3 skills of entrepreneurs


By Anna Powers

In my previous article, I drew a parallel between the CEOs of Fortune 50 companies and their educational background in science. Being an entrepreneur means being a CEO and a leader more than anything else, and embodying those two qualities is both a science and an art.

I believe that harnessing your mathematical skill set will make you an outstandingly better CEO and a leader. The reason for that is because being a CEO involves a vision that can be achieved practically and soundly.

In our data-driven world, it involves understanding the relationships between numbers and trends, in order to outsmart your competition and this is where having a mathematical mind gives you an advantage. Here are three ways embodying a mathematical mindset will set you apart.

Faster Decisions — Seeing The Connectivity of Relationships

Mathematics, more than anything, is a study of relationships and connections. When one studies math, what is really being studied are the connections between various formulae and ways they interweave.

Of course, this is natural, because those formulae describe the physical world around us, which is connected. Thus by studying mathematics, our brain is trained to see the world in terms of connections and relationships. Recognizing patterns and seeing loopholes between things, ideas, numbers, and trends is the mindset that mathematicians work in.

In entrepreneurship, this is important because if your mind is trained in recognizing connections then you can make faster and better decisions than your competitions and be the first to gain market share. It also gives you leverage to adapt faster if certain problems arise. Speed is important because we all know timing is crucial.

Better Insights — Leveraging The Power of Data-Driven Trends

As the mathematician, we are trained to look at data and draw conclusions from it. In our data-driven world, a person leaves a digital imprint that can have more than a million unique parameters that store rich information about spending habits, likes, and dislikes, as well as behavioral patterns.

As an entrepreneur, in order to make key decisions in this digitalized landscape, you must be very comfortable with using data. And the more comfortable you are with it, the easier it becomes to spot certain trends or problem areas, which leads to a more efficient decision making and insights. Thus, leveraging the mathematical mindset allows you to draw better insights which translate to a better bottom line.

A More Perfected Execution — Choosing The Best Approach

Decisions predeterminate outcomes. When we make decisions in business, they can have an enormous effect on our bottom line, hopefully in the positive direction. Of course, the definition of a decision implies that there is more than one way of action. Thus the most crucial component of the decision-making process is picking the best outcome. Having a mathematical mindset, one is able to better understand outcomes and their probabilities and picking the outcome that will hedge the best case scenario.
Dr. Anna Powers is an entrepreneur, advisor and an award winning scientist. Her passion is sharing the beauty of science and encouraging women to enter STEM fields.

As appeared in Forbes.com