Evaluating Business Opportunities

When evaluating new business opportunities you have to keep a lot of things in mind. Relationships are a key thing to evaluate before taking on new business. Having existing relationships with necessary customers, partners, hires, and investors can save you a lot of time, and reduce costs and risks. Access to costumers is another key component to check in on. If you have have existing relationships or easy access to costumers, then you can get feedback about your product much easier. Seeing if you have enough passion for the potential opportunity is something very important that you have to ask yourself because starting a new business can be challenging and is very time consuming. While evaluating yourself, also make sure you have the skill set required and can recruit a team who also does. If the skill set required to execute the business plays are demonstrated throughout the team, execution risk should be less. Another thing to verify within yourself is the ability to validate by seeing how confidant you can be. The ability to draw cash flow is another thing that has to be evaluated because financing is invested by the founders at first. Also, see what the size of the market is and how large of an opportunity it is. Make sure your team and company would be diverse. See what the quantity of work to be done is and then verify you are qualified to complete the tasks.