3 Types of People and How They Handle Opportunities

When it comes to handling and exploiting opportunities, we can identify three types of people. The category you belong to determines your level of success in life.

Opportunities come and go every day but not very many people recognize them. This is often due to several reasons: Lack of vision and initiative to think beyond challenges and look for opportunities, worrying too much about things we cannot control rather than look for opportunities, lack of confidence or having the feeling that we have the right skills and resources to take the next step, etc.

But despite these, there are people who not only look for opportunities but constantly prepare themselves for every opportunity that comes their way. And these are the ones who eventually achieve success in their lives.

That said, this post will explore three common types of people and their behavior towards exploiting opportunities, to help you handle and exploit opportunities maximally.

What It Means to Exploit Opportunities

According to the Wiley Encyclopedia of Management, “Opportunity exploitation refers to activities conducted in order to gain economic returns from the discovery of a potential entrepreneurial opportunity“. It recognizes the critical and strategic steps aimed at getting economic returns from a potential opportunity.

This means that an opportunity remains a ‘potential opportunity‘ until it is harnessed by a ready individual. And thus, exploiting an opportunity in business terms means one’s readiness not only to recognize the opportunity but to take advantage of it to make profit or gains.

Factors Affecting the Decision to Exploit an Opportunity

Several factors influence people’s decision to harness a new potential opportunity even after they have discovered it. A study among 447 Vietnamese dwelling along the Mekong River Delta revealed some of the important factors affecting people’s decision to exploit a potential opportunity.^[1]Tu, P.A., Mai, T.T.H., Song, N.V., Duyen, C.L.T., Phuong,T.T.M., Que, N.D., & Huong, N.T.X. (2022). The role of opportunity exploration, exploitation, and entrepreneurial intentions of the people … Continue reading

In Asia, the Philippines, China, and India are the three countries with the highest rate of business startups. In Vietnam (which shares strong economic alliances with the Philippines), the rate of business activity in the start-up period was reported to have increased significantly in 2017, reaching 23.3%, higher than the average 16.4% in countries with similar resources, with the Mekong River Delta being a critical economic hotspot in the country.

The following factors have been identified as determinants of how people respond to new opportunities either in Vietnam or in other parts of the world. These establish the relationship between external factors and people’s decision to exploit new opportunities.

1. The dynamics of the market

The market dynamics refer to the volatility of the market, which can increase uncertainty for individuals and businesses operating in that environment. Rapid and unpredictable changes result in economic turbulence that can affect existing businesses and can temporarily or permanently disrupt their activities, depending on their response to the turbulence.

High market dynamics can cause a barrier to market entry for some individuals and enterprises, but it also opens up favourable conditions to generate new business opportunities.

However, whichever decision is made is determined by the entrepreneur’s confidence and boldness to exploit certain opportunities or not.

2. The diversification of the market

Mintzberge (1979) defines market diversification or complexity as the number and abundance of information sources, knowledge, resources, and competencies required to operate a business successfully in an environment.^[2]Mintzberg, H. (1979). The structuring of organizations. Englewood Cliffs NJ: Prentice Hall. A diversified market is one with diverse consumer needs, which can allow new businesses to have several market targets at the same time, rather than being fixed to one product or service only.

An enterprise entering a diversified market economy must adopt a flexible approach in its operational system, but on the other hand, a diversified market offers a huge advantage for well-prepared businesses, and this can determine how many start-ups emerge in such areas.

3. The munificence of the market

The market’s munificence refers to the capability of the business’s environment to provide resources and opportunities to different business entities. It is the market’s capability to accommodate a lot of investors without inducing fierce competition, and this is determined by the availability of resources in the area.

Market munificence affects the people’s decisions to exploit an opportunity in any given area. It affects the survival of a business, and in turn, makes it easier for businesses to explore business opportunities in that business environment.

4. Funding support

Resource-Based Entrepreneurship Theories stated that founders’ access to resources is an essential predictor of entrepreneurial behaviour since opportunity and growth come from integrating (new) resources.^[3]Alvarez, Sharon & Busenitz, Lowell. (2001). The Entrepreneurship of Resource-Based Theory. Journal of Management. 27. 10.1177/014920630102700609.

According to the Financial Capital/Liquidity Theory, people with financial capital are more likely to acquire the resources
to exploit business opportunities and start companies effectively.^[4]Davidson, P. and Honig, B. (2003) The Role of Social and Human Capital among Nascent Entrepreneurs. Journal of Business Venturing, 18, 301-331. https://doi.org/10.1016/S0883-9026(02)00097-6 Thus, access to funding or funding support (from governmental agencies, private organizations, individuals, and families) is an important factor that can motivate entrepreneurs to explore and exploit opportunities in a given market location.

Other identified factors associated with entrepreneurs’ likelihood to exploit opportunities include:^[5]Young Rok Choi, Dean A. Shepherd. Entrepreneurs’ Decisions to Exploit Opportunities. Journal of Management. Volume 30, Issue 3. 2004, Pages 377-395, ISSN 0149-2063. … Continue reading

• Perception of higher customer demand for a product/service.
• Presence of enabling technologies and infrastructure.
• Favorable government policies.
• Greater managerial capability on the side of
• Greater stakeholder support.

3 Types of People & How They Handle Opportunities

Based on their readiness to exploit opportunities, three types of people can be identified. Here, we explore the characteristics of these types of people and how to know where you belong.

1. Those who don’t care to look for opportunities

The first category of people are those who don’t care to look for opportunities. They don’t care to position themselves for potential opportunities, and thus, opportunity will evade them even when it comes.

