Despite Carpe Diem be a rather overused and often quoted Roman proverb, in the world of business it can make all the difference. Investigating Answers in their article said it best "The bottom line is all investments have some risk." and today we will see how opportunity is best seized than lost.
Missed Opportunities Quaranteed
Virtual reality can bring faraway people together and take us places we can't physically go. That should make it the perfect breakout technology for both personal and professional life in the stay-at-home era — yet it remains a niche product.
Despite a perfect opportunity for VR to expand its market as most of us were in our house doing practically nothing. So why didn't VR companies use the time to push their product to a larger market? According to this article by Axios, a number of reasons. So lets speculate and see.
For starters, lets be perfectly honest, as the article pointed out: "It's still an uncomfortable experience for long periods of time. Even at its best, today's VR isn't to the point where it is comfortable to spend hours on end in a headset. And even if it were, the devices' battery life won't support that". Combine this with the fact that there are not many developers creating programs for VR that are still easy to use and not a complete nauseating experience with the current tech VR has.
Photo by Hunters Race on Unsplash
Add to the mix a rather steep price, unwieldy controls and a bit too much hype and misleading expectations and you have a missed opportunity on what would have been an otherwise great opportunity for VR to establish itself in the market. After all, that is exactly what applications and phone games did during the pandemic.
But a missed opportunity for a business may not just be about losing money in raw sales. Knowledge is power and research wasted is an opportunity missed. For example, Sciencemag in their article discussed a very interesting opportunity being missed.
Photo by Mantas Hesthaven on Unsplash
Without Research There Is No Development
There’s nearly universal agreement that widespread, long-lasting school closures harm children. Not only do children fall behind in learning, but isolation harms their mental health and leaves some vulnerable to abuse and neglect. But during a pandemic, does that harm outweigh the risk—to children, school staff, families, and the community at large—of keeping schools open? Well hopefully we will never know, because the only country, Sweden, that had the chance to answer that question once and for all, did not use the opportunity to do some research.
Sweden was one of the few countries that did not close its schools during the pandemic, and although this might seem like a research more useful to Government officials and medicare professionals, it would also be folly to dismiss it as a source for brainstorming for other companies as well.
From applications that would help minimize the spread, to smart deliveries of school supplies and platforms for students that are still going to school during a pandemic to better be able to educate themselves without putting others at risk, the potential for a business to expand and perhaps innovate would benefit greatly from research such as this.
No business venture is without risk, but it is a universal truth that you lose 100% of the shots you do not make. As Julien Rio in his article explains, missing opportunities can lead to a number of issues, from losing sales to having your brand name impacted, as word about missed opportunities spreads fast.
Running a successful business is tricky and hard, and having the skill to know when to go after an opportunity and when not to is a valuable skill indeed.