The difference between exploration and exploitation
- 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.
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