A bias for action counts as a cardinal virtue in business. In turbulent markets, however, a bias for action can cause companies to chase every opportunity as if it were the chance of a lifetime or responding to every threat as if it could destroy the company. Frantic activity dissipates an organization’s war chest and focus and leaves it poorly positioned to seize golden opportunities when they do arise. (There are other risks to a bias for action, as I argued in an earlier post). Managers require discipline to say no to potential distractions to maintain reserves for golden opportunities and major crises when they arise.

When conducting research on Brazilian multinationals, I learned about the sport of spearfishing, which serves as a graphic metaphor to illustrate  the importance of disciplined opportunism. Spearfishermen dive underwater without oxygen tanks, armed only with a gun with a single spear. Once submerged, they surround themselves with kelp, which both attracts fish and hides the fisherman from his prey. Then he waits, motionless in the murky water, conserving oxygen and energy while waiting for the right fish to approach. A good fisherman can stay underwater for up to four minutes, and during this time needs the discipline to let the small fish swim by, while preserving his spear for the big prey, which can be as large as a person. At the right time, the fisherman shoots his spear with deadly accuracy. If he succeeds in spearing the fish, he must then reel it in and quickly kill it before surfacing with his catch.

Not a sport for the impatient or faint of heart, spearfishing provides a graphic metaphor to illustrate the process by which companies can effectively wait for, identify and seize opportunities in a turbulent market. The