| Second Wind and the Law of Diminishing Returns |
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Back in law school, we (or I) have this concept known as second wind. Second wind, as far as I know, relates more to sports, characterized as the ease in breathing after becoming out of breath during physical exertion such as running. In law school, it means pushing yourself to the limit and over the cliff, yet staying perfectly ok. It means willing your eyes to stay wide open, after the initial drowsiness in the middle of the night, in order to read through the books and case assignments. It worked for me, although others think otherwise. They say that the more you cut on your rest and sleep, the less absorbent your battered brain becomes. Besides, sleep deprivation is dangerous to your health. This is akin to the concept in economics known as the law of diminishing returns. "According to this relationship, in a production system with fixed and variable inputs (say factory size and labor), beyond some point, each additional unit of variable input yields less and less additional output." For the Pinoy Entrepreneurs, second wind may refer to the condition of the entrepreneur or the condition of the business. It may mean pushing one's self to serve the demands of the business. It could also mean the stage where one's business gets a second wind and sails on to more growth and profits. It may be equated with "second chance", but not quite. "Second chance" presupposes a prior failure, but "second wind" may simply mean an added push even with what's considered as the optimum condition. At what point, however, would the law of diminishing returns kick in? Perhaps you could tell me.
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