There are so many business opportunities out there. But how do you know which ones have true potential and which ones you should pass by? Here’s a quick guide for how to properly evaluate a business opportunity. When you use Shane’s experiences as well as the experiences of his special guest, business owner Lee Ann Bartlett, you’ll be setting yourself up for good business results.

The Three P’s of Any Business

When evaluating any business, think about the three P’s:

• People—The people involved with a business can be the difference between a good and a bad business opportunity. If the people you’d be working alongside or under are quick to criticize others, you probably don’t want to involve yourself with them. You don’t want to work with people who tear down other players in the industry either. Look for people you can relate to at the front of the business. You’ll be the perfect fit!
• Products—You have to get clear on the product the business has to offer and make sure there is a good industry for it. For example, Shane and Rachel’s company is in the personal development industry, and they sell seminars and courses. The business should be creating their own product and have something that makes them stand apart from the competition. Make sure that whatever the product is, it’s a high-quality one that you fully believe in!
• Process—A business’s process includes the training system, the marketing system, and the compensation plan. Is the business one where you would have to schedule your life around it or the other way around? For Lee Ann, a huge perk of joining Born to Prosper was the fact that she was able to stay at home and work completely remotely, including posting ads online and making phone calls to potential clients.

Have Realistic Expectations

Don’t expect things to happen in a super tight time-frame, such as only a couple of weeks. You’ll need some time before you can become successful. Allow time to be your ally! If you’re giving yourself a limited runway, you’re just setting yourself up for failure.

The Opinion That Matters the Most is Yours!

At the end of the day, being an entrepreneur means you have to trust yourself. You may not be able to find the accountants or the experts who believe in the business opportunity you’re interested in. But if you see the potential and you believe the opportunity, that’s all that matters.

Highlights from the Episode

• Shane introduces Lee Ann and her background with Born to Prosper. 5:40.
• If you’re looking for an outside-the-box result, you can’t ask for an opinion from an in-the-box thinker like an accountant. They won’t believe in the business opportunity. 13:00.
• Lee Ann discusses the red flags that made her not want to associate with certain businesses. 31:20.
• The difference between successful entrepreneurs and everybody else is what their gut tells them. Successful entrepreneurs trust their gut instincts. 43:45.

View the entire Industry Insider episode with Shane Krider!