Opportunity, they say, favors the prepared mind. This was adapted from the words of Louis Pasteur, “In the field of observation, chance favors only the prepared mind”. This means, one must stay prepared to identify new opportunities.

For example, the COVID pandemic created a huge economic turbulence but a considerable number of companies and individuals saw and exploited new opportunities in the face of crisis. Amazon saw about 208% increase in profits during the pandemic compared to the previous year before the pandemic.^[6]Jyani, N. (2024). Cruising through the crisis: How Amazon became the biggest gainer in the pandemic. Journal of Information Technology Teaching Cases. https://doi.org/10.1177/20438869241246809

Rather than focusing on a negative situation, look for the hidden opportunity in the situation.

2. Those who begin but give up mid-way

Over 90% of startups and 10% do so within the first year. This category of persons not only identifies opportunity but is also willing to exploit it, but after they do, they are too impatient to overcome the challenges to achieve success. Exploiting a new-found opportunity is a function of one’s ability to take and manage risks.

Achieving success in any business or vocation requires resilience and perseverance. And while it is great to look for opportunity and summon the courage to exploit the opportunity, it is enough without resilience and perseverance.

The process of exploiting an opportunity is not without some resistance and obstacles. Challenges will come, either as market competitions, perception of self-inefficiencies, or inadequacy of funds or capital, but if you are resilient enough, nothing can stop you from achieving your goals.

3. Those who passionately exploit it till the end

The third category is those who are passionate about an opportunity, recognizing it as early as possible, and exploiting it until they achieve success in that opportunity. These are the serious-minded ones who don’t give up along the way.

This category of people recognizes that setbacks, challenges, and internal and external conflicts can oppose the fulfillment of their passion. But rather than allow these challenges to hinder them in their path to business success, they prepare for the challenges and face them head-on.

A lot of people enter the opportunity pool at the outset, but by the middle period, a significant amount drop out of the race. By the end, only about 5-10% of people succeed in achieving their anticipated business targets.

Also, persistence does not mean you won’t encounter failure or disappointments, but the willingness to rise after falling is the most important characteristic of those who succeed eventually.

Essential Steps to Exploiting Opportunities

Having seen the three types of people and how they handle opportunities, it is clear that the third category is the most desired group. They are the ones who achieve success in what they do. However, with the right knowledge, anyone can successfully exploit opportunities and achieve greatness from it.

Here are some essential steps to exploiting opportunities.

1. Make your dreams clearer

Clarifying your dreams to yourself is one essential step to exploiting opportunities. This involves looking for things that align well with one’s passions and purpose in life. Once you discover the things that excite your passion, your opportunities would most likely be related to those.

Spend each day trying to refine the most important things you want to achieve in your life. As they get clearer, it will be easier for you to identify an opportunity and exploit it than if you are still unsure what you want to do in life.

2. Be open to new things

New opportunities open up when you are open to trying new things. Like we know, innovations are changing the status quo; opportunities are changing. And for one to remain relevant, one must evolve with the trends.

People who exploit opportunities and achieve success are often very open to the idea of trying new things. They are opposed to a stereotype that things have to continue being done the same way as they have always been.

To unlock new possibilities and potentials, evolve with the trends, harness new technology and methods, and look for newer things that can bring you profit even if you have to be the first to do so around you.

3. Be willing to take risks

Every new opportunity has its risks but no risks, no rewards. One of the traits of highly successful people/entrepreneurs is their ability and courage to face the risks along the path of their passions and opportunities.

The decision to take an opportunity is a risk in itself, because it oftentimes means venturing into something you are not quite sure of its outcome. However, like some successful entrepreneurs have said, calculate your risks and be willing to take them when you find an opportunity.

4. Focus on the goal

One way you can easily recognize an opportunity is by making the goal crystal clear in your mind. Focusing on your goal will help you identify an opportunity when it shows up. Also having a laser focus can prevent you from getting discouraged when you encounter challenges during the course of exploiting the opportunity.

Some people stay focused on their goals by writing them down or constantly reminding themselves of them. Whichever method helps you stay focused on your goal is okay as long as it works for you.

5. Seek assistance

Achieving dreams and becoming successful is often not a solo effort. You need assistance at one point or another. Thankfully, God has positioned people and resources along your path to success, and it takes you to recognize that you may need such assistance at certain points in your journey.

Your determination and resilience are most important in exploiting opportunities, but you should also be open to the idea of getting assistance from people, machines, technology, etc.

6. Don’t give up

Resilience is what separates those who quit mid-way from those who pursued an opportunity to the point of success. Challenges will come but never allow yourself to give up. Even when you fail, fail forward. Regardless of the challenges, as long as you don’t give up, you will make it through.

7. Continuous improvement

Continuous improvement is a critical thinking philosophy that involves continuously evaluating your progress and achievements to improve on them. It originates from the Japanese term, Kaizen, meaning change for the better.

This Japanese philosophy believes that improvement in productivity and results is a gradual and systematic process. You have to keep searching for ways to get better no matter how much success you have already attained.

Final words

Though opportunity comes and go, not everyone recognizes them until they’re lost. Some who do, do not have the courage to pursue it. And among those who do, not everyone succeeds in that opportunity.

After having explored the three categories of people and how they handle opportunities, this post discusses how to be among the small proportion of people who succeed in achieving their dreams and goals. I hope it was insightful.

If you find this post informative, let me know one thing you learnt from this post in the comments section below.