“If you are not willing to risk the unusual, you will have to settle for the ordinary.”
~ Jim Rohn
The other day an entrepreneur asked me an interesting question as follows: “I have 17 different business ideas; how do I decide which one to go after?”
This is a common issue. Both for new entrepreneurs who are still figuring out which business to launch, and for entrepreneurs who are already in business and are trying to figure out which new opportunities to go after.
So, I gave the entrepreneur my 3 criteria for answering this question:
- Which idea are you most passionate about? To succeed as an entrepreneur, you’re going to have to work hard. And you’re going to enjoy the hard work the most, and thus be most successful, if you go after the ideas that you are most passionate about.
- Which idea best leverages your strengths/skillsets and/or the strengths/skillsets of your team. Michael Jordan was perhaps the greatest basketball player ever. But when he tried his hand at baseball, he was mediocre at best. The point is that you will be the most successful when you do what you are naturally best at and most gifted at. So, take stock of your strengths and the strengths of your team, and figure out which idea will best leverage those strengths.
- With which idea can you get traction the fastest and without requiring outside capital. Raising capital is very hard work and takes time, time that you otherwise could be using to grow your business. Likewise, it’s more challenging to raise money when you don’t have traction. By traction, I mean that you’ve started to prove that your business will be a success, and ideally means that you have customer traction (i.e., customers have voted with their wallets or their time to buy or patronize your products and/or services). You should generally go after the ideas that allow you to achieve some traction quickly and without outside funding. This allows you to quickly enjoy some success, and positions you to more easily raise funding if and when needed later.
[Training] How to DOUBLE Your Profits
Don’t you wish you could double your profits, and increase your income?
Here’s the solution <— Click Here
The “trick” is to make tiny improvements to multiple areas of your business, at once…
Do that, and you’ll double your profits faster.
And I created this step-by-step training to show you how to do it right.
Today’s Question: What renowned company based out of California made significant contributions to modern-day computing by inventing laser printing, Ethernet, and the graphical user interface (GUI) paradigm, among other things?
Previous Question: In 1914, which company offered the first charge card for consumers, which were precursors to the current day credit cards?
Answer: Western Union.
These early cards were issued to preferred company customers to offer them an array of special services including interest-free deferred payments.
It looks like taking care of your best customers through a loyalty program never goes out of style!
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