As the saying goes, “Opportunity knocks only once.” But smart entrepreneurs and business owners know that not every opportunity – even the really good ones – are for you! Here is when, how, and why to say “no” to a good opportunity when it comes your way – and why saying “no” will actually help you become more successful.
Why Say No?
There are many reasons to say “no” to a great opportunity. First of all: You can only handle so much work. And secondly, how many “great opportunities” have you taken that sounded great in the beginning, but fizzled out later on?
But here’s the most important reason why you should say “no” to some good opportunities: It’s when the opportunity is NOT aligned with your core goals, skills, and values. Let’s face it—life is short. And it’s silly to waste your time on something that ultimately won’t pay off, or might even make you miserable.
My advice: Whenever a mouth-watering opportunity comes your way, don’t be so quick to take it. Do some quick analysis first. Here are some criteria to keep in mind when deciding whether to take or say “no” to an opportunity:
1. If the opportunity brings work that will affect your current workload negatively, then think twice about taking it. Nothing’s worse than having one gig and taking a second one … but in the end losing both because you couldn’t handle them.
2. If the opportunity represents taking a chance – and if it’s a chance you can’t afford to take – don’t take it. Yes, entrepreneurship is all about risk, but don’t take foolish risks!
3. If the opportunity brings work that’s outside your skill set, it may not be a good one.
4. If the opportunity affects your higher values negatively—whether those higher values include your spirituality, family, health, or others – then better be ready to say “no.”
5. If the opportunity sounds too good to be true, it’s probably a scam.
How to Say “No”
It’s easy to say “No, thank you” to an opportunity, and whoever offers it, if you really have zero interest in it. But what if you’re offered an opportunity by a valuable business partner you don’t want to burn bridges with? Here are a few techniques you can try:
1. Indicate that at the moment, you can only take part of the opportunity, not all of it.
2. Let them know that it’s not a good time, as you currently have too much on your plate.
3. If you truly value your business relationship with the person or company offering the opportunity, advise them to kindly keep looking for alternatives—and come back to you as a last resort. That will give you time to make the necessary adjustments.
Ultimately, you have to decide: What are your core goals? What is your true north? What is your value proposition? Having a clear idea of what you and your company stands for will help you sift through the opportunities that come your way, and find the ones that will not only net you a hefty profit but also help you stay on course.
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