Missed Opportunities

Editor's Note: This blog post also appears on LinkedIn.

Conversation Overheard Between 2 Friends in December 1992

Bob: “I’m buying some stock in the Snapple Company. The company is doing really well, and I think it’s going to take over the market. Want to spend that $5,000 you have on $15 a share and join me?”

George: “I think the beverage market is really over-crowded, so I think I’ll pass. Thanks for thinking of me and asking though.”

Fast Forward to 2014

Today, the stock purchased for $5,000 in 1992 would have split several times and now be worth over $40,000. What a huge missed opportunity!

Many times over my life I have been presented with an opportunity and passed for one reason or another. Some decisions proved to be the right one, while others were later identified as a true missed opportunity.

Common business sense suggests significant research and data to support the options considered. After all, intelligent business decisions are made based on data, right?

What about gut feelings or intuition? Several times over my career, data suggested one action while my intuition suggested a totally different – and way out there – action. For the most part, the data-based decisions provided the expected results, but every once in a while, my gut reaction proved to be the better path instead.

So, how do you tell which opportunities are worth the effort and which ones aren’t? What if there is no data to support your intuition? As a business leader you have to make that call, taking both the credit if it works and the responsibility if it fails.

What happens if you don’t make a decision? Well, that’s a decision in and of itself.

There are several common reasons leaders choose to not make a decision or to do nothing about an opportunity:

• We don’t have enough capital right now
• There’s too much going on in the company/market place right now
• We don’t have the right people in place
• I’m the only one who wants to do it

What commonality do you see in each of those reasons?

They are all simply excuses for not leading.

So you don’t have the capital – get it. There’s too much going on – great! Your competition won’t expect you to do anything and you’ll gain a competitive edge. Don’t have the right people? Get them or hire contractors.

Last, but not least, no one else wants to do it. Really? Then refine the message of your vision and actively share that vision with your team. 

Just like Bob and his friend George above, perhaps they aren't buying the opportunity because you haven’t sold it well.

Before founding her own consulting firm, Dawn Gannon served as a respected project management and administrative operations professional in the military, higher education, and healthcare fields for 25 years. As a Lean/Six Sigma Green Belt, Dawn’s commitment and personal mission to improve the lives of others through service to the community focuses on providing administrative and volunteer management, consumer education, public outreach, event planning, relationship-building efforts, and strategic planning. She is a contributor on LinkedIn, the author of the Management in Motion blog, and has written a number of articles for RESOLVE: The National Infertility Association on the topic of childfree living.