Business Life is full of Opportunities. It is very rare to come across an opportunity which has obvious benefits. In such case, everyone will say Yes to straight success. However 95% of the times, every offered opportunity has a whole bunch of risks linked with it. Business opportunity is sometimes very confusing for the business owners. It is very difficult to compare the benefits and risks while making a decision. Business opportunity can have several forms. It may be some new business idea, or simply a new product/service within some ongoing business.
We have discussed some major aspects which will be helpful in decision making process, whenever you come across a business opportunity.
Write it Down
Thinking about an Opportunity in Life will not kill confusion. Your mind will keep offering mixed thoughts to you. It will tell you advantages and then randomly let you know about risk factors. So your first step should be to write down all positive and negative aspects of business opportunity, so that you can judge clearly. This way you will be able to make a well calculated decision, which will not be affected by current emotions or mood. Sometimes we are so impressed by the cover of an idea that we forget the risks involved. So listing up all points will fade that initial spark.
Before starting any business or introducing any new product, you should have a clear information about your target market. A lot of excellent products fail in market because the business owners think that their product will sell itself, which is a huge mistake. Every product must have a target market so that you can advertise in a proper way and do targeted marketing. So before availing any opportunity, consider its target market.
Problem Solver ?
If your business solves any problem of people, it has a bright future. You should be careful in business selection. Your business must provide some value to the customers. There are a lot of businesses which are not adding any value, so if you want a long term success, choose a business which solves problems.
Before getting starting with any new business opportunity. Ask yourself, is it linked with my passion ? Or am i just following some crowd ? Because you need to understand that if someone is successful doing some thing, it does not mean that you will also be successful by doing the same thing. Success needs passion. If someone is successful by doing something, it may be his passion. If it is also yours, then go ahead and do it.
Your risks must be well calculated. Before availing an opportunity, evaluate the losses that you may face. Live the failure in your mind. Will you be able to tolerate the failure and all losses ? Calculate the net amount which you are putting to risk. Also calculate the time you will spend, and all your efforts. Now after calculating all your input, ask yourself, can i survive a Zero Output ? If yes, then it is a well calculated safe risk..
Business Opportunity does not Knock twice
Opportunity does not knock at your door very often. So once you get it, do something about it. Do not let it go because you cannot step out of your comfort zone. New challenges will grow your personality. So take a well evaluated decision, and if it feels good, avail the opportunity.