- Building Your Dream Team
- Quill Brings the Force to Your Copy Paper
- The State of Small Business: My Interview with Ashley Williams from Wix.com
- Out with the Old; In with the New
- The Invisible Workhorse: Xerox’s WorkCentre 6515
- Always Say Thank You!
- 2 Simple Ways to Run a Better Business in 2017
- #navSMBchat for July: Dealing with Rejection as a Business Owner
- How to Manage Millennials in the Workplace
- #BrotherSmallBiz Tweetchat
Opportunity Distraction Disorder (ODD) And The Perils Of Being An Entrepreneur
If you’re an entrepreneur running a successful business, perhaps you can relate to the notion of always looking out for the next “big thing.” The thrill of the hunt and passion for creating something new or improved drives most entrepreneurs and allows them to take the risks involved with launching a business or growing it to the next level. It is also the force that gets them into trouble because not every opportunity is one that should be seized, no matter how appealing it seems at first blush.
In the race to pass your competition and accelerate the growth of your business, it’s critical to identify the right opportunities as quickly as possible. Below are 8 critical questions to help you recognize the opportunities that will likely enhance your business goals and avoid those that are merely wolves disguised in sheeps’ clothing:
8 Critical Questions to Help Identify Business Opportunities
1. How will I define and measure success specific to this opportunity and will the effort required to achieve that generate adequate rewards for my business?
2. Will the investment in time and other scarce resources produce a profitable new business model without damaging an already successful company?
3. Do we have the expertise and resources necessary to market and sell this service/product?
4. Is there a synergy between our expertise and the actions needed to achieve success?
5. Does this new opportunity enhance or detract from my current business goals?
6. What do I need to know about the market place, the customers, industry dynamics and competitors before I get involved with this?
7. What impact will this have on my personal and professional goals?
8. What risks, if any, will my current business face if I don’t take on the opportunity?
About Beth Goldstein
Author of The Ultimate Small Business Marketing Toolkit (McGraw-Hill), and President of Marketing Edge Consulting Group, Beth Goldstein has empowered hundreds of entrepreneurs and companies to create successful marketing and sales programs for their businesses. In addition to consulting, Beth is the Senior Associate for Distance Learning at the Institute for Technology Entrepreneurship & Commercialization at Boston University (BU) and runs their Annual $50K Business Plan Competition. She teaches Entrepreneurial Sales and Marketing at the BU School of Management and is the Faculty Director for the BU Online Certificate in Entrepreneurship (recently recognized by Fortune Small Business Magazine as one of the best e-learning entrepreneurship programs in the US).
Beth is also the Lead Instructor for the InnerCity Entrepreneurs’ 10-city, nationwide program designed to help urban entrepreneurs strengthen and grow their existing businesses and teaches the 9 month business accelerator program in Massachusetts. Beth has more than 23 years of direct industry experience and holds an MBA from Boston University and a degree in Economics from Brandeis University. She can be reached at BethG@m-edge.com or at 508-893-0976.