A few of my valued connections were surprised when I mentioned an opportunity in the works which I do not consider to be of value, even with more than $100 million on the line. There is a lot to be said for examining any and all opportunities, whether based on location (knowing everything about your targeted area) or category.
One of the strongest points I make to my coaching students is to consider every aspect of an opportunity, especially possible or existing problems. Your ability (or inability) to change or overcome them in some way could be the difference maker in your favor. A simple example was the time a new investor (student) told me that she looked closely at 20 properties in one area but could not find any she thought would be good to acquire, fix, and flip. She wondered what her next step should be. My response was to ask her if any of those properties she looked at could be good rentals. When she had "no idea", I calmly suggested that getting that answer should be her next step.
By her learning to look at the same properties when considering a fix & flip OR for rental income, she "doubles" her chances for success based on her own findings.
On a much larger scale, the below linked story talks about multi-million dollar proposals to construct a Gondola ride system for Anaheim to connect entertainment and business venues. For $125 million?? This proposal also requires hundreds of trees to be removed, not to mention the inconvenience of nearly 4 miles of construction this project would force. Meanwhile, there is a proposal for a $500 million project for L.A. to link the Dodger Stadium area to downtown L.A.
As much as I question the viability of costly projects involving venues which are used for a few hours maybe 100 days per year, I see cost-effective solutions for business people. If there is truly demand to get people back and forth that proposals for hundreds of millions of dollars exist, coming up with a more viable solution could be a gold mine.
Simply put, a shuttle service could serve this supposedly large audience starting in a matter of days for less than $1.25 million. (1% of the gondola project cost!!) That would be the cost of new vehicles, more drivers, and marketing the service. This is what I tell my coaching students about exploring opportunities. Finding problems can lead to you finding solutions.
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