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How to choose an opportunity which is right for you.
So much opportunity. It creates vacillation, delay, and loss of time.
There are different opinions, of course, and I'm not shy to share mine, eh? And one OPINION that I tend to harp on is...TIME. The older you are, the less time you should spend on thinking about it and more time DOING IT.
If you are 25, you have a tank full of time according to the life insurance tables, but at 55, you are running out of time (although you do qualify for AARP, lucky you).
So, ONE WAY to consider OPPORTUNITY is based on your age.
Being a crusty old curmudgeon myself, I want LIGHTENING fast results and will follow the path of least resistance to get them. But my very FAIR advantage is, being around so long and having done so many different things, I may be able to analyze opportunity much faster.
ANOTHER consideration is: SLOP AND MESS, something I picked up from Harvey Brody. How many people are involved or needed? How much equipment, how much will you be dependent on other people, as in a supply chain situation? Too much slop and mess will keep me away from many things.
Then there is AFFINITY, do you resonate with the market, are you a part of it? The reason I did so well with GOLF is, I was the market and being an instructor, had first hand understanding of the needs and wants of the market.
So, I had a high level affinity for golfers, NONE for bowlers, I just didn't get it, maybe because back in the day they were smoke filled beer guzzling joints which I avoided (or maybe because I just sucked so badly at it).
The point, which also gets harped on a lot is, do something you like to do...when you have an interest in something, it makes sense you would stay with it when you start a business aimed at the thing you like. Right?
THEN, there is a money choice. Speed vs. Amounts. How fast do you want to make money? How MUCH money do you want to make?
EXAMPLES (from my personal case files)...and I'll stay with GOLF here.
I could easily and quickly make 25 bux for a half hour lesson, but then I was limited to the amount because of TIME. Only so many half hours in a day.
I could easily, but less quickly, make 100 bux for a set of custom made clubs, because it would take TIME to get them made.
OR, I do a workshop, in GOLF, I would call them "Clinics" and do one driving clinic with 5 people @ 25 bux, thus, getting 5 times the money in the same amount of time as a single lesson, this is using LEVERAGE.
THEN, when I got smart (took me a long time, being a known dummy and all)... I recorded some clinics on audio and video. I could sell a cassette for the same as a single lesson. But it could be sold, 24/7 by remote means to anyone, anywhere. This is long LEVERAGE.
So, for the sake of an easy discussion, YOU can take a look at a lot of money making opportunities through different lenses, based on what you WANT.
Easy money? Fast Money? Larger Amounts? Less slop and mess?
I like to start people with DOLLAR AMOUNTS (how much do you want/need to make)... then look at AFFINITY, and see what markets exist and how you can enter those.
HOW do you pick your opportunities?
Last edited by GordonJ : October 6, 2020 at 12:18 PM.
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