When I graduated from high school, I had two choices to make as per my father. One, he funds my college education or inherited one of his business branches which deal with import and sales of care spare parts to run. Since I liked schooling, I knew that even after school I would need something to do, either an employment or I start a business. I had to think smart to end up with both options since they both require one another to flourish. I made type II error by choosing to run one of his branches entirely under me and put college education on hold of which was my priority. After a year in this business, I was able to save enough to pay for my education in a business-related field which I believe will impact my business positively once am done (Brosi & Biber, 2009).
The opportunity cost relating to my story was positive and worth it. This is because at the end of it all I will have ended with both options. When I finish schooling, I will have an already established business rather than a startup if I had chosen education at first place.
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The incentives behind my decision were the experience I had witnessed from some of our neighbors and my passion. In some cases, people get a quality education but end up staying for a long time without formal jobs. On the other hand, I had passion in doing what I have always seen my father do to raise us so, in choosing to run the business first, I was sure that after school, I would resume my work immediately which was also my passion.
The efficiency of my choice was absolute (Litière, Alonso & Molenberghs, 2007). I post phoned college entry time to acquire an already established business, which I believe will thrive more when I use my class acquired knowledge as an input in running it.
References
Brosi, B. J., & Biber, E. G. (2009). Statistical inference, Type II error, and decision making under the US Endangered Species Act. Frontiers in Ecology and the Environment , 7 (9), 487-494.
Litière, S., Alonso, A., & Molenberghs, G. (2007). Type I and type II error under random‐effects misspecification in generalized linear mixed models. Biometrics , 63 (4), 1038-1044.
