Ever been in a situation where a prospective business owner or member of an organization paints such an awesome picture that you just know that it’s meant to be. It’s a business development dream. You know the picture I am referring to…
The one that is painted in such a way that makes it look like your share will be worth a gazillion trinkets, that you’d be a fool not to take on this endeavor. The road signs all pointed to this destination, yet you still feel like you’re at the wrong place and yet the picture is lit up like a Christmas tree!
In this follow up to my previous article, I want to point out that you need to be more cautious than ever when it comes to developing business for others.
Taking on projects or ventures that are only going to pay on the back end can be very risky and time consuming, especially if you are a sole-practitioner or have existing time constraints. Business development projects that are all back end based usually mean lots and lots of work and very little or no return.
Now this is not always the case, but more times than I can count on both hands I’ve seen these projects or ventures come our way only to leave after they don’t get what they want; usually one of the following:
A. The keys to unlock the revenue stream or some missing information that will help them put it all together.
B. Someone to work for FREE on the front end. You know, that someone to bring forth the JV partners, strategic alliances, primary revenue sources or new customers or clients.
It’s almost like a special radar alert that goes off now when a calling party brings forth their new venture, project or idea and just wants to get together to throw some ideas around and discuss the possibilities.
Yep…been there an done that more times than I want to admit.
Why – because I’m a believer in entrepreneurism. Call it a good sickness. I just want to help the new person live his or her dream and be able to get the venture off the ground or expand into new and uncharted territory.
The bottom line here is that your time is your most precious asset, and the amount of energy you put into any project can suck the life right out of your business if you’re not careful.
How do I know this? Because after 27 years of small business ventures including six startups, I’ve seen, been involved with and declined more than my fair share of “next big thing” projects and ventures. Enough so that I could write a book on the subject and have material left over for a second edition.
So with all that said…
Here are a few of Your Most Valuable Assets when it comes to your small business and the topic of business development:
A. Your Resources ( people, money, information, devices, machines, software)
B. Your Energy – (mind space – thoughts). This is also another subject for discussion as we only have so much energy in any given day.
C. Your Time – The 8 to 10 hours a day you have to work on and/or in your business.
D. Your Character – What you develop and take with you when you leave this Earth.
E. Your Salvation – What you take with you into eternity. (This is a whole other article series)
These assets married with the right biz dev project can possibly bring forth a lot of fulfilling times, experiences and revenue.
And so the next time you are approached with “The Next Big Trinket” or “Next Big Idea”, put up your guard, proceed with caution, and look at all the angles before taking any big steps.
Until next time…