• Exploration: The focus is on experimentation, risk-taking, discovery, and innovation. People who thrive here are more flexible and comfortable with uncertainty.
• Exploitation: The focus is on execution, refinement, and efficiency. Successful people are good at weighting options and making optimal choices.

Startups are in the exploration phase and change to the exploitation phase when they become mature businesses. It can be a costly mistake when they are unwilling to switch back when needed.

The key to success is to balance exploration and exploitation.

• Conduct an ambidexterity audit. Consider how much time, energy, and money you are dedicating to exploration relative to exploitation. Ensure that you are not dedicating100% to one or the ...