Identifying new industry options
As you begin to consider industry options, you’ll also need to decide whether you should take a narrow view. This is essential if there are a lot of growth companies in the industries to which you relate best.
However, if you are part of an industry that is suffering a decline, then you will want to adopt a broad view of your options. The more you understand the dynamics of a market, the more you can spot potential opportunities.
Historically, executives tend to overrate the barriers and to underrate their own abilities to make contributions in new areas. It is, of course, up to you to take the initiative to learn something about new companies, new industries, and the problems and opportunities they face.
As you review potential industries of interest, remember that while glamorous high tech and service businesses receive 90% of the publicity today, many executives will find far more opportunities in industries that are considered low tech or non-glamorous by today’s standards.
(Originally posted on Bob J. Gerberg‘s site)
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