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 Today's advice comes from Don Rainey's column at Inc.: "Despite all the cultural emphasis on ‘making it to the top,’ fewer than 1 percent of employees actually manage to attain an executive level position. For entrepreneurs, of course, the situation is dramatically different: By virtue of being the founder of a company, many become instant CEOs — well before they gain the experience needed to succeed." One of the most important traits to becoming a successful CEO, says Rainey — General Partner with Grotech Ventures, a private equity investment firm — is to become an effective "issue spotter." Often taught to law students, issue spotting is an exercise that focuses on pulling out the critical issues in a conflict. Once an issue is identified, the most effective CEOs then work quickly to squash the potential problem before it has time to grow into a crisis. "Framing these root causes in a way that enables others to appreciate them, then determining the best way to resolve them, are also requisite skills for leaders. Usually, you can’t fix things yourself." Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.
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