13 Apr Markets I’ve been asked to get involved in but declined
I’ve previously shared some of the markets I’m in and have been in as an entrepreneur but I thought I’d also share with you a few of the markets I’ve been asked to get involved in by other people that I’ve turned down because this is probably just as relevant for you when you look at new opportunities.
Just to give you an insight into my thought processes, I see opportunities every single day and I get approach by other people on a regular basis too, normally through people who know me, that have worked with me in the past and have a new venture or by people who have investments that aren’t going so well and need somebody to take control of things and turn them around – not necessarily trouble shooting but certainly sorting out the profitability and long-term strategy.
I take on or decline a project based on my own factors because just as it must be for you too, it’s my time and I decide how to use it. I used to take on more but the reality was I was “spreading myself too thin” and that was a mistake – I want to get results every time so I needed to create a framework for entrepreneurial decision-making success, not just an ability to deliver on my promises.
One thing that I still struggle with is turning down something in an area I’m passionate about outside business, for example cars and motorsport, but I find that mixing the two can often prevent you from making rational decisions.
Then comes the other people involved – I have to work with dynamic, motivated and coachable people, all too often the opinions and working styles of people in existing businesses in particular, will be hard to break down and if they don’t make changes I’d be wasting my time.
The people with money in the project and the amount of money, especially when venture capital is involved, is a factor, I’m not one for spending time writing and filing reports, or having to justify what’s being done – I’m here to make things work and every hour I’m not doing that, to me, is wasted time and I have no interest in wasting my time.
I always think about how I can “plug-in” my knowledge and connections so if quick wins are not easy this can stop me getting involved.
Some markets and industries also don’t appeal to me either, mainly because I know them too well as a customer – financial and legal services being an example. I know I could deliver massive value to people in those markets because I feel industry the markets are “broken” and not based on a win-win situation and this to me is a “turn-off”.
I also have to see a large upside for me personally, not just financially when I get involved. I put my heart and soul in to what I do and so want to feel it’s been worth it and that what I’m doing matters.
So the following is a small number of markets I’ve said “No” to, but only after doing the research, meeting the people involved and making sure it wasn’t right for me – not that that may change with a different opportunity or team of people in one of these markets.
What I can also say is that every time I’ve been approach I’ve learned something new and seen how the industry and market works, which has broadened my experience and skill set, allowing me, at the very least to help people in the future.
- Outdoor media
- Automotive – Sales and Manufacturing
- Medical Research
- Financial Services
- Legal Services
- Leisure Venues – Gyms and Golf Courses
- Yacht Charter
- Fast Food and Restaurants
- Bars and Night Clubs
And one last, I kept having people ask about how I can make my initial decisions so quickly and virtually eliminate mistakes so what I decided to do to help others was create a free PDF that gives you the specific questions I ask when people want me to become involved in a project or business, I’ve called it The Entrepreneur’s Checklist.
Because business is all about marketing and entrepreneurship, once you have these two things “sorted” you can fill in the specific gaps and have the relevant operational tasks carried out quite easily.
So let me give you a helping hand when it comes to entrepreneurship, that way you’ll have a series of questions to ask that will guide you on what to do and where to focus attention.
And remember this resource isn’t just 100% Free, I’ve used is time and time again with great “real world” success.