The decision to pursue a big opportunity can prove to be a game-changer or a time sink of disappointment.
Every leader can improve their track record when it comes to seizing the right opportunities and taking full advantage of what they represent. Knowing when to let an opportunity pass by and when to chase it is a critical leadership skill worth developing.
Once an opportunity materializes, leaders engage in a common calculus to decide how to proceed. They assess how well-positioned they are to gain the upper hand in the situation, whether their skills and knowledge make the possibility viable, if others they trust also recognize the opportunity as real and highly beneficial, if gaining full advantage of the opportunity would likely yield a significant difference, if there are clearly more pros than cons to the opportunity, and whether they remain excited and positive about the opportunity after the initial euphoria wears off.
The rarity of the opportunity can also become an allure. If the chance doesn’t come around very often, it compels leaders to view it as having unique potential. They sometimes may lean toward grabbing it for fear of missing out.
The best leaders take a more analytical view of opportunities and challenge themselves in a particular way when it comes to the decision to pursue or ignore them. They know that to smartly pursue any opportunity, they must first believe one or more critical facts. Once they land on the premise or premises they must hold to consider the opportunity truly worth chasing, they do everything in their power to prove or disprove them.
Consider the common example of deciding to purchase or acquire a competitor. After the initial analysis of pros and cons, as well as fit, price, and synergies, a leader may be inclined to pursue a deal.
But before they get too excited, they identify the facts critical to making the decision a big winner or a big loser. In this example, perhaps the fact they deem most important is the absence of future debt, liabilities, or litigation for the acquired entity. Exploring those issues and proving that they are insignificant would, in this example, push them over the edge to purchase or convince them to back off if they were material.
Every opportunity has one or more key facts and premises that are essential for the potential of the opportunity to be realized. Good leaders identify those facts and premises early and then work hard to prove or disprove them.
When opportunity knocks, doing this analysis will often be a lifesaver. The best opportunity is often to stay the course and refrain from pursuit, but the only way to be sure is to do the full analysis.
Opportunity often comes disguised as one-sided or asymmetrical when, in fact, there is real hair on the dog, as they say. Decide what premise needs to be determined before taking the leap. You will fall on your face less often as a result.
A Daily Dispatch from the Front Lines of Leadership.
