Weren’t you been in a situation you have so many opportunities in front but don’t know how to choose the right one? Maybe you can see many opportunities because you are a hard worker and you are smart.
There are so many business opportunities nowadays to start. So many offers, so many ventures, and so many franchises you can invest in.
You can start selling consumer goods online. You can sell your skills online, like your writing skill or even your voice. The existence of opportunities is truly staggering, and they exist everywhere.
In fact, the lack of opportunities isn’t an issue here. You can make your own opportunity. Everybody has that ability. The problem is usually our indecisions. Like, you are confused about what you are looking for.
Here I’m going to talk on how to evaluate two different opportunities when both are good.
Now think about decision making. Decision making would be easier if you were to choose between right and wrong. But it could make you helpless in deciding if you need to pick from two “rights” opportunities because both opportunities could bring you a fortune!
To evaluate two different opportunities, what we usually do? We draw a line for both the opportunities, pros, and cons. Then we get confused in decision making when we see both the opportunities are almost the same!
Apart from the pros and cons things, I want to fetch you for some new thinking area. These areas might help you reach your decision. I always use these five areas to evaluate two different opportunities when both are good.
These are the five areas you should consider to evaluate opportunities. These will help you to reach a profitable decision.
Here what I do to evaluate two different opportunities when both are good. I take two pieces of paper, one for each opportunity. Then I write my five measuring-criteria with a 1 to 10 rating system for each category. One is not so good, and ten is awesome!
When opportunity-A and opportunity-B knock at my door. When somebody wants me to invest in their projects, or try to sell their ideas or some new client appear, I think of what I need to put in these and the outcome for me.
And here is the five measures I use to evaluate between the two:
When an opportunity comes, the first thing I check if the ROI (Return on investment) would be lucrative. So I think the ROI will be high enough or not if I give my time, money, resources, sweat, and emotional energy?
Then I put the two into my one-ten scale in my two pieces of paper I prepared. I measure the ROI for both on the 1-10 scale.
The second criteria I consider to evaluate two different opportunities when both are good is their future value. Future value is not only immediate ROI but more than that. I think of one year, two years, five years from now. And I measure them in the 1-10 scale the same way as before.
As for future value, I consider the ROI pretty good, but will the ROI be progressive in the coming years? What will I achieve after one year, two years apart from ROI?
Does the future value I get from either emotionally or in terms of skills/training or true financial abundance? What specific goal does it help me achieve later on? Will it allow me to indulge in the right people and the right network? That’s all future value.
Generally, people evaluate two different opportunities when both are good with the only ROI or Pros & Cons or both. They do not consider the future value, and that’s when they come up with a wrong decision. It would be best if you review both the short time win and the long term gain.
So ROI and future value for both the opportunity-A and opportunity-B get a score on the 1-10 scale.
This is my third measuring criteria to evaluate two different opportunities when both are good. Here I check how much engaging and challenging the opportunities are.
Do the opportunities have the ability to stretch me? Do they force me to acquire new skills, knowledge, and develop talent in me? How far could they improve me as a person, a better character?
I also review the opposite scenario, that opportunities aren’t way beyond me. They aren’t way too challenging and way out of my comfort zone.
So, I would go for it to gather a more incredible amount of competency and confidence in life. And there are no chances of destroying my life.
I measure the criteria for each of the opportunities in the relative sheets on the 1-10 scale.
When I have to evaluate two different opportunities when both are good, I take my lifestyle seriously into consideration. Lifestyle is generally overlooked in the process, but you need to take it thoughtfully.
Looking back to the top three criteria, ROI scored high on the 1-10 scale. Future-value also scored high. And so does personal development. So we can go for it?
But wait a minute. Ask this to yourself, is the opportunity that improves your lifestyle or destroys it?
Do you need to work 70-80 hours a week? Then you have to work like a machine, no time off. You’ll be exhausted. You will destroy your family and social life. No way this could be a good opportunity!
Are you considering hanging on to do something you hate? Or something that puts you in misery for a few years of your life? Considering the high ROI and the other three criteria discussed above?
My opinion is, don’t do it. Instead, open your eyes, shift your mind, and lift the curtains around you. There are so many opportunities around you to pick! So, there are one more criteria left, and that is:
If doing this opportunity makes you insane. Or compromises your integrity & value all the time, it won’t be a good opportunity for you.
It is not enough if the ROI, Future value, personal development, and Lifestyle score are high. You must be happy and content with your work. It must give you fulfillment, a meaningful life. That’s called mental well-being. Now you need to put mental well-being on the 1-10 scale.
Now, look at the score sheet. We have five measuring scores on the 1-10 scale like this:
ROI: 1 means less ROI and 10 maximum.
Future value: 1 means no future value, 10 a lot of future value.
Personal Development: 1 represents no development, and ten a lot of growth.
Lifestyle: where 1 means a destructive lifestyle, and 10 an excellent lifestyle.
Mental Well-being: 1 represents stress, and 10 illustrates sound mental well-being.
Add the scores for each of the opportunities. They would never be equal if you did the process right. They can’t be equal unless you are fooling yourself. One of them always wins. Why?
You see, there are 50 different point possibilities, 10 different ratings for each of those five measuring categories. Undoubtedly one of them is going to do better somewhere on the evaluating scale. It could be neck to neck but still unequal.
Now I want to point to additional criteria to think on. It’s after one of the opportunities won. What will be its impact on the community around you? Consider the social components, your family, your friends, your relatives, your neighbors. It may not destroy you, but it might ruin other relationships! That’s not cool.
Once you are decided, you need to give everything of you on that opportunity to materialize. But you need to set a boundary around you also. It’s like a balance of the two.
I hope I laid out a pretty solid strategy on evaluating two different opportunities when both are good. Make a firm decision on ‘yes’ or ‘no’ and stick to it. Only then you could live a charged life.