How to Recognise a Great Opportunity

How to recognise a great opportunity

Do you wait until great opportunity knocks, or are you constantly looking for the next break? Either way, traditionally, the fact you seek opportunity has a somewhat negative connotation. In the former scenario, you could be seen as passive and not hungry enough for results, and in the second, you might be seen as a ruthless opportunist always on the lookout for the next opening to exploit.

This HBR article identifying the action logic for leaders described the role of the opportunist with distinct negativity.

“Our most comforting finding was that only 5% of the leaders in our sample were characterized by mistrust, egocentrism, and manipulation. We call these leaders Opportunists, a title that reflects their tendency to focus on personal wins and see the world and other people as opportunities to be exploited.”

The Oxford Dictionary definition of ‘opportunism’ is: “The taking of opportunities as and when they arise, regardless of planning or principle.”

When vision meets opportunity

I was working with a team many years ago when I wanted to buy into a customer service development plan. With that, I had a £3000 budget. I approached half a dozen companies who quoted me over £30,000, way above my budget. Meeting with the senior team, there was an air of defeat. I knew many were writing the plan off. Despite that, I asked them to keep an open mind and not to shut down the possibilities. I knew there had to be a way to get this important learning to the team. I pushed the plan to the back of my mind and went about dealing with other pressing priorities.

A couple of weeks later a colleague asked me if I was still interested in buying in customer development. I said yes, and she put me through to a company that had managed to access grant funding for the development I wanted.  The upshot: I managed to buy in accredited development for a team of over 30 for under £1000.

I saw this as a timely opportunity, which I didn’t hesitate to take advantage of. There were several things about this opportunity that made it an eventual success.

Here are the 10 characteristics of an opportunity you should seize:

1.    It furthers your vision

If you have a vision, you must be prepared to take opportunities that further your vision. Your plan isn’t always going to materialize in quite the way you expect.  You must be open to opportunities that come along, and more importantly, be prepared to seize them when they do.

2.    It helps you grow in trust and patience

Opportunities that help you to grow your business or meet your vision aren’t always obvious. You have to develop a level of patience trust, and open-mindedness which can often take practice. Developing patience and trust in business is key to weathering the uncertainty experienced, certainly in the early years.

3.    It doesn’t always look like you imagined

I didn’t know there was any kind of grant funding available to the kind of business I sourced the training for. I hadn’t for a moment thought to look. While I was keeping an open mind, I had envisaged the solution would present itself as a way we would find ways to raise the $30,000 needed. Not in my wildest dreams did I think it would eventually cost us less than $1000. The opportunities that come your way may look nothing like you had originally imagined, or considered. Keeping an open mind is essential and pausing and considering before you say no is imperative.

4.    It’s a result of patience and trust

You’ve heard the saying, “Where there’s a will, there’s a way.” Patience and trust are some of the hardest characteristics to develop. But if you believe there is a way, and it’s coming to you, then you have to develop patience and trust to sit in that uncomfortable place of waiting. If you close down the possibility because you currently can’t see the way forward, then you simply haven’t developed these traits quite yet.

5.    It’s a win/win opportunity

This was not an opportunity that cost anyone anything. Everyone came out as a winner in the process. If you take an opportunity that you know is to the detriment of another, then you are on the wrong track. A successful opportunist will not act in a way that deliberately hurts someone else along the way.

6. IT ALIGNS WITH YOUR CORE VALUES

A great opportunity aligns with your core values. It’s essential to recognize opportunities that resonate with what you fundamentally believe in. When an opportunity aligns with your core values, you’re more likely to approach it with passion and dedication. This alignment not only ensures that you remain true to yourself but also fosters a sense of fulfilment and integrity. For instance, if sustainability is a core value for you, seizing opportunities that promote eco-friendly practices can be both rewarding and impactful. Staying true to your values ensures long-term satisfaction and success in your endeavours.

7. IT OFFERS ROOM FOR INNOVATION

Seizing a great opportunity often means stepping into uncharted territory where you can innovate and bring fresh ideas to life. Opportunities that offer room for innovation allow you to differentiate yourself and your business in the marketplace. These are the moments when you can leverage your creativity and unique perspective to create something new and valuable. For example, when you identify a gap in the market that aligns with your skills, you have a chance to innovate and meet an unmet need. Innovation-driven opportunities can lead to significant growth and set you apart from competitors.

8. IT BUILDS STRATEGIC RELATIONSHIPS

A great opportunity often comes with the potential to build strategic relationships. Networking and forming alliances with key players in your industry can open doors to future opportunities. These relationships can provide support, resources, and insights that are invaluable for your growth. For instance, partnering with a well-established company can give you access to their customer base, expertise, and market reach. Strategic relationships foster mutual growth and can lead to collaborative successes that might not be achievable alone. Always consider how an opportunity can help you build and strengthen your professional network.

9. IT ENCOURAGES PERSONAL AND PROFESSIONAL GROWTH

Opportunities that challenge you to step out of your comfort zone and develop new skills are often the ones that lead to significant personal and professional growth. Embracing these challenges can help you evolve and become more adaptable and resilient. For example, taking on a leadership role in a new project can enhance your management skills and boost your confidence. Great opportunities push you to learn and grow, enabling you to handle future challenges more effectively. They prepare you for bigger and better opportunities down the line, contributing to your overall development.

10. IT HAS LONG-TERM POTENTIAL

When evaluating an opportunity, consider its long-term potential. A great opportunity should not only provide immediate benefits but also have the potential for sustained growth and success. Assess whether the opportunity can lead to future expansions, increased market share, or other long-term gains. For instance, investing in a new technology that promises future advancements can position you as a leader in your field. Long-term potential ensures that your efforts and resources are well-invested, providing ongoing rewards and stability. This foresight helps in building a robust and future-proof career or business.

You have to take opportunities if you are going to be successful in life and business. In this new era of ethics and transparency, the most successful people will choose the opportunities that will empower, rather than detract from, themselves and others.