Takeaway #39 Fair Market Valuation lessons from Ms. Lauryn Hill

Don’t be a hard rock, when you really are a gem,

Baby girl!  Respect is just the minimum . ..

How you gonna win, when you ain’t right within?!

Ms. Lauryn HillDoo Wop (That Thing)

You have value.  The market will tell you what your value is on occasion.  However, you ultimately determine the value, deciding whether or not the market has accurately met your expectations.  In the film Jerry McGuire, the star athlete’s wife reminds him at the time of salary negotiation, “We determine our worth.”  It is a brilliant statement that simply says the person in question is the ultimate arbiter of weather market expectations have been met and whether a bid should be accepted or whether a “no” or “yes” should be given.  Many times, agents lose track of that.   If people keep telling you that your skill set is worth 2x and you think it is worth 4x, you ultimately do not have to accept 2x.  You can pull your self of the market until the market recognizes that you are 4x.  Self Respect and recognition of that self worth is the first step having others recognize that value in you.

Now you cannot win if “you ain’t right within.”  The first step in correct valuation of self is looking inside.  In that process you must truly acknowledge your weaknesses and areas for improvement.  You must be willing to honestly assess and correct any deficiency.  Again, you are the only person that can do this.  Accordingly, you control the market’s ability to value your worth in that market.

 BPM TAKEAWAY#39:

  • DETERMINE YOU WORTH FIRST THEN ASK THE MARKET

  • DO AN HONEST SELF ASSESSMENT PERIODICALLY