Practical sheet | REF: FIC1744 V1

Understanding the differences between exploration and exploitation

Author: Marc EVANGELISTA

Publication date: November 10, 2021 | Lire en français

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1. Put yourself in an exploratory context

When you're looking for a truly sustainable business model, and you're exploring uncharted territory in the process, it's very difficult, if not impossible, to formulate even the cost of the operation from the outset. Will we quickly find a real promised land that could give birth to a future unicorn, as the start-up world calls it? Or will we realize, after a few months of exploration, that even if our intuition was right, building a business model will turn out to be unfeasible? Under these conditions, it's not advisable to apply a classic project approach that starts with a specification of what you want to achieve.

And if we wait until we're sure a business can be built before launching a project, we never leave our home port. Mike Horn, the famous explorer once said: "To get going, all you need is 5% of the answers to your questions. The other 95% come along...

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