How do you distinguish between an idea and an opportunity?
This is a big focus at Babson
, perhaps that's why they are the #1 Business School for entrepreneurship. Lets face it, everyone thinks they have good ideas. But what is the difference between a neat-o idea and a valid opportunity? This is one of the most crucial questions for entrepreneurs, managers, and leaders. Knowing the importance of such a question is essential, but understanding the real difference between the two is never easy.
There is simply not enougt time in the day to chase ideas, so to be an effective manager you've got to seperate the "ideas" from the "opportunities" and zero in on the opportunities. You must evaluate opportunities from all angles. Whats the investment? Whats the return? What are the potential pitfalls? Even what are the opportunity costs associated by not putting your energy elsewhere.
Right now you should be focusing on the basics, unless you have your hands on a true opportunity that is gaining traction. There is enought car deals to be had by insuring your product knowledge is nailed and you are prepared to handle the potential objections you have. Is your follow up process perfected? Are you executing the tasks you have been given.
Especially in tough times focus on the basics and build your foundation. If you are going to chase concepts... be sure its more than just "a good idea" and truly a valid opportunity and you can insure you will reach your potential regardless of market conditions.