Opportunities for massive success are easy to spot when you know what to look for.
Everyone dreams of winning the lottery, and most people have a mistaken belief that financial freedom can only be accomplished by having millions of dollars at their disposal. The truth is, financial freedom is achieved by having enough money coming in every month to pay for all of your expenses without working for the money.
So how can you spot opportunities for massive success that can lead to financial freedom?
It’s actually easier than you might think.
When you are presented with an opportunity, ask yourself these 5 questions. If the answer is “yes” to all 5, chances are you’ve been exposed to something great.
1. Is the Product or Service Entering an Untapped Market?
Great opportunities always involve a product or service that solves a need in a large untapped market. Typically these come about as a result of innovation (new products such as the iPhone) and changes in government regulations (deregulation in the energy sector). People who get in during the early stages of product or service introduction have the greatest potential for reaping significant financial windfalls from their investment.
2. Is there Little to No Competition?
Another sign of high probability for success is a lack of competition. When this exists, there are little to no barriers to entry into the market. Even if there is limited competition, a new product or service can easily undercut the price of the competition and still realize substantial profit margins.
3. Is the Product or Service Highly Scalable?
The infrastructure used to get the product or service into the marketplace must be able to flex to the size of the opportunity as it grows. This requires a balance of 3 variables – Time, Quality, and Cost. If the infrastructure minimizes time and investment cost while maximizing quality, you have the makings of a potential powerhouse opportunity.
4. Can the Product or Service Utilize the Compound Effect?
In his book The Compound Effect, Darren Hardy defined the compound effect as “the principle of reaping huge rewards from a series of small, smart choices.” He summarized his definition using the following formula:
Small, Smart Choices + Consistency + Time = Radical Difference
He went on to say any product or service that requires changes that are so subtle that they are almost imperceptible has the foundation required to potentially go viral. That’s because consistency builds habits that, over time, exponentially compound the success of a product or service. The iPhone has relied on this principle since its introduction on June 29, 2007.
5. Is the Process for Success Highly Repeatable?
Consistency is a big component of massive success because it creates repeatability. Consistency is achieved via a proven process whether it be mass production and distribution for a product or mass utilization for a service. Ray Croc’s revolutionary franchise model for McDonald’s was introduced in 1955, and it is the time tested example of success based on consistency. No matter where you are in the world, a Big Mac is a Big Mac.
95% of people who are presented with a big opportunity refuse to take a risk of seizing them even when success is almost inevitable because they are fearful.
Now that you know what to look for, you can be among the 5% who seize them. By doing so, you significantly raise the probability of achieving financial freedom in a matter of months or a few short years as opposed to waiting and hoping your retirement savings provide sufficient capital in a future filled with lots of ambiguity and uncertainty.
The Floor is Yours
What massive opportunities for success have you come across? Please share them in the comments below.
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