Entrepreneurs see opportunity in just about anything. And that’s the problem.
Entrepreneurs are starters, doers, launchers, wall busters, and don’t take no for an answer.
Like a powerful racehorse, this entrepreneurial energy needs to be focused, distractions reduced, and strategies developed for the most profitable opportunities.
You may have ten of fifteen great opportunities and ideas bouncing around in your head, or more.
Here are criteria for accelerating your growth with strategic opportunity assessment.
- Competition: Are there numerous other competitors where there is downward pressure on price, the product or service is perceived as a commodity, and your ability to differentiate is weak? = Low potential.
- Distribution: Do you have a geographic advantage due to your location, distribution channels or service network? = Medium potential.
- Existing customers: Are the opportunities related to selling more and higher value products and services to your existing customers who already know you and love you? = High potential.
- Brand: Do you already have a brand advantage in a certain segment due to certifications, proprietary intellectual property, existing relationships with major customers? = High potential.
- Passion: Are you personally driven to be the best in your area of expertise and experience? = High potential.
Your existing customers and your personal passion for the opportunity are the greatest drivers for success.
Now, run the numbers. If you run the numbers too soon, there are too many ways to kill the opportunity. Once you’ve created momentum and excitement, the dollars are easy to find.
There’s always budget available. You’re probably spending more on printing historical reports (and filing them, labour, cabinets, overhead) than on nurturing new opportunities.
Pick two or three of your top opportunities. Put excited people in charge. Give them a real budget. Celebrate small successes and big failures. That’s the only way you will hit a home-run once in a while.
What’s more important? The papers in the file cabinets or the opportunities outside your window?
Tell the team that you’re going paperless and invest the paper budget in the future. That’s YOUR future!
Copyright 2010. All Rights Reserved. Phil Symchych