How often are innovative ideas thought of but not followed through? Too often. Maybe a little more courage is required?
There are few things that get my spirits down more than a missed opportunity.
Two memories leap to mind.
Back in the early 2000s I was driving my car with a mate alongside me and we were ruffling through a refidex (some of you will have to Google what that is) and I said: “You know, wouldn’t it be great to be able to see where we’re going on a phone or screen in the car?”
My mate scoffed. He said: “You want footage of the entire earth???”
“You’re right,” I replied. “It’s not realistic.”
When Google Maps made the refidex obsolete faster than you could say “Blockbuster Video”, my mate sent me a text message saying something like: “When you came up with the concept of Google Maps I wish I hadn’t laughed!”
Sure, I may have had an idea for the product but the chances of me being able to create it are next to zero. So what about this for a more realistic example?
Back in 2013 I posted the following status on Facebook: “So… Anyone got any advice on how I can get my hands on some Bitcoin? And is Bitcoin the plural or Bitcoin? I’m out of my depth…”
At the time Bitcoin had dramatically increased in value between January and November from around $50USD to well over $1,000USD.
Most of the comments from my friends said it was a bubble that would likely pop.
Well, when Bitcoin smashed through $18,000USD in 2017, I recalled this status and felt a little annoyed. That was one heck of a missed opportunity!
While Bitcoin has settled at around $10,000USD (it has actually slide by more than 8% this week at time of publishing), it did get me thinking about what held me back from pursuing those two ideas earlier.
The common theme among both missed opportunities seems to be a lack of confidence to wade into an area I knew little about. My expertise in creating technology capable of mapping the entire world is only matched by my lack of knowledge about investing in cryptocurrency.
The thing is, I probably look back at the missed Bitcoin opportunity with the most regret because I didn’t pursue educating myself. I asked a question and when I didn’t really get an answer, I moved onto something new. Something safer.
The truth is: I needed to show more courage and persistence in really seeing an idea through.
I reckon this is the same for both individuals and organisations. How many times have the senior leaders of an organisation seen an opportunity and felt it wasn’t the right time to explore it? Surely the right time to explore an opportunity is when you think of it.
So, what’s the lesson? While not all individuals or companies can devote the sort of resources to R&D fads like some of the world’s largest organisations (Apple, for example, spends close to $20Bn on R&D each year) maybe it’s worth carving out some of your budget and time to the pursuit of new ideas.
The right time to explore an opportunity is when you think of it.
But for individuals this is surely a challenge. After all, if you spend an hour dreaming of the next big thing, then that’s a billable hour lost. But if you do allow yourself to dream and then follow through with a thorough investigation of your idea, you may come up with the next Google Maps.
Now that’d be worth more than just a few billable hours. And you wouldn’t be like me looking back on missed opportunities with regret.
