Posted by Sam Polimeni
This is a great question and one that business owners face every day. When we are young in business we feel as if we need to chase down every opportunity, and we get so busy jumping from one opportunity to the other, we don’t get any real traction on most of the ideas. When we get older the opportunities seem like hard work.
In my mind the key factors that separate the opportunities from the distractions are:
1. Have a plan and a vision for your business, and ask does this opportunity fit my vision and plan?
2. Do we have the core capability to deliver this opportunity or does it require massive extra resources in cash,people, skills and time.
3. What’s my payoff or ROI from that investment of resources
4. Is it a 80/20 opportunity, that is will it produce 80% of my profit for 20% of my effort.
Great opportunities are often disguised, and can sometimes be known to be distractive. My advice is to focus on your plan and your vision.
