Most decisions we make have both tangible components (ones that can be easily measured) and intangible components (ones that are very hard or impossible to measure). For example, let us consider the Federal Minimum Wage debate. On the tangible side, we can see that taking home more money for an hour worked should lead to a higher quality of life.
However, the intangible side might reveal that workers are provided with fewer hours to work, or that because of the higher cost of labor the prices of goods rise, or simply that with a higher minimum wage there are less jobs available. While it is easy to look at the tangible effects of a decision, the savvy entrepreneur has to also consider intangible or unintended effects that his or her decision may have.
Do you consider both the tangible and intangible effects of your decisions?
