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How To Make The Best of a Business Opportunity

How To Make The Best of a Business Opportunity

Eminem says you only get one shot, and you have to lose yourself in the moment. This would be true if life were a comic book. Unfortunately those moments are never-ending, and there’s no such thing as overnight success. The truth is you’ll take a minimum of ten thousand shots to truly master your craft.

When you have a business opportunity, you have to make the most of it in order to get the next one. Each step counts, and maximizing each individual opportunity is the only path to winning. Don’t half-ass your future – instead follow these tried and true steps to turn a business opportunity into a successful business.

1. Turn Losses into Wins

Every winner loses, but not every loser wins. Although Michael Jordan is widely hailed as the greatest basketball player in history, he got there by focusing on his failures instead of riding the wave of his own successes. The quest to overcome losses drives all champions, both on and off the court.

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If you lose a business partner, use that extra time to find a better one. Your energy levels rise as the fear of financial problems hang over you. Pour that energy into something productive – it’ll keep your mind occupied as you better your business instead of lamenting the loss.

2. Weigh the Risks and Rewards

A few months ago, I received an invite to hang out backstage with Snoop Dogg on 4/20. Initially this seemed like a great opportunity. As the date approached, I realized the risk wasn’t worth what it was going to take to get there. While it could’ve been a great experience for a fan, it wasn’t as beneficial to my bottom line as it was to stay at an event I was due to cover.

I ended up choosing business over pleasure. I made enough money by staying to afford a VIP pass to any concert I wanted, and the content I produced got my name in a variety of publications I wouldn’t have appeared in otherwise. My inner child was disappointed, but the adult me got ahead in my business.

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When you are presented with an opportunity, weigh the risks versus the rewards. If you’re risking more than you stand to gain, you’re giving yourself worse odds than a roulette wheel in Vegas. Never gamble what you’re not willing to risk, and never bet the whole farm to save one crop.

3. Play to Your Strengths

Anyone is capable of doing anything, but we all have certain skills and talents that are more dominant than others. I’m a writer because I love to research and talk. I’m a successful writer because I understand marketing and SEO. I write online because I’m tech-savvy.

Whatever you’re good at or enjoy doing, learn to incorporate these skills and talents into your work. If you’re out and about around town, keep an eye and ear open for opportunities you can help out with. You never know when one of these opportunities will evolve into something bigger.

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4. Turn Down Opportunities that Don’t Fit

I receive business solicitations all the time. There’s no shortage of people looking for a review, plug, or assistance. As a mortgage and insurance whistleblower, it gets difficult because many people assume I’m capable of helping them keep their homes. Although I understand how your house was fraudulently taken from you, I’m not an attorney, and my hands are tied to stop your foreclosure proceedings. As much as I hate doing it, I have to turn down these opportunities.

It’s normal to want to jump on every opportunity you’re presented with. It’s even more tempting when you’re just starting out or your business is struggling. Doing anything you’re asked will lead to you taking on tasks you’re underqualified for and aren’t capable of providing the level of quality required. You may want that business connection or income, but if you’re not giving your best, it won’t last very long. Hold out for your true passion.

5. Get on Your Grind

Business opportunities don’t just show up at your door. Opportunity doesn’t knock at all – you have to look up where opportunity lives, hit the streets, stalk, and bang on opportunity’s door until it lets you in. If it doesn’t, you go around the building looking for open windows. Climb the roof and slide in through the chimney if you have to.

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Whatever you do, don’t just sit around waiting for a business opportunity. Just because you wrote a song doesn’t mean a stadium full of people will show up. Jay-Z isn’t an Illuminati – you’re just an entitled, lazy human being who hasn’t put in more than a day or two of the blood, sweat, and tears Hova put into his career. Sean Carter is a legend because he earned it, so get on your grind or get left behind.

6. Put Your Eggs in Multiple Baskets

The most powerful lesson yoga teaches is to detach yourself from the results. If you define yourself as an executive and end up in an entry-level job, you’re nothing but a phony. Just because someone you admire hit it big off a certain event or contest doesn’t mean that’s your only entry point to your dream career, and no one opportunity defines you.

If you gain a meeting with a company or entrepreneur you admire, use that as leverage to gain a meeting with even more. If Walgreens wants to carry your product, sell it to CVS and Walmart. Instead of being the person who got into one store, you’ll be the person who got into every store. It’s easier to negotiate when you don’t reek of desperation.

The business world is a wild one; you never know how things will turn out, but as long as you swing for every fence, you’re bound to hit a home run sooner or later.

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Published on September 8, 2019

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