In this really interesting TED talk, Knut Haanaes talks about the importance for both companies and individuals of striking the right balance between exploration and exploitation.
Exploration means being open to new things, adopting an innovative approach and always trying to renew oneself.
Exploitation means using the knowledge and know-how that we already possess to ameliorate ourselves, our products, our services.
Though exploitation may seem like a safer option, it only reduces risk in the short term. Though exploration may seem like the best option in the fast-paced world we are living in, veering too far off from certainty can lead to failure and loss.
Finding the right balance between these two attitudes is difficult because there are many traps that keep us where we are; two traps in particular can determine failure:
- The perpetual search trap
- The success trap
To learn more about these two traps and how to avoid them, listen to Knut Haanaes’ TED talk: