As an entrepreneur, Danny Nevill is not one to shy away from opportunities in business. Whether it’s advising and mentoring, or finance, Danny knows how and when to invest his time into new ventures. To become a success within the business industry, knowing not only which businesses to focus time within, but when to do so is key.
The Right Business Opportunity
If you are thinking ‘how do I know if the timing is right?’, the answer is not black and white. For the best opportunities in business, multiple elements must be analysed to assess whether right now, is the right moment. A successful entrepreneur has the ability to know when to invest. A business opportunity may arise, with a strong business plan, however, if the timing is not right, an entrepreneur must know to say no.
Multiple scenarios may result in wrong timing for potential opportunities in business:
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Your Schedule
If you don’t have the time to put into a new venture, you will not be able to give the opportunity your all. A new opportunity in business will most likely result in the requirement for dedication and time to help create a success.
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The economic Climate
A business plan may seem like a good idea, however, is the market ready? A prime example is the current economic climate the UK is in at the moment. A year ago, launching a new restaurant or events business may have a strong business plan, however, a year on, such a business would simply not be economically viable for you.
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Is The Business Plan Ready?
What to do when the plan is strong but the pitch is weak? If you are being approached for investment purposes, the pitch must be ready. If the brains behind the idea has potentially the next big thing but they haven’t got the figures to prove it, you must resist. As an entrepreneur, the costs must be calculated. Making a risky decision could be the wrong one. Not to say risks should not be taken, they should just be accurately analysed.
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Is Your Skillset Required?
The skillset of an entrepreneur will vary. Are you the inventive type, planning the next big business idea, or are you the brains behind the operation? If your strengths lay in developing a strong network of clients, your skillset may not be required until further down the ‘business plan line’. Know when to say ‘yes’ I am interested, but ‘no’ not just yet. The ability to show willingness and interest in a venture, but offering the suggestion to step in at a later date is critical to making sure your time is not wasted within the wrong department.
Waiting for the right time, and knowing when to say no is vital to focusing your attention and finances on the right projects. Knowing the right opportunities in business is a key trait and one that takes time to master.
Danny knows how to decipher what is a good opportunity in business and how to focus his attention. Such decisions have lead to the success of his companies, such as Universal Web Design and Your Next Car.