Why are some entrepreneurs better at identifying and capitalizing on lucrative business opportunities? Experience aside, I believe it’s because there are three very different types of entrepreneurs.
Success comes easily for some – it’s a struggle for others.
Type 1: The Naturals
Here’s where we roll the home run scene from one of my favorite movies of all time. “The Naturals” are rare, but they do exist. They were born with the innate ability to recognize opportunity.
Naturals experience success in multiple areas – both inside and outside of their comfort zone. As their notoriety grows, they’re presented with even better opportunities. I know, it sounds unfair! It kind of is.
Type 2: Pete and Repeat
This is another type of entrepreneur who seems to be able to recognize and capture success over and over again. “Pete and Repeat’s” last 5 business models were similar, and they were all successful to some degree.
Unlike “The Naturals,” P&Rs can’t always replicate success outside of the field they know. But they’re smart enough to recognize they need to stick with what works.
Type 3: The Simpletons
This is not meant to sound degrading. I would classify most entrepreneurs as “Simpletons.” They find success and failure in different types of businesses, and their opportunities are broad.
The problem is Simpletons feel they’ve had mediocre results. They wonder how other people became so successful. Well, there is a solution – it just takes some work.
5 Ways to Succeed
I recommend the following to help you recognize and capitalize on good opportunities:
Turn yourself into a “Pete and Repeat”
If you’ve had success doing something you enjoyed, do it again somewhere else. If not, find opportunities that might lead you into repetition. Since you aren’t a Natural, your best chance for continued success is to develop knowledge and experience that allows you to choose your opportunities wisely.
Invest time and money in people
Great ideas don’t go far if your time and money is invested in bad people and poor partners. Take the time to evaluate who you are getting into business with – the partners, customers, vendors and investors. If you have multiple opportunities, compare the people involved in each one. Who can you trust more? Who do you like more? Who will give you more time, effort and money?
Get in motion
You may make a bad decision or two, but you can learn from your mistakes. Embrace your failures, accept them, and move on. The next opportunity you jump on might be “The One”. So quit wasting time; get past the poor choices and move onto the good ones.
Partner with someone successful
If you’re choosing among several opportunities, pick an established business that offers partners with a proven track record. You might end up working with a Natural or a Pete and Repeat who can teach you how to make good decisions.
Consider the source
Some financially successful people are good at getting others to do the grunt work, and they don’t offer much in terms of time or money. These people simply want a “freebie.” If they present you with an idea or opportunity, do yourself a favor and pass on it.
I’d classify myself as a Simpleton. Sure, it’s a struggle sometimes. But success is so much sweeter when you’ve worked for it!
Which category do you fall into? What could a Natural or P&R teach you?