Is that an opportunity knocking at my door? Am I recognizing it or subconsciously ignoring it?
Throughout our life, opportunity will come knocking at our door, and in most cases, many of us will fail to recognize it.
History is full of examples where people and businesses ignored the signs.
Remember Kodak? It invented the digital camera but did not capitalize on it. Instead, it stayed with film and today the company is gone.
But what are those signs?
How do we know when opportunity is knocking?
What do we have to look for?
These are all good questions and are difficult to answer.
Some people told me that they had a gut feeling or a hunch about it that made them act on it. They knew it was right for them whether it was a business or personal opportunity.
Relying on gut feelings can work in some cases. In those instances usually there are some other factors that compliment our gut feelings – advice from a trusted source, our own passion about it, positive vibes from partners and friends, external media, mass hysteria, etc.
They can all help us with our gut feeling to make a decision and act.
But there are other things that we should consider, because gut feelings do not always work out.
“Never ignore a gut feeling, but never believe that it is enough.” – Robert Heller, American Businessman
No matter what we do in life, we should do our ‘due diligence’.
And that doesn’t mean overthinking it or talking yourself out of an opportunity. It just means considering all the pluses and minuses, so that there are no surprises or disappointments down the road.
I have been a ‘due diligence’ fanatic on all my businesses and real estate investments and I can proudly say 90% of them have worked out really well which I owe to my due diligence processes.
I’ve seen so many people jump into things, businesses and real estate alike, that didn’t take the time to do their homework, their due diligence and in the end, it hurts their pocket book and their belief system. That’s one of the reasons I wrote my book, Creating Freedom.
So here are 3 things to consider:
Does this opportunity fit with your ‘why’?
Am I even interested in or open to an opportunity to begin with?
Does the opportunity fit your why? Are you willing to make the necessary personal sacrifice?
For example, perhaps the opportunity helps give back to others, which is something that is important to you. Perhaps it is about building a bigger legacy for your children. Perhaps it is about being healthier.
Whatever it is, it has to fit with your ‘why’, otherwise you will not give it the time or energy to be successful.
Is the opportunity addressing a gap in marketplace?
We are going through amazing change in our world – economical, social, technological and political. You need to keep yourself up to date, because these changes can create many new business opportunities to address gaps in the marketplace.
Look at McDonalds (and other fast food start ups) it addressed a gap in cheap, fast food in the marketplace. Others examples include Amazon, Facebook, on-line marketing, direct sales/ network marketing and so on.
As a recent example, the Farm Act in the USA has just been changed to legalize hemp, something that was previously legal long before until the 1930s.
This legalization has created new products and new industries overnight for many reasons including the fact that hemp products can have significant health benefits.
Inc Magazine is calling it the “Next Gold Rush”!
So is the opportunity you are looking at something that has been around and is already established, or is it something that is primed for exponential growth.
Remember, timing is everything.
Lastly, is the return on your investment (ROI) reasonable?
You have to be practical in terms of time and money. What do you have to outlay to undertake this opportunity?
Do you need to invest a significant amount of money and time to recapture that financial amount. Is it possible? Is it even feasible?
When we buy a house we can forecast how long it will take to pay it off. The same goes for the opportunity.
How much do I need to earn from it every year to recapture my investment in 3, 5, 10 years? Does it make sense?
Opportunity knocks on our door every day. Open the door and embrace the information, then ask yourself the important questions.
Do your due diligence to support your gut feelings. You will be glad you did.
In the meantime, book a coaching call with me and we can go over your due diligence questions.