We all know how Ansoff’s Growth matrix is useful in identifying the growth avenues for a business.
I thought about modelling it for our career growth..
Before we get into the steps, let’s make these two assumptions;
1.Our SKILL SET is the PRODUCT
2.And the INDUSTRY is the MARKET we serve.
Based on these assumptions, here are the 4 ways to grow our career;
1. Industry Penetration Strategy:
Use your Existing Skill set to grow further in the SAME industry. (Low risk)
2. Industry Development Strategy:
Use your Existing skill set to grow in a Different industry. (Medium risk)
3. Skill Development Strategy:
Develop new Skill set to differentiate yourself in the Existing industry. (Medium risk)
Develop new skill set for a totally New Industry. (High risk, High reward)
If our existing skill set and industry has become extinct and too competitive, we can consider diversification.