry and get another job... Once you understand that dynamic, [I think] everyone should be going off and starting their own company and taking that risk [and] it gives you some comfort knowing that there is a protection underneath you.”
For Reis, the CEO and Founder of SuperOrdinary, weighing opportunity costs is a way of life. Understanding the true implications of seizing or passing on an opportunity is how he’s been able to spot macro trends, understand when to make career leaps, as well as when to make business investments.
SuperOrdinary is a worldwide team of experts working with best-in-class beauty and personal care brands to establish their influence globally. From the shops of Spain to LiveStreaming events in the heart of China, SuperOrdinary’s global reach is, well, super. But getting to that point was no easy feat, it took testing and iterating, and, of course, educated leaps of faith. Learn exactly how Julian built SuperOrdinary into the global standout it is today on this episode of The Journey.
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This season of the Journey is produced by Mission.org and brought to you by UPS. To learn how UPS can help your small business, go to UPS.com/pivot.