Getting Started: Preparing for the world of entrepreneurial adventure (Opportunity-Based Thinking)
Published by CPA Canada in CareerVision
One of the fundamental ways that a startup company can find success is by focusing on opportunities. This could include new ways of doing things, a better solution, or markets where demand exceeds supply, to name a few. Being successful in this regard requires a special perspective, one that understands customer needs and wants today, and also in the future. It requires the ability to look beyond the company at hand and pay greater attention to the marketplace, outside your window.
Corporate jobs are often more about focusing on what’s in front of you, ranging from tasks that relate to the past (think audits and tax returns) or immediate future. Although you might look forward from time to time, as in the case of budgeting, forecasting, or planning initiatives, sitting back and considering what the future might look like and the opportunities that could be created isn’t typically in the mix. This is a much different range of view and represents a successful entrepreneur’s golden time.
Why it Matters
You might have been asked at some point in your life to “read between the lines” or observe “the negative space”. Both of these concepts require a person to see what isn’t obvious at first blush, and some people find it quite difficult. It requires looking past what’s in front of you and connecting the dots to arrive at what could be a very different answer or idea. Apply this concept to a startup company (or any business looking to expand its horizons, for that matter), and you will begin to understand what opportunity-based thinking is all about.
Businesses need people who can bring this important perspective, in order to be successful over the long term, as many simply do not have this ability. Missing opportunities in the marketplace has led to the failure of many companies, as well as career setbacks for a host of business leaders, entrepreneurs, and senior team members. Prepare in advance by learning how to make the marketplace your new BFF, providing access to the powerful opportunities that await!
In a world of glancing in the rear view mirror, you can begin to practice the key skill of looking forward in advance of when it’s actually needed; here’s how:
- Take on forward looking projects: Bring a new approach to organizing your workload, by separating tasks or projects that require a past or present perspective, as compared to those that look forward. You will likely find that you have far more work that involves looking backwards or at what’s in front of you, so seek out projects that look ahead to balance the scale. Projects that involve budgeting, forecasting, and planning can be a good place to start.
- Trend is your friend: Taking on tasks that involve research or an external focus will help you to understand what drives markets, key trends, and where the opportunities are. Once you spend some time doing this type of work, it will become obvious just how different the perspective is.
- Look outside of your own organization: Challenge yourself to spend a portion of every day thinking about what goes on outside of the four walls of your organization, such as with customers, competitors, and industry/market developments. Start with 20% of your time and progress upwards from there to develop a meaningful external perspective (and, no, 50% is not too high!).
- Check in on a regular basis: It might be relatively easy to make some changes in routine for a short period of time, but seeing opportunities that will propel a company forward only starts to happen after you’ve developed the necessary skills to do so. Whatever you call it; a mind shift, a fresh perspective, or creative visioning, it won’t happen unless you “check in” with yourself periodically to ensure that you haven’t fallen back into a focus characterized by short term, internal matters. Change your perspective for good.
The ability to look forward in advance of when it’s needed spells opportunity, no matter how you slice it. What’s more, it can lead to opportunities for you to play a key role in the startup companies that need this perspective more than either of you know.
- MEDIA: CBC News Network Weekend Business Panel (May, 2021) - May 3, 2021
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- MEDIA: CBC News Network Weekend Business Panel (February, 2021) - February 8, 2021