8 Keys To The Art of Spotting Shifts in Opportunities Before Others

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Strategy & Business Model Section | 1

8 Keys To The Art of Spotting Shifts in Opportunities Before Others

By Martin Zwilling | Inc Magazine | January 11, 2024

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The ultimate compliment that any business leader can get is that they can “see around corners.” This is a statement that they are willing and able (and successful) at projecting market and technology turns, not just straight-line innovations. They have the courage to make bold decisions, often contrary to conventional market research.  Seeing around the corner does not mean closing your eyes and jumping into the unknown. We can all point to the casualties from that approach. Great business professionals seem to all exhibit a common set of attributes that go well beyond the basic skills required to be a renowned leader:

1. “Larger than life” personality and presence.  Branson’s adventurer escapades are legendary, and Steve Jobs made new product presentations an experience, as well as a sales pitch and an education.
2. Strive for breathtaking design, as well as function.  Outstanding new venture founders remember that great design motivates and excites customers, often even more than function. Design is not just about making things look pretty. It gives a product structure and style and makes it memorable and unique.
3. Practice learning as an action sport.  Business leaders who depend on the ‘traditional’ learning process (schools, formal classes, practice problems, and risk-free iterations) are doomed to repeat the paradigm. The best professionals attack learning like a sport, savoring the challenge, and practicing it every day.
4. Possess extraordinary passion and energy.  Visible passion is a quality that helps successful business leaders choose their direction, attract clients, investors, and find success. They also remember that energy is a resource that must be renewed, so they treat themselves well both physically and emotionally. 
5. Believe there is no such thing as a crazy idea.  For aggressive leaders, crazy is a compliment, and the next new market may be just around the corner. Besides, many of the most commonly used items today, like disposable razor blades, were deemed crazy ideas before their inventors made a fortune.
6. More to business than dollars and cents. Business stars who see around corners usually start with the “big” vision of making the world a better place. Guy Kawasaki talks about making your product a “cause,” rather than just focusing on how much money you can make, and recommends adding a social enhancement element for maximum impact. 
7. Not afraid to kill the cash cow.  Holding back on promising new businesses to maintain old ones is the bane of many established players. Unfortunately, playing defense is easier than playing offense. Steve Jobs didn’t hesitate to kill the iPod in favor of the iPhone and iPad, which moved the market to a whole new level and kept competitors at bay.
8. Build a great team and nurture them.  The best new venture leaders know that investors invest in people, not ideas. Customers buy from people, not companies. With a team of the best people, the sum is greater than the parts, so your chances of surviving the walk around the corner are optimized. Surround yourself with people smarter than you.

But all these attributes don’t mean that anyone should expect to get it right every time, or certainly not the first time. All the leaders mentioned here have had their share of failures and false starts. The key is learning from a failure and having it increase your motivation and focus, rather than de-motivate.

3 key takeaways from the article

1. The ultimate compliment that any business leader can get is that they can “see around corners.” This is a statement that they are willing and able (and successful) at projecting market and technology turns, not just straight-line innovations. They have the courage to make bold decisions, often contrary to conventional market research. 
2. Great business professionals seem to all exhibit a common set of attributes that go well beyond the basic skills required to be a renowned leader.  These are: Larger than life personality and presence; Strive for breathtaking design, as well as function; Practice learning as an action sport; Possess extraordinary passion and energy; Believe there is no such thing as a crazy idea; More to business than dollars and cents; Not afraid to kill the cash cow; and Build a great team and nurture them.
3. But leaders also share their failures and false starts. The key is learning from a failure and having it increase your motivation and focus, rather than de-motivate.

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Topics:  Strategy, Business Model