Question

Skills required to succeed in special situation investing

Answer 1

1. Critical thinking.

When you question assumptions, claims, and viewpoints instead of just accepting them as gospel, as in “A Harvard professor said it online, so it must be true,” that’s called critical thinking. It’s fundamental to smart decision making. And that, in turn, is key to being successful at just about anything.

Lately, however, it seems that people have forgotten how to think logically. As continuously bombarded as we are with content and sound bites, our ability to question what’s real and what isn’t, to reason logically and not generalize from a single data point, to understand causal relationships, is more critical today than ever before.

So question everything, especially common doctrine. Listen to those who challenge your own and popularly held beliefs. Resist the pressure to view things in black and white or “us vs. them” terms. Learn to see the world in shades of gray and from different angles, viewpoints, and perspectives.

2. Focus and discipline.

We passed the point of information and communication overload long ago. Even highly focused overachievers who should know better sit down to work only to find that, a few tweets, texts, and emails later, half the day is gone and all the work remains.

Focus and discipline have always been critical to success in just about any field, but these days, managing distraction has become harder for even the most disciplined among us. And that’s not likely to change any time soon.

Now, more than ever, you have to learn how to shut out the noise without shutting yourself off from what really matters. That's not easy. But if you’re too distracted and undisciplined to focus on what’s critical, you can’t get things done. And if you can’t get things done, somebody else will.

3. Being human.

In a very real sense, we are becoming virtual images of our real-world selves. That would be fine if those personas replicated the real us. Instead, they’re carefully constructed avatars that reflect social norms, popular themes, and wishful thinking. The information we share is filtered. More and more we behave like sound bites personified—virtual actors portraying cardboard characters in a two-dimensional digital world.

But successful businesses are built on real communication and real relationships. Running a business is about motivating investors to provide capital, customers to buy products, and employees to work their tails off for you. Every business transaction ultimately has a human being at both ends.

In a world of indistinguishable online lemmings, those who strive to remain unique individuals will have a big advantage. Instead of hiding behind your social media avatar and personal brand, have the courage to be your genuine self. Forget your social network and build relationships in the real world. Listen to what people have to say and trust your instincts. That’s the only way to genuinely relate, make connections, and understand people. Be human.

4. Getting things done.

The idea that successful business leaders are typically driven by high ideals and lofty aspirations is a myth. None of the highly accomplished executives I’ve known got where they are by walking around with their heads in the clouds. They got there by putting one foot in front of the other and getting the job done.

Answer 2

process involves developing an approximation of the monetary resources needed to complete project activities a estimate costs b control costs c determine budget d plan cost management?