Let me preface this by saying both are important in business, and both are complementary roles. But, if you don’t recognize the difference it becomes much harder to execute and realize value / gain a competitive advantage. Having great ideas that are not understood or validated is pointless, just as being great at “filling in the gaps” to do amazing things does not accomplish much if what you are building achieves little. This post is about Dreaming Big, and then turning those dreams into actionable plans.
The visionary person has great ideas but doesn’t always create plans or follow-through on developing the idea. There are many reasons why this happens (distractions, new interests, frustration, lack of time), so it is good to be aware of that as this type of person can benefit by being paired with someone who is willing and able to understand a new idea or approach, and then take the next steps to flesh out a high-level plan to present that idea and potential benefits to key stakeholders.
The insightful person sees the potential in an idea, helps others to understand the benefits and gain their support, and often creates and executes a plan to prototype and validate the idea – killing it off early if the anticipated goals are unachievable. They document, learn from these experiences, and become more and more proficient with validation of the idea or approach and quantification of the potential benefits. Neither of these types of people are affected by loss aversion bias.
It’s amazing how frequently you hear someone referred to as being Visionary, only to see that the person in question was able to eliminate some of the noise and “see further down the road” than most other people. While this is a valuable skill to have, it is more akin to analytics and science than art. Insight usually comes from focus, understanding, intelligence, and being open minded. Those qualities are important in both business and personal settings.
On the other hand, someone who is visionary looks beyond what is already illuminated and can be detected or analyzed. It’s like a game of chess, and the visionary person is thinking six or seven moves ahead. They are connecting the dots while others are still thinking about their next move.
The interesting thing is that this can be very frustrating situation for everyone. The person with the good idea may become frustrated because they feel that they are misunderstood or ignored. The people around that visionary person become frustrated, wondering why that person isn’t able to focus on what is important or why they fail to see / understand the big picture. Those visionary ideas and suggestions are viewed as tangential or even irrelevant. It is only over time that the others understand what the visionary person was trying to show them – often after a competitor has started to execute on the idea. And, the insightful person that wants to make a difference can feel constrained in environments that are static and have little opportunity for change.
Both the insightful person and the visionary people feel that they are being strategic. Both are focused on doing the right thing. Both have similar goals. That’s what is truly ironic. They may view each other as the competition, rather than seeing the potential of collaborating. This is where a strong management team can have a positive impact by putting these people together and providing a small amount of time and resources to explore the idea. When I had my consulting company I sometimes joked, “What would Google do?”
The insightful person may see a payback on their ideas much sooner than the visionary person, and I believe that is due to their focus on what is already in front of them. It may be a year or more before what the visionary person has described shifts to the mainstream and into the realm of insight – hopefully before it reaches the realm of common sense (or worse yet, is completely passed by).
My recommendation is that people create a system to gather ideas, along with a description of what the purpose, goals, and advantages of those ideas are. Foster creative behavior by rewarding people for participation, whether or not the ideas are used. Then, review those ideas on a regular basis. With any luck you will find some good ideas – some insightful and possibly some even visionary. Look for commonalities and trends to identify the people who are able to cut through the noise or see beyond the periphery, and the areas with the greatest potential for innovation. This approach will help drive your business to the next level.
You never know where the next good idea will come from, and supporting efforts like these provide opportunities to grow – people, products, and profits.