Member-only story
Authors, Are You Paying a “Knowledge Tax” on Your Business Development Activities?
What’s the cost of not knowing what you don’t know?
The Knowledge Tax is a specific thing in economics that I won’t be getting into. But the steep surcharge we pay for not knowing what to do, not knowing how to get what we want, or not knowing what we don’t know is also “a knowledge tax.” Maybe we should call it the lack of knowledge tax?
Leave it to Rachel Rodgers (We Should All Be Millionaires) to put things so plainly. I heard her present the concept of the knowledge tax as it relates to entrepreneurship in a recent webinar or podcast: Pay for the help you need or pay the tax. Because there are costs to flailing and being stuck and repeating the same things and getting the same undesirable or meh results:
- Costs to our mood, energy levels, and self-esteem.
- Opportunity costs for what we’re missing.
- Falling behind rather than getting ahead.
- Lost income, personal and financial growth, learning and satisfaction.
We pay for the help we need in various ways, but it’s usually some combination of time plus money (and then the willingness and effort to do the thing, make the change, incorporate new learning). The time may be as…
