A few years ago, my friend’s triplets were looking for a way to earn some money. They settled on a lemonade stand—with a twist. Instead of setting up business in front of their home, on the corner, or near the grocery store, the kids opted to operate on the sidelines of a nearby high school football field—just as practice was concluding.
They weren’t sure their lemonade would sell; no one had ever tried the football field. But as thirsty athletes emerged from the field with change jingling in their pockets, the triplets’ stand was the only game in town. Within 20 minutes, they had pocketed $75.
In pursuit of new opportunities, the default can be to iterate on what’s already proven, mistaking familiarity for safety. There’s a semblance of security on a well-trodden path. But can we compete and win in the market? As a late entrant, likely not. More likely, we are positioning ourselves for the meat grinder called competitive risk.
If instead, we take on market risk—like the decision to place a lemonade stand on a football field—though initially daunting because there’s no precedent, it can significantly increase your odds of success. It’s the choice between taking a path filled with competitors or creating a new one. This principle isn’t just for entrepreneurial ventures; it works for job seekers, too.
Read Johnson’s full advice column from the December issue of Business Report. Send comments to editor@businessreport.com.
