Why Experts Get Paid More
Why Experts Get Paid More
Tiger Woods is an expert golfer.
Julia Roberts is an expert actress.
Bill Gates is an expert businessman.
Does this mean that you have to be a high profile celebrity to be an expert? NO!
You simply need to know a lot about a little bit.
Consider your family physician. He knows a little bit about a lot. So if you have a problem with your brain, he refers you to a neurologist.
A neurologist knows a lot about a little area of your body. He’s a specialist. An expert. He’s the guy you want treating you when something’s wrong with your brain because he’s the guy you trust.
Likewise, if you have a problem with your heart, you see a cardiologist. If you have a problem with your knee, you see an orthopaedist. If you have a problem with your feet, you see a podiatrist.
The medical field (and every other industry) is segmented for a reason: expertise is valued. That’s why specialists make more money. The services they provide are worth more in the minds of their patients.
Think about it. Would you be willing to pay the doctor who’s operating on your heart more than the doctor who gives you your yearly physical? I certainly would!
The construction of a house provides another good example. A general contractor doesn’t build a house himself. Although he knows a little bit about every aspect of the construction process, you don’t want him installing your plumbing.
In reality, he may be just as capable as any plumber, but wouldn’t you have more confidence in a plumber to get the job done right?
Other experts you want involved in building your house include masons, carpenters, electricians, painters and roofers. You want the people who specialize in each area working in their area of expertise.
It just makes sense to hire experts. And all these people did to become experts is focus on one tiny area of a big industry.
Peter Drucker said: “Concentration is the key to economic results. Economic results require that managers concentrate their efforts on the smallest number of activities that will produce the largest amount of revenue – no other principle is violated as constantly today as the basic principle of concentration – our motto seems to be: let’s do a little of everything.”
In order to succeed, you MUST abandon the idea that you can be all things to all people. If you persist with such a mindset, you are doomed to fail.
Being an expert means sacrificing some things you love and are good at so you can concentrate on the one thing you can be great at.
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