One of the most common and costly mistakes Baby Booomers make is this: Launching their startups in isolation. The service or product seems a great idea. There's certainly a need for it. But the odds are that those Baby Boomers will fail because they haven't factored in the competition.
For example, a successful "organization man" from the Fortune 500 had been gushing about his supposed smackdown concept for a service. To those who signed a Non-Disclosure agreement, he unveiled the ecommerce site, which hadn't gone live yet. Agreed, the service was a needed one and configured well.
But, every day in my email and at least once weekly by phone I receive pitches from those who provide services in that same niche. This Baby Boomer will be crushed by them as soon as they spot his enterprise on the horizon. That's just the way it goes.
My hunch was that his fatal error was the play-out of the familiar story: Nothing fails like success. His earlier professional homeruns had made him arrogant. He ignored competitive threats, current and what could be down the road.
Unlike Baby Boomers, Millennials with no track record intuitively adopt the fundamental of game theory: Configure all your moves with reference to what the competition is doing or your best research indicates it might do.
This also applies in a job search, for all generations.
Instead of just presenting yourself as a laundry list of skills and accomplishments you anticipate how the other candidates have put together their resumes, cover letters and presentation of self in interviews. Based on that, you create your unique edge. That is exactly how you develop your resumes and cover letters and manage the interviews.
What that career guide "What Color Is Your Parachute?" hammers is the professional selected for the job or the client assignment is rarely the most qualified. Rather it's the one who navigates the job search process the best. Those who understand Game Theory will be among those best.