How are you evaluating new opportunities?

A colleague once shared their criteria for evaluating new projects and opportunities. It is slightly different from mine, though I find a lot of similarities in their maximum criteria.

After speaking with another person recently thinking about something similar, I thought it may be useful to share their thoughts here.

Based on freelancing world, it may be helpful to evaluate and select opportunities effectively, based on two sets of criteria: min and max.

Minimum Criteria:
Profit Margin: Seek projects with a % profit margin above your Dream Rate.
Strategic Involvement: Engage only when you have a say in the strategy.
Positive Collaboration: Prioritize projects that involve people you respect and admire.

Maximum Criteria:
Skill Development: Opt for projects that enhance your capabilities.
Clarity and Reasonableness: Choose opportunities with clear time frames, expectations, and deliverables.
Portfolio Enhancement: Assess if the project would add value to your portfolio.

If a project meets all minimum criteria and at least 2 maximum criteria, consider it a viable option. At least, that's what I do 😀

Remember, you can approach this differently.

The most important thing is to know what you are measuring and embrace the merits and otherwise of that decision.