Whether you want to find ways to identify and exploit opportunities or you just want to see what it means to exploit opportunities, you may also want to find out which category of individuals you belong in regards to exploiting opportunities.
In that regard, I found out three common types of people and how they handle opportunities. The importance of learning about these groups of people as it comes to exploiting opportunities is that it can show you your areas of weakness and what you need to change to be more lucrative in your productive life.
According to the Wiley Encyclopedia of Management, “opportunity exploitation refers to activities conducted in order to gain economic returns from the discovery of a potential entrepreneurial opportunity“. In business terms, it is one’s readiness to recognize and take advantage of a business opportunity to make profits and gains.
Several factors influence people’s decision to maximize opportunities. In a study carried out among 447 respondents on their willingness to decide to exploit opportunities along the Mekong River Delta in Vietnam, the dynamics, diversification, and generosity of the market (capability to accommodate a lot of investors without intense competitiveness), as well as funding support, are factors which impact the exploration and exploitation of business opportunities. [1]the-role-of-opportunity-exploration-exploitation-and-entrepreneurial-intentions-of-the-people-in-the-mekong-river-delta(abacademies.org)
Other identified factors associated with entrepreneurs’ likelihood to exploit opportunities include their perception of more knowledge of customer demand for the product/service, more enabling technologies, greater managerial capability, and greater stakeholder support.[2]Entrepreneurs’ Decisions to Exploit Opportunities – ScienceDirect
Given any of the above, three categories of people could be identified based on their ability to find and exploit opportunities. This write-up aims to open you up to discover what is keeping you from exploiting new opportunities and boost your creativity and profitability.
3 Types of People & How They Handle Opportunities
You will see in this section which category you belong to, the major characteristics of each category, and how you can improve yourself to better identify and exploit opportunities around you, be it business opportunities or otherwise.
1. Those who don’t give a damn
Opportunity, they say, favors the prepared mind. Originally put, “In the field of observation, chance favors only the prepared mind”, Louis Pasteur.
Opportunities will evade you if you are not prepared to see them. These people do not care to look out for opportunities. They are often too focused on the negative or positive situations surrounding an opportunity without making efforts to identify the opportunity that may be surrounding it.
For example, While the pandemic and its sequelae badly hit many companies, Amazon saw about a 208% increase in profits during the pandemic compared to the previous year before the pandemic. This is because they looked beyond the turbulence created by the pandemic and identified the opportunity.[3]Cruising through the crisis: How Amazon became the biggest gainer in the pandemic – Nancy Jyani, 2024 (Ssagepub.com)
Those who don’t give a damn about new opportunities do not care to look for them. Hence, they cannot identify them, talkless of exploiting them even when others are massively reaping gains from the new available opportunities.
2. Those who start and give up midway
Statistically, over 95% of people fail to achieve success due to a lack of focus and perseverance. These people can identify an opportunity but they are too scared to exploit it, or when they do, they are too impatient to successfully face the challenges that come with it.
There are certainly going to be some levels of resistance when exploiting an opportunity you earlier identified. These could be in the form of competition, perception of self-inefficiencies, and non-availability of funds or capital. However, these shouldn’t deter one from pursuing one’s goal but one should look for alternative ways to make the dream come true.
3. Those who stay passionate till the end
This is the category of people who pursue an opportunity and see that they fully exploit it to the best of their capability. They are the resilient ones who never give up. They allow their passion to propel them through the challenges, and eventually achieve success.
Setbacks, busy schedules, clash of responsibilities, and demotivation are some of the major challenges encountered when one makes efforts to exploit an opportunity.
You also need to remember that you are not the only one who is pursuing the opportunity. But what makes the difference between those who eventually succeed and those who fail is their level of perseverance. It’s okay to fail sometimes but not giving up turns the failures into giant steps to success.
Essential Steps To Exploiting Opportunities
Having seen the three types of people and how they handle opportunities, let’s see some essential steps to exploiting opportunities and becoming successful in life.
1. Make your dreams clearer
The first step in exploiting opportunities is knowing exactly what you dream of. Sometimes, dreams may be unclear. You might not know exactly what they would become but you have to keep going.
One way to get a clearer picture of your dreams is by looking for things that align well with your passions and purpose in life. The opportunities you are looking for are most likely going to be related to these.
When you have a clear plan of what you want to do, your focus becomes more precise, and you are more likely to identify and exploit new opportunities when they come your way.
2. Be open to new things
You don’t always have to stick to routine methods and things. Be open to trying new things, because they could hold the keys to unlocking new opportunities for you.
Avoid being stereotyped into believing that things will continue to be done the same way as they have always been. Go with the flow, harness new technology, and methods, and be open to venture into new things that can bring your profit. By being open to new things, you will not be too scared to exploit an opportunity when you see it.
3. Be willing to take risks
New opportunities come with the risks involved. Being willing to take calculated risks is one important trait for achieving success.
The decision to take the opportunity itself is a great risk because you are venturing into something you are not quite sure its outcome will be. However, without this willingness, one might miss out on potential lucrative ventures from the very start.
4. Focus on the goal
Once the goal is clear, you need to keep your focused on it at all times. This laser focus is important because, without it, challenges and setbacks can easily discourage you from going on with it.
Despite the challenges, always keep your eye on the price. Sooner than later, you will achieve your desired success.
5. Get assistance
Exploiting opportunities also requires you to seek help and assistance in your journey. This is particularly important after you have committed to your decision to exploit an opportunity. Relying on your abilities without being willing to get help can make exploiting an opportunity both difficult and unrealistic.
6. Don’t give up
To exploit your new-found opportunities, you must stay strong enough never to allow yourself to give up. Even when you fail, fail forward. Regardless of the challenges, you can make it through if you don’t give up.
7. Continuous improvement
Continuous improvement is a critical thinking method that involves continuously evaluating your progress and achievements to improve on them. It originates from the Japanese term, Kaizen, meaning change for the better.
This Japanese philosophy believes that improvement in productivity and results is a gradual and systematic process. You have to keep searching for ways to get better no matter how much success you have attained.
