How to find "Opportunities" - Part I
Oprah Winfrey said that “luck is preparation meeting opportunity.” That’s great, but Thomas Edison said that “the reason a lot of people do not recognize opportunity is because it usually goes around wearing overalls looking like hard work.” The problem is that hard work also looks like hard work! So the trick would be to be able to sift through apparent opportunities and apply a litmus test to see if they are real.
In the next few posts I’m going to be describing opportunity in its various shapes and sizes. As a leader, you want to make sure that what you thought was an opportunity, doesn’t turn out to be just hard work that hasn’t even bothered disguising itself!
Principle 1 – Where there are asymmetries there are opportunities
An asymmetry is when someone with product A is looking for a market for such product and you can introduce them to that market. Or it could be that person X has a skill that person Y would pay dearly for and you can bring them together. Agents, talent scouts and sales people are able to bring these parties together for a profit, so that everyone wins.
Another form of asymmetry is situational. Labour gravitates to the country with the lowest wages. The asymmetry is due to the difference in standard of living in both countries, somebody is “exploiting” that asymmetry. While I don’t agree with exploitation, I think that situational asymmetry can be harnessed to the benefit of all parties. Another asymmetry in this global economy is the fact that when I am sleeping, someone on the other side of the world is awake and vice-versa. That could benefit clients who want 24 hour support, for example. Rather than paying an inflated wage for staff to wreck their biological clocks and stay awake overnight, I can divert the phones to the side of the world where it is daylight!
Perhaps a group of artists needs an entrepreneur to further their cause. They can continue their aesthetic pursuit and the entrepreneur can bring business to them, all in exchange for a commission fee.
In real estate, when you see a building that costs less than what it would cost to rebuild it, there’s “asymmetry” and an opportunity. (By the way, the deal of a lifetime in real estate happens every week, so don’t stress about wasted or lost opportunities) But it’s only an opportunity if you are in a market that has bottomed out and is about to turn.
What asymmetries have you seen? How could you ethically, legally and morally use “asymmetry” to make an honest income?
Mario Cortés is a Leadership & Management Trainer. Accredited Diplomas in Leadership and Management are available with face-to-face workshops. Our upcoming events are in Sydney, Melbourne, Hobart & Townsville. Email: [email protected] for other cities and events or check: www.biznetau.com