The proverb, “give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime,” highlights the values of empowerment, education, and self-sufficiency. “Fish in a bigger pond,” is the growth principle that helps both personally and professionally.
Concept:
Accelerate growth by increasing the concept of your addressable market.
Define your current market. Then redefine that market as 10% to 59% of a larger market. Develop products and services to meet the needs of the larger market. Alternatively, partner or acquire companies to expand market share.
Examples include:
Nike expanding from shoes to apparel and equipment.
Disney expanding from movies to entertainment.
Personally, you “fish in a larger pond” by expanding your spheres of influence. Performance is important, especially early in your career, but image and your spheres of influence count more as you climb the corporate ladder. Develop relationships outside your company, then outside your industry, and finally outside your region or country to expand your pond.
Reflection:
How can you reimagine your current market into a larger, related market? How can you foster relationships outside your company, industry, and country?
Action Step:
Identify and pilot a new product or service to capture the newly defined market. Network with someone who has the same or similar role but works outside your industry.
