You ever wonder why a doctor makes more than a pizza delivery person… Why a Professional Athlete makes more than a doctor. Why the Team owner makes more than the individual athletes…
THe answer to these questions can be found in the Law of Value. Basically, the marketplace puts a value on a service, or person based on 3 key indicators..
1. How many people can perform the service
2. How specialized the service/skill set is.
2. How many people can the individual serve at one time.
So let’s think about that in the context of the Pizza Delivery person… How many people can actually deliver pizzas without specialized training and years of practice… Well the answers is pretty much everyone.. As a freshman in college, I delivered Pizza… Zoom Zoom… I had no specialized skill except that I had a drivers license..
Now compare that skill set to the skill set of a Doctor/Professional Athlete. Though the two areas of excellence are different, both the physician and the professional athlete have spent years training and honing their particular skill-set. Now it could be argued that because of the nature of the physicians training and the delicacy and importance of his/her work that Physicians should get paid more than Athletes, but they don’t…
The reason for this is that Athletes actually serve more people at time than any individual doctor could. Think about it. The Highly skilled brain surgeon can only operate on one person at a time while the Athlete entertains millions upon millions within the time period that he performs. Even in the Tech Industry, techies like myself actually earn as much as and more than some physicians because our skill-set allows us to individually serve more people than physicians can.
So because of this and this alone ( the ability to serve numerous people at one time ) , the Professional Athlete will make millions per hour in some cases… I remember when I first learned how much professional boxer earn for each match ( millions of dollars – win, lose or draw ). But this again is due to the fact that during that 10 minute to 1 hour sparring session. Millions upon millions are being served.
So this is the law of value…
So how can you use the Law of Value to your advantage….
Stay tuned… 🙂
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