Develop Tolerance for Ambiguity Entrepreneurship I

Objective 2.12 Tolerance - The capacity to accept deviation from the norm Ambiguity – words or phrases with either a double meaning Self-Confidence - A positive belief in your own talents, skills, and objectives. Optimism - A positive attitude. Problem-Solving - The ability to find solutions to obstacles Education – The amount of learning a person has acquired

Vocabulary Tolerance Ambiguity Self-Confidence Optimism Problem-Solving Education

Importance of Developing Tolerance for Ambiguity The following steps are helpful in developing tolerance for ambiguity: Make sure all potential data sources are exhausted Brainstorm assumptions you can make to close the gaps in your data Document your assumptions transparently Consider alternate assumptions Define a process and rhythm for testing your assumptions Execute your plan

Gather data Brainstorm assumptions Document assumptions Define a process for reviewing assumptions Execute uWa4 uWa4 Importance of Developing Tolerance for Ambiguity

Role of Tolerance for Ambiguity in Problem-Solving The following questions can help evaluate and solve problems and implement solutions: 1. How many hours per month do you and/or managers in your company invest in meetings that do not result in measurable, positive changes in performance? 2. How many hours each week do managers spend in "putting out fires” rather than proactively anticipating and preventing problems before they occur? 3. How often do people in your company fail to quickly and accurately identify the real cause of problems, resulting in inadequate or ineffective solutions?

Role of Tolerance for Ambiguity in Problem-Solving cont'd 4. Name the most creative breakthrough your company has experienced during the past three months. What measurable outcome did it achieve? 5. How could our financial results improve if decisions in your company were well thought-out, timely, and communicated effectively throughout your organization? Some problems can't be avoided; but many problems can be avoided. Don't let ambiguity and uncertainty cloud your ability see opportunities.

Factors Impacting Tolerance for Ambiguity Some factors that may impact tolerance for ambiguity are: Nature and upbringing Education Early career experiences Self-confidence Optimism

Demonstrate Tolerance for Ambiguity Some examples that demonstrate tolerance for ambiguity are: 1.Marketers may have little tolerance and often resist moving towards metrics-driven processes 2.Engineers have high tolerance as more complex problems require making assumptions to deal with limited information 3.Accountants have little tolerance for ambiguity as their education and experiences are based in clear rules 4.Global leaders have greater tolerance for ambiguity and are more likely to effectively manage the stress imposed by uncertain environments and to be more adaptive and receptive to change

Methods Used to Develop a Tolerance for Ambiguity Teaching Tolerance for Ambiguity Build up your tolerance for ambiguity by remembering that even in the toughest situation, there are always two sound principles you can rely on. Principle 1 – you can always control your response to a situation. Your reaction is your choice. Principle 2 – recognizing what you can and can’t control will increase the likelihood of a successful outcome and lower your anxiety.

Managing Ambiguity 10 principles that provide a rule of thumb for managing ambiguity in the business environment: Organize your thoughts Maintain a professional attitude Refrain from making judgments about others Keep an open mind

Managing Ambiguity Don’t make assumptions or jump to conclusions Keep emotions in check Be slow to take offense Give others the benefit of the doubt Keep control of yourself Ask what your immediate purpose is, what is the scope of the problem, what are the constraints or your response?

Building Tolerance for Ambiguity The role of Ambiguity in Entrepreneurship

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