1. Develop Tolerance for Ambiguity
Entrepreneurship 1
2.12

2. 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

3. 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

4. Gather data
Brainstorm assumptions
Document assumptions
Define a process for reviewing assumptions
Execute

5. 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?

6. 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.

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

8. 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

9. 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.

10. 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?