5 Ideas to Spot an Opportunity

First of all, rarely will someone hand you a “golden” opportunitysimply because if that was the case for everyone, it won’t be called an“golden” opportunity anymore. If you ever get a feeling about being“entitled” for an opportunity, you can eliminate that thought to avoidfuture frustration and misery.

In that sense, the title of this article is misleading a bit because you typically don’t spot an opportunity – you create one. OK, technicalities and semantics aside, how do you spot or create opportunities?

Here are some ideas to consider:

1. Look for gaps

The organization structure where you work is typically a set ofnicely arranged boxes. Every box has represents a department focusing ona particular set of activities within the organization. The boxes areconnected so that the work flows between these different departments. Between these boxes are the “golden” gaps.In other words, between the departmental work is some more work that’simportant but nobody is currently “owning” that work. This is yourchance to take ownership of that work and fill the gap or seize theopportunity.

2. Look for more responsibility

More responsibility will generally involve more work but it’s moreabout being accountable for bigger results. Just like the rich peopleget richer, the people who produce bigger results are given more opportunities to produce even bigger results. This means you are automatically put in a vantage point to spot new opportunities.

3. Look for bigger problems

General tendency is to stay away from problems and stay far awayfrom bigger problems. However, if you are not solving a big enoughproblem, chances are that you may not be doing anything important. Ifyou are not doing anything important, then chances are that you may notfind any opportunities. When many people stay away from a big problem, you need to buck the trend and go after it.

Look around and see what is the “big problem” around you. Try to finda way to get engaged to lead or be in the team for solving thisproblem. Solving a bigger problem typically would mean seizing a biggeropportunity.

4. Look for knowledge arbitrage

Knowledge arbitrage is a term coined by Gary Hamel. In simple terms, it is a process of applying knowledge from one field in another field. Remember NetFlix for renting movies and the same way remember NetJets for renting corporate jets. How about Avelle for renting luxury handbags? Do you see the power of the knowledge arbitrage?

Go beyond your company, industry and/or trade. Look elsewhere in anunrelated field and see what’s working. See if you can apply that inyour company, industry and/or trade.

5.  Look to Listen

Yes, it seems simple but most people don’t listen. Barry Grieder from Landmark Forumsays it nicely – “We don’t listen. Either we are talking or we arewaiting to talk again.” When you actively listen with an open mind, youwill start spotting opportunities sooner than later.

Why not use this last month we have available to set yourself up for creating more opportunities in the next year?