Changing Lanes

Classic entrepreneurial education theory outlines key elements or traits of an entrepreneur – various qualities that can lead to success in entrepreneurship. The one I have grappled with the most, while studying was: Tolerance of Ambiguity.

At the time of learning this, I did not fully understand what it means, sure the words are easy to decipher and I had gotten the definition, but understanding this key trait seemed to allude me.

One explanation of this was; this trait is the definition of risk-taking—the ability to withstand the fear of uncertainty and potential failure. “It all boils down to being able to successfully manage fear,” notes Michael Sherrod, entrepreneur-in-residence at the Neeley School of Business at Texas Christian University.

In my experience – I have come to understand this trait requirement, for this is a really required trait if you want to become successful in the long run.

If you take the example of changing lanes when driving – the safe thing is not to change haphazardly and without reason, but to assess all dangers, risks and potential for reward in moving over to a better flowing lane.

Much is thus the same with a tolerance of ambiguity in entrepreneurship – one must constantly assess your progress in the given industry; a simple and necessary exercise done at least once a year – taking stock of the environment and the potential for the future. This comes easily when the business is not going as you would ideally like, the challenge is when it is flowing well and you are on cruise control.

Taking the time to assess the environment and the viability over the next few years can mean the difference – where if necessary you, change lanes and alter course. After all, life is not about the destination but the journey. As long as you are moving, learning and growing, all will be OK.

So, take heart – changing lanes, when necessary, is as essential to the growth of your business as cash flow.