As an entrepreneur does knowledge come at a price?
What do you think is a fair price to pay for knowledge? What’s the highest monetary value you are willing to exchange for knowledge that will improve your business?
How far would you go to acquire knowledge that will boost your business? Or will you continue to do things as you have always done without results?
You are probably wondering why I’m asking these questions. Well I had an experience that got me thinking and prompted me to ask.
Does knowledge come at a price?
A friend called me to say his cousin started fish farming without prior knowledge and needed my help. So I asked to speak with him.
He handed the phone to his cousin and a conversation ensued between us.
I asked him what the problem was. And realized that without experience of any sort he got into fish farming. He had managed to rear them for four months and had sold a portion.
He didn’t even know he was meant to have a scale to measure the fish for sale. Thence the guy that bought it capitalized on his ignorance and cheated him.
Likewise he was feeding them wrongly, using the size of feed that wasn’t age appropriate and he didn’t know fish was sold per Kg. Amongst other things he didn’t know.
I gave him some nuggets to acquaint himself with the basics. The major problem required I get to his farm to see things for myself and tell him what he could do to solve the problem.
Because his farm is quite a distance from me I asked he pay my transport fare and also buy me lunch. Since I will be at his farm for a while answering his questions.
He thanked me for the free info I had given him saying it was enough to turn around things on his farm. And he would keep experimenting as he had been doing previously. With the hope he will eventually get things right.
I was marveled because his previous ways had cost him some loss running to thousands. Rather than give me less than a tenth of it he was willing to incur more loss.
He wasted resources trying to do fish farming without prior experience when he could have just paid a consultant/ experienced person to learn the basic stuff.
Madness is doing the same thing over and over and expecting different results.
So I respected his decision and minded my business.
I later realized I had given too much information for free. I guess it’s because I was doing a friend a favour.
He preferred his money going down the drain to paying for my services. So it got me thinking that does knowledge come at a price?
How much are you willing to pay to acquire knowledge for your business success. And wouldn’t you rather save some money while still seeking knowledge the right way?
Would you rather choose to let money go down the drain playing guessing games or would you pay a fair price for knowledge?
I would love to read your thoughts in the comment section.