Happy New Year ZigZaggers!!!!!!
I saw this photo on my friend's DP and I laughed my head off. 6 days into the year and I bet a lot of us can already relate.
It’s a nice segway into what today's focus is on. Every new year comes with us powering through with renewed zeal, good intentions and loads of serious turnaround decisions, sometimes hard decisions to make.
The economics concept of opportunity cost says that for every decision we make, something else “suffers”. Kinda like Newton’s third law of motion; for every action, there is a corresponding reaction.
My focus is on the mathematical term called an inflection point,
“a point of a curve at which a change in the direction of curvature occurs-Oxford dictionary
“An inflection point is an event that results in a significant change in the progress of a company, industry, sector, economy, or geopolitical situation and can be considered a turning point after which a dramatic change, with either positive or negative results, is expected to result.” Investopedia
It essentially means a critical turning point.
My introduction to inflection point was through Columbia Business School Professor Rita Macgrath’s book; Seeing Around Corners: How to Spot Inflection Points in Business Before They Happen.
She described inflection point as a transformation of the business environment caused by factors like technological change, demographic shift, or new regulations. Saying that it has the potential of changing the fundamentals of business, destroy existing incumbents, and generate new opportunities. And the ability of any business to spot inflection points early can give that organisation a tremendous strategic advantage.
A notable example of inflection point, is Nokia, at some point it had the highest market share for mobile but failed to see the shift(inlection point) to smartphones and was left behind.
While Rita’s book’s lens was on businesses, inflection points are ubiquitous. It’s about being situationally aware of the most important decisions we need to make at every one point, which out of many options, will move the needle exponentially for us more than all the other options could. It’s different from the small everyday changes we typically make in our businesses or in the course of life and Its effects are often dramatic.
Andy Grove, Intel's co-founder, described a strategic inflection point as "an event that changes the way we think and act."
I had a come to Jesus conversation with a “baby” mentor recently that made me realise without a doubt that for me to achieve some of the things I want, I must make some decisions. I was “screaming and kicking” but I decided that I will have to tread this path no matter how uncomfortable. The compromise was that I had to let someone experienced that I trusted guide me through the process.
These inflection points decisions, like in business can be existential. It could be with a job, a relationship, or moving abroad, but it’s usually that window of opportunity where you must question if you what to change course or continue with the status quo. Each answer has a corresponding reaction. And fundamental changes, shifts in mindset and behaviour to accommodate the change.
So a brand new year (albeit some people that already want a do-over) is upon us again, what’s gonna be? What transformative life-changing decisions are we going to make?
I’m wishing everyone a truly knockout year!!!
Keep going,
Ije
I can smell some big moves in the works! May this year be the inflection point that will sky rocket me to Mars.
Thank You Ije For this Masterpiece.
Happy new year Ije....taken a front row to witness you succeed at those goals you set for yourself