(Solved Homework): Do you have an identified area of excellence? Make a list of related competencies that you will…

Do you have an identified area of excellence? Make a list of related competencies that you will need in order to compete in the marketplace. Design a strategy for developing the competencies that you do not have and capitalizing on the competencies that you do have.

Expert Answer

My identified area of excellence is “Communication”. I am also good at connecting the dots. It means, thinking in a logical manner. I personally think, these two (Communication and logical thinking) are very important for every individual.

Some of the competencies that executives need in order to compete in the market place are –

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  1. Strategic Perspective.  These executives have a much clearer view of the future of the company. Their deep industry and culture knowledge enables them to be much better at anticipating market and economic trends.  
  2. Customer Focus and Understanding. The best leaders understand their customers’ needs, concerns, and problems. They often view themselves as partners in assisting their customers to accomplish their goals and objectives. Customers trust these individuals and therefore trust the business.
  3. Logical and Analytical thinking. Executives need to think every scenario in a logical and analytical way. Doing so will allow them to apply their mind on what is best for the organization. Connecting the dots is a very important aspect to understand the market trends, and take a right decision which helps in staying competitive in the market
  4. Engaged and Committed Teams. The best leaders know how to build a highly engaged and committed team. They create an esprit de corps within their team that leverages the skills and commitment of others to accomplish stretch goals and objectives.
  5. Willingness to Take Risks. The best executives are willing to take risks and to capitalize on unrealized potential. They also recognize others in their organization for taking appropriate risks.
  6. Deep Knowledge and Expertise. Executives need to have a deep rooted knowledge and expertise skills. Such people are viewed as some of the most knowledgeable and experienced in their industry. They understand all aspects of the businesses that they run.

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