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July 13, 2021

Understanding Value

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Value isn’t fixed, it’s actually very moldable and subjective, meaning that it very much can be a matter of opinion.There are 3 different components to value that I think are important to keep in mind when determining something’s worth.

The first piece is the context. The urgency and scarcity of something drives how valuable it is perceived to be. For example there’s no cost on air. It is abundant and around us every day. But if you’re drowning underwater I imagine you’d pay quite a bit for some air. That’s an extreme example but it demonstrates how important context is.

This leads to the second component of value, which was referenced - Perception. Perception includes context because it includes how all people view things through their own relative lens, and draw their own conclusion on how valuable something is. There is where sales comes in, you can create a higher perceived value on something based on how you position it.

Now this leads to the third component, and most importantly, how value can be created. A bar of iron costs $5. Made into a horseshoe it costs $12. Made into needles it’s worth $3500 dollars. A core fundamental resource can be used and manipulated to become something more valuable. You are in a position to create more value in everything you do simply by leveraging it accordingly. Your time, money, and energy can all be spent in any number of ways. But there are some ways that are more valuable, and you can choose to pursue those ways to lift the value of everything you do.

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