This post, 10 Tips For Better Business Opportunity Selection was inspired by a comment made by a fellow Nigerian entrepreneur. The present economic climate in Nigeria is causing a lot of small business owners to loose sleep. Business opportunities are now viewed with skepticism due to several woeful tales of business failures. Unpredictable sudden changes in government policies has not helped matters. Too many entrepreneurs, are now finding it much more difficult to make a choice among different business opportunities available in the present economy.
It is an established fact that the success of a small business often depend on the ability of the business owner, i.e. the entrepreneur, to make the right decision especially, when such decision is considered critical to the survival or growth of the business. One of such senarios is choosing a business opportunity among several available options. Even if the entrpreneur has a team of staff he brainstorms with, as the CEO, the responsibility to make a critical choice among available business opportunities will eventually rest on him.
In as much as you may wish to shift such responsibility to one of your employee, common sense dictates that it is better to take such business decision than delegate it to another, knowing fully well that you are accountable for the success or failure of your business.
Despite the harsh economic reality we are currently facing in Nigeria, as an entrepreneur, you can reduce to the barest minimum the risk of making mistake when choosing between business opportunities by following some old and tried principles. I’ll share with you 10 Tips For Better Business Opportunity Selection:
1. Never reject a business opportunity because you see a flaw in it. That it has a flaw doesn’t mean it can ‘t succeed. Ask how the flaw can be corrected.
2. Never reject a business opportunity because you won’t get the credit. It is the impact of the success on your overall business that really matter, not who gets the credit for proposing the idea.
3. Never reject a business opportunity because it looks impossible. Go ask the Wright brothers, nobody thought it was possible to fly 😉
4. Never reject a business opportunity because your mind is already made up on other possibilities. It won’t hurt if you have an open mind and consider all options on their individual merit before settling for one.
5. Never reject a business opportunity because you think it is illegal. Get expert legal opinion before trashing the idea.
6. Never reject a business opportunity because you don’t have the money, manpower, muscle or resources required. Whatever happened to partnership, joint ventures etc. You must not insist on getting 100% returns and eating it all alone. Also, 10 return from a $1,000,000 joint venture deal is better than 100% return from a $1,000 deal you did all alone. Look at the big picture before making your choice.
7. Never reject a business opportunity because it will create conflict. If you’re not ready for conflict, then you’re not ready for success.
8. Never reject a business opportunity because it is not your way of doing things. You can learn to do better than you’re already doing. Be an avid learner.
9. Never reject a business opportunity because it might fail. Life is all about taking risk. It is actually risky not to take risk.
10. Never reject a business opportunity because of your personal emotions. Human feelings are quite unstable. It doesn’t take much for emotions to change. So, never bring your emotions into business decisions.
If you follow those ten don’ts whenever you are making your selection, you would have gone a step closer to making good business choice. Wishing you all the best. Cheers.