Worried about what price to charge for your services?
Legend has it that Picasso was sitting in a cafe in Paris enjoying a coffee and sketching on his pad when a lady spotted him. She came over and introduced herself and told him what an honour it was to meet him. She asked him if he would sketch a picture of her and that she would naturally pay him for doing so.
He agreed and set about creating a picture for her. The lady was delighted with his work and sat there proudly looking at an original Picasso sketch. “How much shall pay you?”, she asked.
“5,000 Francs”, came the reply.
“But it only took you three minutes” she politely replied.
“No, it’s taken me a lifetime” Picasso replied.
Experience has value
Another urban myth:
A machine in a factory has malfunctioned, and the engineers on site can’t find the source of the problem.
So they call on a retired worker who had spent a long time working with the machine. He comes in, walks up to the machine, looks at it for a minute, pulls out a piece of chalk and draws a circle around the screw that needs to be tightened.
He then writes them a bill for $5000.
“$5000, that’s ridiculous, all you did was draw a circle around a screw!”
So he writes them a new bill:
– drawing a circle around a screw: $1.
– knowing where to draw it: $4999.
People will pay for the value of what you can supply them with