Comments on: The Best Business Opportunity Can Be the One You Don’t Take

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Tue, 12 May 2009 01:35:06 +0000

Two thoughts:
1) It pays to look before you leap and
2) You have to say “No” to the iffy– so you can say “Yes” to the winners.

By: Patrick

Patrick — Thu, 07 May 2009 20:34:36 +0000

I’m keeping the idea on the back burner for now.

Opportunity cost is an important consideration, and I would have had to stop working on my current sites to have the time to create the new venture, which was not an option.

By: anon

anon — Thu, 07 May 2009 20:28:44 +0000

What was the idea? weighting out the opportunity cost is another thing I use to determine if a venture is worth it or not.

By: Patrick

Patrick — Thu, 07 May 2009 13:07:58 +0000

Miss M: It’s a struggle! CML is my main site, and gets most of my attention. The others I manage get updated much less frequently, and as a result have less quality content, lower traffic, and earn less money. But I keep them going!

One of the big road blocks in this case was the time issue. I simply can’t add new projects right now.

By: Miss M

Miss M — Thu, 07 May 2009 12:55:04 +0000

I’m amazed you can keep up with several sites, I have a hard enough time keeping up with one blog. I’ve let another die off, I didn’t have the time to devote to it and it wasn’t as aligned with my personal goals. Sometimes the weakness can be a personal one like lack of time to make it a success.

By: Ben

Ben — Thu, 07 May 2009 05:31:17 +0000

nice analysis. Spreading myself too thin is one of my biggest weaknesses, I’m constantly having to ask myself if I need to refocus on my core projects.

Plus now that you’re having a kid, there will soon be less of your time to spread around

By: Patrick

Patrick — Thu, 07 May 2009 02:12:33 +0000

MLR: But the work will be well worth it if you decide to go through everything. Think about how complicated things are now, then imagine they would be infinitely worse if you didn’t do as much planning!

I hope it works out well for you!

By: MLR

MLR — Wed, 06 May 2009 23:29:12 +0000

Right now I am looking at starting a B&M business.

The analysis is the same, the investment is usually more, and often times people still don’t do a SWOT analysis. I don’t get it :/

I feel like I am back in school… all of this business plan writing and analysis. Neighborhood council meetings. Zoning board meetings. Ugh.

By: Will

Will — Wed, 06 May 2009 21:23:05 +0000

This is sound advice. I jumped into a business idea which sounded good but we had not researched it fully enough. I pulled out before I went bankrupt and I am still suffering the financial consequences of it. I wished I had done far more research into the niche before jumping in. The business was the only one doing it and we thought we had a good opportunity to make it work. My business partners are still hanging on in there with the business but they are only hanging on with their finger nails.

By: Craig

Craig — Wed, 06 May 2009 18:40:09 +0000

A lot of ideas sound great until you realize what actually goes into making it work. If you can make it work, great. But too many times people rush into things (not just work related) without fully taking the time to plan, research and figure out if it’s a good idea or not. Nice post.