So many times a business opportunity sounds great. I can’t tell you how many times I’ve had someone tell me they have what they think is a great business idea. Sometimes they just want my opinion. Other times they want my participation.

With that in mind, the post on Shoemoney on How to Pass Up the Opportunity of a Lifetime. It has a lot of great points on what you should be thinking about when considering whether or not to go for a business opportunity.

opportunity

Of course, it basically comes down to using good sense.

When it comes to dealing with family members getting business ideas, I’ve found it best to give them some advice and decline to join them. Too many of them have listened to my advice and then never do what it takes to get things going. I really feel that a lack of action is one of the biggest reasons businesses fail.

There’s a risk to any business. Even if the financial investment is small, the time investment is likely to be large. You have to think carefully before deciding to spend either.

Before starting or joining any business opportunity, you have to do your research. That’s what much of the advice boils down to. Know what will be expected of you, both financially and timewise. Find out if the opportunity is what it seems when someone approaches you with one or you get an idea of your own. Research the potential customer base.

And if it becomes clear that you don’t want to do the business, for any reason, be willing to say no. Don’t give into pressure, don’t feel guilty.

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