The value of expertise is uneven and hard to measure.
Those with the experience, know-how, street smarts, and acumen to apply their knowledge to important problems and opportunities will always be in high demand.
In many cases, these experts demand an unusually high dollar for their wisdom, opinions, or solutions, and people still line up for their services.
Highly talented lawyers, entertainers, athletes, executives, consultants, actors, surgeons, and scientists can sometimes demand an astronomical hourly or daily wage if they possess generational skills that are exceptionally hard to find.
How much expertise, skill, and wisdom are worth is often an enigma to those outside the circle of engagement. People often puzzle over how anyone can be worth so much compensation, while at the same time wondering how they should value their own time and expertise in a world of ever-expanding competition and demand for exceptional talent.
Which brings us to the Picasso story, a well-known allegory that makes an important point about expertise.
As the story goes, the legendary artist Pablo Picasso was at a Paris restaurant when an admirer approached him and asked if he could do a quick sketch on a paper napkin.
After his initial refusal, the patron pleaded and told the artist that it would be a lifetime treasure and that they were willing to pay whatever Picasso felt it was worth.
Picasso reluctantly agreed, promptly created a drawing, and handed the napkin to the admirer. The fan cried out how beautiful the sketch was, how lucky they were to have a Picasso, and then asked for his fee. Picasso calmly suggested the admirer pay him 40,000 francs, a massive sum.
The patron exclaimed, “40,000 francs! It only took you three minutes.” Picasso coolly replied, “No, it took me all my life.”
High talent, skill, and expertise are developed over many years. What is the value of the right answer to a costly problem, a practical solution that resolves a critical issue, the ability to mesmerize an audience by portraying someone else, or the skill to hit a 99-mile-per-hour fastball?
Even if you don’t have world-class expertise or skill, it is important not to underestimate the value of what you know and can do.
Competence is not as common as people think. Truly competent people are unusually rare. Real experts never apologize for being compensated for the value they bring to others. They ask and expect a reward equal to their merit.
It took you all your life to get here. Charge for it.
A Daily Dispatch from the Front Lines of Leadership.
