“How much I missed, simply because I was afraid of missing it.”
- Paolo Coelho
There are many times in our lives that a positive and potentially life-changing opportunity presents itself. Whether it be as overt as someone shouting into your ear, or a more subtle manifestation that you barely picked up, what follows is the gut-wrenching moment of indecision. This is a universal experienced shared by people of all time periods and geographical areas; entrepreneurs possibly experience it way more often than others.
On one hand, there are the great rewards for seizing the opportunity and coming out victorious in the endeavor, showering them with wealth, adoration from other people, and a story to tell that has a happy ending. Conversely, there is always the the downside that worries the decider. It could range from something as ephemeral as momentary embarrassment, to a major disaster that leads to absolute ruination of one’s own financial stability and reputation.
The next time you encounter what appears to be an opportunity that could result in big rewards for you and your enterprise, consider these points that they may assist you in reaching a decision that makes use of all the information at your disposal.
Research & Planning
Having an idea that erupts from your creativity is a great thing, but it must first be compared to the related facts and analyses provided by other sources. Let’s say you are inspired to get into a new industry (aquaculture), and you have come upon a new product that you think will flourish well in the market (a faster-growing variant of seaweed). This is all well and good, but lightbulb ideas and grandiose dreams of what may happen if one succeeds is certainly not enough to make this business idea of yours materialize in our reality.
If your previous background is insufficient to make you an expert in this new venture, you have to rectify that predicament by enrolling yourself in various short courses and seminars that will prepare you for this new line of business. Digging up knowledge on the internet is useful too. Consulting experts in the field (without giving too much of your plans away) could also benefit your endeavor. A little creative experimentation can also reward you with insights on your planned project.
Assessment of Status Quo
Before pouncing on something shiny on the pavement, you should always look around to see if there’s an oncoming vehicle, or perhaps another bloke/babe you might bump into while making a grab for the item in question.
Socio-economic factors, potential competition, the weather, and all other things in the environment are worth considering. Looking back at the seaweed example, if you realize that the shore area you were looking to lease for your project is already being utilized by another enterprise, then you have to alter your plans a little, or possibly just give up. I would rather you not surrender so easily, however.
Determine Available Funding
You need money to make money, after all. If you have a sufficient amount saved up and ready for your prospective business, then that’s all well and good. Some projects require more than someone’s piggy bank, however, and one would have to secure a loan from a lending institution to make it happen. Business incorporation has other associated costs and requirements, so do your homework and find out what the state requires; stay on the legal side of things.
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