How to attract resources to your opportunity
Why are a handful of startups able to attract millions of dollars of funding, while thousands of others attract no funding? It’s the quality of the opportunity that matters most.
I once met a 20-year-old college dropout who had just raised $20 million dollars from Tiger Global, a major US-based VC. Why would Tiger give a guy with no track record $20 million? Because of the size and quality of his opportunity.
If your opportunity is not only good, but big, you will be able to attract enormous resources. Big opportunities are like powerful magnets that attract all the resources you need to scale. As the famous investor Prem Watsa has said: “if you have an opportunity, money comes.”
On the other hand, if you’re pursuing a nopportunity, you will not only find it difficult to attract resources, you will also destroy the resources that you do manage to attract.
Since I started Open Mind, the world’s first and only opportunity consultancy, I’ve personally met with over 300 owners of businesses of all sizes, in all sectors. At least 95% of them have complained to me that they have trouble attracting adequate funding and a good team. But what they’re really lacking is great opportunities.
Most of these business owners are pursuing some sort of commoditized opportunity that may have been good twenty years ago, or perhaps was never good.
Meanwhile, kids with big opportunities are not only able to attract capital without a track record, they’re also able to attract a team that will be willing to share the risks with them, as well as the rewards, by working for peanuts in return for a share of the upside.
Do you want to attract resources to your opportunity? Then make sure you’re pursuing a big opportunity, rather than a nopportunity. Vet your opportunities very carefully, by using a systematic process. Don’t leave this to chance.