TES 037 - Choosing The Best Business Idea

In this episode, #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham addresses a frequent question that is, “How do we know which is the right opportunity to go after?” When multiple opportunities come your way, you cannot serve each and every one of them. While filtering them, we need to make sure that we don't lack focus and resources to make the greatest impact.For that, we need to think about three key principles:Follow Core Strengths: To operate in the most effective and efficient way.Follow Profitability: Follow the opportunity that makes profit.Bet on Probability: Bet on the opportunities with greatest probabilities.Once you understand these three elements, we have the foundation to say which opportunities and ideas deserve further attention. During the initial analysis we create a quadrant model with our core strengths in the vertical axis and profitability in the horizontal axis. We rate and place opportunities (0 – 10) on one of the four quadrants based on our core strengths and the profitability.The four categories so formed are:Pebbles: It lies within our core strengths but it has very little profitability.Boulders: They may be high in profitability but we have low core strength in them. There's money in it but the challenge is that we're not good at it.Sand: We avoid it because in this one our core strength is low along with its profitability.Diamonds: This is the one we want to go after because it lies in the high core strength, high profitability quadrant. They are quite sustainable.We place each and every opportunity on this graph. We chase the diamonds first and leave behind the sand. Once we're done dealing with diamonds, we look at:Pebbles: We need to enhance them so their perceived value goes up. Try packaging or bundling things differently. Once you enhance the value, their profitability goes up and it slides into the diamond quadrant.Boulders: To capture the high profits that they offer, we need to build our core strengths. To do so, we can educate and train ourselves or we can get into associations and joint ventures. Then it moves into the diamond quadrant.__________________________ABOUT MEL ABRAHAMMel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.Meet Mel at http://melabraham.com/____________________THE ENTREPRENEUR'S SOLUTIONThe Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is on