Beat the Luck Factor: How Strategic Patience Can Make You Ready for Opportunities
Learn how cultivating a patient, adaptable approach to decision-making can help you take advantage of lucky breaks and achieve your goals.
Promotions and career growth can be a sensitive topic in the workplace. A few weeks ago, promotions were announced in our organization. The team came together to wish the folks who got promoted and it is usually the happiest time of the year. But as you can imagine not everyone is happy. Some will feel they’ve been overlooked or passed up for opportunities that they deserved. They feel one’s got to be in the right place at the right time. While there’s some truth to it, it isn’t the full truth. Being ready and seizing the moment when it happens is equally or more important than just right time and place. It's important to be proactive and preparing yourself for the opportunities that may come your way. That's what strategic patience is all about. It's about developing a mindset and approach that helps you stay focused, prepared, and ready to take on new challenges.
In this post, I'll be sharing some tips and strategies for practicing strategic patience. Whether you're just starting out or you're a seasoned professional, these insights will help you navigate the ups and downs of career growth and development.
So, let's dive in and explore the power of strategic patience together!
Strategic patience is a virtue
Strategic patience is most often used to refer to President Obama-era’s US foreign policy towards certain other world states. It characterizes its policy as, “while status quo is less than ideal, it is better than many possible consequences of taking action.” Hear him talk through it here. But don’t worry. This isnt a political rant about whether it is correct or wrong. Instead, we’ll think about how this applies to business situations and how leaders can and have embraced strategic patience to their advantage.
This approach is not so well understood and often misunderstood for taking no action.
Strategic patience is about seizing the moment. Not pausing and waiting until you sense an opportune moment.
It is more than being at the right time and the right place. It involves carefully observing and analyzing a situation, building capabilities and resources, and positioning oneself to be ready to seize opportunities as they arise.
Tesla as a case study
Market research data from the early years of Tesla's operations shows that the EV market was still relatively small and fragmented. According to a report from IHS Markit, global sales of EVs in 2011 totaled just 45,000 units, which represented less than 0.5% of the global automotive market.
Despite the small size of the market, Tesla believed that the EV market had significant growth potential and that it would eventually become a significant force in the automotive industry. To position itself for success in this emerging market, Tesla invested heavily in developing a highly automated production line that could produce high-quality vehicles at scale.
According to a report from Bloomberg, Tesla's early production line for the Model S sedan was highly automated, with robots performing around 90% of the assembly work. This approach allowed Tesla to produce vehicles quickly and efficiently, even as it faced challenges in scaling up production to meet demand.
As the EV market grew in the years that followed, Tesla's strategic patience in building a highly automated production line paid off. According to a report from EV-volumes, global sales of EVs reached 1.3 million units in 2020, representing around 4% of the global automotive market.
By investing in automation early on, Tesla was able to establish itself as a leading player in the EV market, with a production line that was highly efficient, cost-effective, and scalable. This allowed the company to rapidly ramp up production in response to market demand and meet the growing needs of customers around the world. By taking a long-term view and investing in the right capabilities, Tesla was able to establish itself as a leading player in the emerging EV market and propel its sales to new heights.
Remember the key points:
Taking a long-term view
Investing in the right capabilities
Scaling rapidly with explosive speed
1. Taking a long-term view
We all like quick results. And good shortcuts. After all, the culture instilled in the so-called big tech companies is to be scrappy and do whatever to get things done. Quickly. As a result, junior employees as well as seasoned individuals optimize for quick results. Instead, take a long-term view and invest in your professional development and skills, even if it means sacrificing some short-term gains. For example, take on challenging projects or assignments that may not pay off immediately but will help build skills and experience for future opportunities.
As Steve Jobs famously said, "You can't connect the dots looking forward; you can only connect them looking backward. So, you have to trust that the dots will somehow connect in your future."
By taking a long-term view, individuals can focus on building a strong foundation for their careers that will pay off in the long run.
2. Investing in the right capabilities
Most leaders I work day-in and day-out me are generalists. They probably started as a business intelligence engineer or a finance analyst or a software developer and worked their way to being a Director of Product or VP of Engineering etc. My learning is that while developing expertise in a particular area is valuable, as a leader, there seems to be a growing recognition of the importance of generalists – people who have a broad range of skills and can adapt to changing circumstances. They have the ability to see the big picture, connect the dots between different areas, and come up with creative solutions to complex problems. This is particularly important in industries that are rapidly changing, where new technologies and business models can quickly disrupt the status quo.
Indra Nooyi, the former CEO of PepsiCo, is a great example of a successful generalist. In an interview with Harvard Business Review, she talked about the importance of developing a broad range of skills. She said, "I always tell people, don't just specialize in one thing. Develop a broad range of skills so you can pivot when the world changes."
Nooyi's advice is based on her own experience. She started her career as a consultant, then moved into corporate finance, and eventually landed at PepsiCo, where she rose through the ranks to become the CEO. Along the way, she developed a wide range of skills in areas such as marketing, strategy, and finance, which helped her succeed in a variety of roles.
By investing in the right capabilities, individuals can stay ahead of the curve and position themselves for success in a rapidly changing job market.
3. Seizing Opportunities with Explosive Speed
Just like Tesla, individuals can accelerate their careers by being prepared to seize opportunities with explosive speed when they arise. As the adage goes, "Success is when preparation meets opportunity." This means being proactive in building their skills and capabilities, so they are ready to take advantage of new opportunities when they arise.
When an opportunity does arise, individuals should be willing to move quickly to capitalize on it. This means being flexible and adaptable in response to changing market conditions and job opportunities.
By embracing change and being prepared to seize opportunities with explosive speed, individuals can position themselves for success in a rapidly changing job market.
Wrap-up
In conclusion, strategic patience is an approach to decision-making that emphasizes taking a long-term view, investing in the right capabilities, and rapid scaling in response to demand. This approach is applicable not just in politics and international relations, but also in business and individual careers.
By taking a long-term view, individuals and organizations can avoid making hasty decisions that may have negative consequences in the future. Investing in the right capabilities allows individuals and organizations to build a solid foundation for success, and rapid scaling in response to demand enables them to capitalize on opportunities as they arise.
Until next time…