by: Mario
C Churchill
© 2007
http://www.starscapes.com
Most business opportunities seem like a godsend at first
glance only to find out that they’re curses in disguise. If you suddenly
discover or are offered with a business opportunity, here’s what you should
know to prevent yourself of becoming a victim of the same fate.
Tip
#1 Know the Source of the Business Opportunity
How did you
learn about the business opportunity? Was it something you discovered by chance
or research? Was it offered to you by someone you know and trust? Consider the
source of the business opportunity and determine how trustworthy it is.
If
you know nothing about the source then you should take the necessary steps to
rectify the matter. Forearmed is forewarned!
Tip #2 Can
You Afford to Take Advantage of the Business Opportunity?
Let’s
say that the business opportunity is indeed legitimate. That, however, is not
reason enough for you take the plunge and sink all your money into it. Consider
your resources and ask yourself if you can truly afford to take advantage of the
business opportunity.
Money – How much investment
is needed? Do you have it? Will you able to borrow from someone to provide the
necessary funds?
Time – What is the rate of return
on investment (ROI)? Simply put, how long till you’ll be able to recoup your
investment?
Will you be able to wait that long? How much
time is needed from you to ensure that everything will go according to planned?
Can you afford to give up the amount of time it requires?
Manpower
– Will you be able to solely handle the business if and when you do decide
to avail yourself of the opportunity provided? If not, do you know anyone who’s
willing and able to provide the necessary skills for the job?
Emotional
or Moral Consequences – Will taking advantage of the business opportunity
have a profound - positive or otherwise – effect on your relationship with
yourself and with other people? Will taking advantage of the business opportunity
cause you to have an emotional or moral conflict?
Challenge
– Are you up to the physical, mental, and psychological challenge that the
business opportunity presents?
Tip #3 Always Compute for
the Opportunity Cost
There are always two sides to a coin.
There can be no reaction when there’s no stimulant. If you choose to take
advantage of a particular business opportunity, you’re sure to sacrifice
something in return. But is what you’ve sacrificed equal, less, or more than
what you’ll gain once you take advantage of the business opportunity presented
to you?
Tip #4 Take Your Time to Decide
Don’t
pressure yourself into making a decision. If you do, you’re liable to make
the wrong one because you’re not thinking clearly. Allow yourself as much
time as you need to ponder the matter. And if the one offering the business opportunity
is also the same person pressuring you to make a decision, you should know that
that’s not a good sign at all. If you’re being forced to make a decision,
then go ahead…and decide to drop the matter entirely.
In
the end, however, it’s still your decision. If both your mind and heart have
the same opinion about the business opportunity you’re considering then good!
You know what to do next. If, on the other hand, they disagree then don’t,
by all means, choose one over the other. Find a compromise instead to protect
your interests.
