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Principle 8 — Look for Opportunities

In: Beyond the Business Plan

Author

Listed:
  • Simon Bridge

    (University of Ulster)

  • Cecilia Hegarty

    (PLATO EBR)

Abstract

It has been said that ‘there is a saying among prospectors: “go out looking for one thing and that’s all you’ll ever find”’.1 It is therefore important to keep looking out for opportunities, opportunities either to do things better or to do better things. As Illustration 7.2 indicates, in exploration the unexpected often happens and some avenues tried turn out not to be as productive as might have been hoped. However, the sensible explorer knows that several avenues should be tried — and that some of these may not be revealed until the venture is under way. One feature of the future being uncertain is that unexpected opportunities can arise or be revealed, and the new venture explorer should look out for such contingencies: whether they are opportunities for new products or services, new customers, new markets or new partnerships. However, this principle asserts not just that there is a possibility of finding new opportunities, but that this is actually what explorers do — they actively search out new possibilities and assess them.

Suggested Citation

  • Simon Bridge & Cecilia Hegarty, 2013. "Principle 8 — Look for Opportunities," Palgrave Macmillan Books, in: Beyond the Business Plan, chapter 15, pages 141-145, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33287-5_15
    DOI: 10.1057/9781137332875_15
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