3 Biggest Mistakes Made When Choosing a Business or Investment

Do you ever feel like there are too many “good” opportunities?

Would you like to make your life simpler by having less to work on?

 

When working with clients and listening to other entrepreneurs, I see a common thread where saying “yes” to the wrong opportunities means they are saying “no” to the right ones. This costs them thousands, if not hundreds of thousands of dollars!!!

So, which investments or business activities should you say “yes?”

Here’s the 3 basic requirements I use to screen out the wrong “opportunities” so I can say “yes” to the right ones:

 

  1. Do I have deep knowledge concerning the opportunity?
  2. Do I have a deep passion for it?
  3. Does it provide significant value for others?

 

Deep Knowledge

Would you consider yourself an expert in this arena? You should avoid doing things if you don’t understand it REALLY well. Even if you delegate to someone else, it’s best to be able to speak their language enough to know what they are doing. Ignorance can be much more expensive than the possible money you can make.

 

Deep Passion

Ask yourself this one question: If money were no longer an issue in your life, would you still keep doing it? If the answer is “no,” then you shouldn’t do it. If “yes,” then move forward. I have seen from my own experience and working with hundreds of other entrepreneurs and investors, that nearly 100% of the time, when your motivation is about money, that’s when you will lose it. Money is never a big enough motivator to make something successful. If wanting money is all we needed, we’d all have more money, wouldn’t we?

Also, if you only invested in something because it pays you, what makes that any different than having a job?

 

Significant Value

This one is often missed by many entrepreneurs and investors. They may have a deep passion and knowledge for the opportunity, but they fail to see how others view it.

Dollars follow value that others value.

Therefore, we have to consider if it provides value in a way that they want to exchange dollars with you. The root of money is producing value for others to consume and benefit from.

If you want more money, find ways to provide more value for more people. That is the surest way to wealth!

 

So the next time you are presented with an opportunity, service, or investments, remember to ask yourself these 3 questions before saying “yes:”

  1. Do I have deep knowledge of this subject?
  2. Do I have a deep passion for it (regardless of money)?
  3. Does it provide significant value for others?

 

Now, have fun saying “no” to everyone! 😉