Introduction

According to the Oxford dictionary, an opportunity is ‘a time or set of circumstances that makes it possible to do something.’ Webster’s dictionary has a similar definition, describing an opportunity as ‘a favourable juncture of circumstances’ and ‘a good chance for advancement or progress’.

These definitions seem clear and simple at first but they’re actually quite open and ambiguous. Neither of these definitions actually explain what makes something ‘possible’, ‘favourable’, or ‘good.’ Instead, they leave the interpretation to the individual. This is quite appropriate for opportunities because, as you’ll soon find out, opportunities are really in the eye of the beholder. Everyone views opportunities differently. In fact, what some may see as an opportunity, others could see as a problem. This topic will equip you to have an informed perspective about what can make something an opportunity so you can make the judgement call yourself.

A matter of perspective

One way to understand the different ways people view opportunities is through the parable of the blind men and an elephant, illustrated below. Notice how every person has a different perspective, even though they’re all focused on the same thing. This is just one example of how many different perspectives can be developed about the same thing – and it’s exactly the same with opportunities.

Do you have a competitive advantage?

How someone sees an opportunity will change depending on a myriad of factors that can give you a competitive advantage. Having this advantage means you are better equipped to respond to an opportunity than other people who may be aware of the same opportunity. Some of the factors that can make up your competitive advantage include:

1. Expertise: you have the skills and knowledge to develop an effective response to the opportunity
2. Experience: you’ve got professional or personal experience that will help you succeed in this space because you can understand the opportunity and its context
3. Timing: you’re developing your response at the right time for you, the audience and the context
4. Resources: you have, or have the ability to obtain, the required resources to develop a response to the opportunity
5. Location: you’re in the right geographic location to successfully respond to an opportunity

Remember this isn’t an exhaustive list, there are always going to be multiple factors at play and these will change for every potential opportunity. The old saying that one man’s trash is another man’s treasure rings very true when talking about opportunities. We’ve included some quotes from people from all different walks of life highlighting how they see opportunities to really help you embrace this idea.