Entrepreneurship 1 212 Objective 212 Tolerance The capacity to accept deviation from the norm Ambiguity words or phrases with either a double meaning SelfConfidence A positive belief in your own talents skills and objectives ID: 655943
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Slide1
Develop Tolerance for Ambiguity
Entrepreneurship 1
2.12Slide2
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 Slide3
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 planSlide4
Gather data
Brainstorm assumptions
Document assumptions
Define a process for reviewing assumptions
ExecuteSlide5
Role of Tolerance for Ambiguity in Problem-Solving
The following questions can help evaluate and solve problems and implement solutions:
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?
How many hours each week do managers spend in”putting out fires” rather thn proactively anticipating and preventing problems before they occur?
How often do people in your company fail to quickly and accurtely identify the real cause of problems, resulting in inadequte or ineffective solutions?Slide6
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.Slide7
Factors Impacting Tolerance for Ambiguity
Some factors that may impact tolerance for ambiguity are:
Nature and upbringing
Education
Early career experiences
Self-confidence
OptimismSlide8
Demonstrate Tolerance for Ambiguity
Some examples that demonstrate tolerance for ambiguity are:
Marketers may have little tolerance and often resist moving towards metrics-driven processes
Engineers have high tolerance as more complex problems require making assumptions to deal with limited information
Accountants have little tolerance for ambiguity as their education and experiences are based in clear rules
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
Slide9
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.Slide10
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
• 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?