Decisions: Risks & Rewards (Part 1 of 2) [Issue III]

Decisions… decisions… decisions! Can I please have a time machine to explore the outcome of my options BEFORE I make the decision? How nice would that be? To know the outcome of choices before you make them. There was a movie released in early 2007 called “Next” starring Nicholas Cage. The title, “Next” referred to what happens NEXT! Nicholas Cage’s character had the gift to look into the future 2 minutes ahead. The movie amazed me, he could make decisions based on there outcomes because of this gift. Imagine that!

Unfortunately, that is Hollywood and this is Life. In life, we have the same decisions without the futuristic knowledge. These decisions can impact our future positively or negatively. They can leave you with happiness or strife, wealth or poverty, being successful or unsuccessful. Therefore, when entering into business you must base your “decision” on the Risks and Rewards.

First, you must thoroughly explore your goals and motivations. Ask yourself these important questions:

· What do I want to do?

· What do I do well?

· What do I enjoy doing?

· What makes me happy?

· What satisfies me professionally?

Research studies have shown that the most successful entrepreneurial ventures are those that are closely linked to the owner’s interests, goals, motivators, and competencies. For instance, statistics show that it would be more advantageous for a person that has volunteered at a humane society for years to open a pet store compared to a retiring auto mechanic to open up an alteration shop. Reason being, the experience can offer a high learning curve to the industry and its competitors which can result in a huge advantage to your success.

The second, of equal importance, is to research more than one business in order to better understand the advantages and disadvantage of each, processes and procedures specific to each particular business or industry, potential obstacles, competitive factors, market indicators, and much more. Ask other business owners about their successes and failures. It may provide you with the push into a particular business or industry than what you thought prior.

You should take the time to evaluate business opportunities in the same facet that you would explore job offers. Do your research, develop your network of contacts, and conduct informational interviews to learn about your business or industry of choice. You’ll be surprised to learn that most business people, even those that are potential competitors, will share their business experiences with you.