Ideas are not opportunities.
We often have great ideas, but for us to determine whether an idea represents a genuine opportunity for us, we must assess several internal and external factors.
Does this idea relate to my interest or vision? Does it suit my knowledge, skills, and experience? Do I have the resources to support its development? Does this idea have the potential to generate revenue, or to produce some other desired benefit? Are there any major personal, financial, market, legal, or regulatory obstacles that would prevent me from implementing this idea?
And sometimes we will evaluate an idea and see its opportunity, only to ultimately decide that it might be a great opportunity for someone, but that it isn’t suitable for us. At least not at the time.
Many people – most notably entrepreneurs – may be quite adept at the sum and substance feasibility analysis of opportunity evaluation. But they may entirely overlook the impact that their own emotions can have on this evaluative process.