Enemies of Opportunity -- Fanno7

Strategic Planning — Strategic planning is about saying "We want to go there. Let's make a plan to get there." Opportunity seeking is an open-ended exploration; it is the exact opposite of planning.

Focus — Focus implies a narrowing of concentration. Opportunity seeking involves a broader view, looking outward.

Analytical Mindset — he analytical mindset is the antithesis of opportunity. Analyzing concentrates on what is already there; it does not discover the new.

Quantification — A manager’s demand for quantification can hinder finding opportunity. Opportunities are usually qualitative in nature.

More Data — Collecting more data does not eliminate the need for ideas. Data does not create opportunities.

Committees — Committees are not good at identifying opportunities. Fear of judgment by a peer or a supervisor inhibits one from expressing unusual ideas that can lead to opportunities.

Questions —Sometimes questions can be the enemy of opportunity, such as "what is your rationale?" In opportunity seeking, there is no rationale; we are just exploring.

Successful Business Models — Successful business models can encourage a business to continue doing things the same way when perhaps they should be doing things in new ways.

Modern business has many built-in biases against the discovery of opportunity. How many times have we heard the statement "that market is too small," or "that acquisition is too small?" This is not opportunistic thinking. This is taking the safe road. This is looking backwards. All large markets were small markets at one time. All large companies were once small companies. You must break free from the bias toward safety.

Most management teams are skilled at strategic planning; however, few are proficient at developing an opportunity strategy. Business people are taught to analyze and solve problems, not to discover opportunity. Creating opportunities is an entirely different skill set.