In my daily life, I often work through decision-making processes with clients. One of the common issues is uncertainty about making potentially risky decisions, especially in business.
One thing we usually discuss is that there is really no such thing as business opportunity without risk. Have you ever heard an enthusiastic startup claim they have a huge opportunity with hardly any risk or competition? In my experience, this isn’t usually accurate.
The general rule with any business is that either you have a strong market for an idea, therefore you probably do have competition, or you’re headed into murky waters without a clearly defined market. Either way presents a risk. Essentially, risk and opportunity are two sides of the same coin.
So how do you decide which opportunities are worthwhile?
Need a practical framework for decision-making? Get my suggestions here.
The nature of entrepreneurship is that you often enter into situations that...