How do you tell a GREAT opportunity from one that is maybe not-so-great? Here are some things to consider… #opportunity #offer
Do You Have the Time for It?
There are opportunities that I could otherwise take advantage of except I don’t have the time to do it. You have to look at the timing. You only have so much bandwidth.
Do You Have the Capital for the Opportunity?
Fifteen years ago I did not have the capital to pursue the same projects I can today. Where is the capital for this new project going to come from? Don’t take money away from your golden goose, the business that is bringing in money.
What is the Payoff?
Sometimes the payoff just isn’t worth it vs. the level of risk involved. It has to be a payoff that moves the needle. 10% Is not moving the needle for me.
What is the Risk?
How big is the downside? Be careful where you put your signature! Be careful what you’ve tied yourself to! I’ve seen people over fifty years old do some dumb things and lose everything!
Is it Sustainable?
I understand it may require six months of my time, but am I chaining myself to something I’m going to have to keep re-involving myself in to a higher degree? Am I chaining myself to something that’s going to take five or ten years? What is it going to take to sustain this opportunity?
Create a system where you can evaluate whether you’re interested in an opportunity really really quick.