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Portfolio Strategies
One of the side effects of the Drive for Closure (the Brain Operating Principle of Drive for Closure is that our brains search for completion or a definitive answer--even when neither exists) is our tendency to look for a "silver bullet" resolution to a problem or situation.
The "silver bullet" got its name from the 1930s belief that supernatural beings, like werewolves, could be killed with a silver bullet. The phrase "silver bullet" is used to refer to solutions that seem almost magical, in that they appear to be quick resolutions to difficult problems. The compelling drive to have closure on a situation makes the "silver bullet" solution very appealing, because it seems to offer a simple, one-time fix for a problem. However, a silver bullet solution can end up being only as satisfactory as a water mirage in the desert. Upon close examination, the mirage begins to fall apart or it disappears completely.
In this business environment, instead of looking for silver bullet solutions, we need to learn how to use portfolio strategies. The idea of using more than one strategy conflicts with what we were always taught, but it's an important skill in this new, shapeshifting business world.
We grew up learning that there is always one right way or one right choice. As young people and in business, we were advised to pick a direction and stick to it. We were also told that when two options conflict, one cannot pursue both. Our language reinforces this idea, with phrases such as "singularity of purpose," "you can't be all things to all people," and "you can't have it both ways." It is because of those teachings that we are vulnerable to the illusion of silver bullet solutions.
It's time to challenge those old assumptions. Picking one best strategy may have worked okay in the old, industrial economy, when the business world was rational, logical and linear. But in this new world, that is no longer the case. We are living with more change, more ambiguity and more paradox. So we need to let go of the idea that there is one right answer, and learn how to explore several possibilities at once--whether we are developing a corporate strategy or a personal one.
I call this idea: portfolio strategies. Using portfolio strategies is particularly helpful when there is uncertainty, because it allows for exploration and experimentation. And it prevents the paralysis of indecision due to uncertainty.
The paralysis of uncertainty occurs when there is no clear "right" choice. I see this a lot in people trying to choose the one "right" marketing strategy, the one "right" career choice, or the one "right" path. In those cases, I recommend that they try a few different ideas and see what they learn from the exploration.
Shannon Bradford is a writer and coach, helping people learn how to
master their brains to succeed in their careers and businesses. She
is the author of Brain Power (Wiley, 2002).
© 2001 Shannon Bradford
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