In the past, individuals who worked hard and who had a natural talent for business realized great success, but today’s economy demands more. In addition to possessing skills and intelligence, business leaders must be intimately aware of their decision-making process. Just as chess players consistently analyze their position on the board and evaluate that analysis process, those who want to be successful must ensure that they continually stay on top of their game.
The best leaders have developed an acute awareness of their individual strengths and weaknesses. Often, they surround themselves with individuals who balance their weaknesses and complement their strengths. Most importantly, however, strengths and weaknesses change over time, just as business situations change. The processes that served a business during its first year of operation may hurt it years down the line. Through constant analysis, entrepreneurs and managers can identify when they have entered into a new phase of operation.
Business leaders should never make a decision without realistically balancing opportunities and risks. Too often, budding entrepreneurs jump at opportunities without considering the potential consequences. Great business sense depends on not only identifying opportunities and threats, but also on comparing them and forging a wise path.