1/Once you recognize a any biz opportunity, each person/org needs to reappraise what resources they have available. This is personnel, capital, inventory, relationships, processes, etc. And these resources often can be reshuffled in new ways to benefit from a situation.
2/ Of course one needs to first start understanding what is the most you are willing to lose (clip left tail) and then you need to understand how fat tailed success looks like? For our company's retail strategy, 1 Masks & More Outlet store is not worth the effort.
3/ It doesn't become material for our company until we have 5 stores open. But we evolved quickly to add partnerships and something looking like franchises. This could result in quick growth. These last two ideas are still percolating. These stores have a limited time frame.
4/ And here is the #1 quality of responding to a perceived opportunity: ACTION. This ability to act trumps everything else with the exception of avoiding ruin. The inability to act with boldness afflicts so many. Capital isn't usually the #1 problem, action is.
