What does your company tend to downplay when evaluating an opportunity?
We asked that question to our audience, and majority answered that the most de-emphasized aspect was a capacity to complete.
What happens when deciding on opportunity that prevents us from viewing things in an objective light? Sure, plotting a course and knowing where you are headed with unfounded adjustments is difficult, but that’s just the thing with opportunities … we need to get used to idea that it’s necessary to asses them before we jump on board or get seduced by the promise.
The single way to have confidence when your direction is tested – and then requires adaptation or updating – is to use a group of tools plus skills, AND to maintain a consistent level of awareness.
Awareness is linked to the accurate data, and furthermore to the right strategy and business plan. It requires an unbiased feedback loop.
This can be hard to do, especially since we rely on bias to help us know what worked, and keep doing more of the same. Not to mention that when you carefully cultivate certain actions to drive culture there can become a rigidity in the way people do the work. What your company’s feedback loop contains is important. While your greatest asset, if unchecked, this practice can become your greatest blind spot.
“A wise business person needs to see the good in any failed business decision, and be able to capitalize on it by gaining experience and knowledge to prevent making the same mistakes that it caused the failure in the first place." – Heidi Mazur: Software Developer, and Lifestyle Entrepreneur
As long as you’re coming from the right place, and you understand the concept, that true profound concept of trust, you’re there to help make life amazing for every person in the company, as well as yourself. – Erika Feinberg: EVP Thrive Programs Trainer, and Service Excellence Influencer
“Creators have a process. It’s exhaustive. It’s iterative. You are building and building and building and building, which is a lot like SWOT, because there’s a rigorous structure to it." – Adam Mutschler: Partner, The Kedar Group
“On a quarterly basis [we] will have specific opportunities that we’ve laid out to look ahead. We believe that these are opportunities in front of us that we want to focus on capturing, and we make those a priority. – JW Rayhons: President, Joshua Development
“John Kotter did a 10 year study on companies that show things like profitability. When they switch from being production oriented to people oriented, profitability went up on average 756% over 10 years." – Chuck Blakeman: Founder/Chief Transformation Officer, Crankset Group
“Our brain is embodied in our body and the moment we realize we can’t/shouldn’t separate our brain from our body … we can analyze what’s happening and think differently.“ – David Amerland: Author, Speaker, Analyst, Strategic Advisor
As an additional reading material, we suggest following articles:
The Surprising True Story Of Better Decisions At Work by Erik Larson, Forbes
Redefining Work for New Value: The Next Opportunity by John Hagel, Jeff Schwartz, and Maggie Wooll, MIT Sloan Management Review.
Aristotle can help young leaders create meaning in difficult moments by Kayvan Kian, Mckinsey & Company
We hope these publications, and advice from our featured business leaders will help you hone your decision-making skills, and increase your chances of grasping the right opportunities.