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.
92
479 reads
The idea is part of this collection:
Learn more about personaldevelopment with this collection
How to create a cosy and comfortable home environment
How to cultivate a sense of gratitude and contentment
The benefits of slowing down and enjoying simple pleasures
Related collections
Similar ideas to The difference between exploration and exploitation
Novelty: exploitation and exploration
Exploitation involves improving and refining existing products and processes. This typically happens through a focus on efficiency and execution.
In contrast, the focus of exploration is on identifying new ideas and ways of doing things. This involves thing...
The exploration-exploitation dilemma
Great innovators are known for risk-taking and experimentation. But optimising needs a different skill-set that relies on refinement and efficiency. It is then rare to find people that can innovate and optimise.
A typical story is that a founder launches a startup, succes...
Attitudes of excellence
There are different attitudes needed for excellence, but they depend on the pursuit. Diverse niches require exploration, creativity, and experimentation. But once you focus on a pursuit, you need a mind for efficiency and courage when you face competition.
Attitudes for each are v...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates