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
Avoiding the success trap
Many organisations focus on the exploitation of their historically successful business activities while failing to explore new territory to improve their long-term success.
Famous examples:
- Polaroid didn't respond to the transition to digital photography. Another company that fell into this trap is Kodak.
- Blockbuster was a home-movie and video-game rental service provider that did not respond to the rise of mail-order and video-on-demand services.
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How to cultivate an ambidextrous mindset
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 ...
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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. Successfu...
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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...
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