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A NEW STUDY by three University of Chicago business-school professors ranks the traits that define excellent CEO performance.

Of the two trait groups below, which ones most describe you?

A) Persistence
Attention to detail
Efficiency
Analytical skills
Setting high standards

B) Strong oral communication
Teamwork
Flexibility/adaptability
Enthusiasm
Listening skills

If you picked Set A, you're more likely to succeed in the executive chamber, according to the findings. Hard-nosed attributes apropos General Electric Co.'s former leader Jack Welch led to more success in the trenches than "softer" strengths like teamwork or flexibility.

Curiously, for entrepreneurs, it's often the softer skills that help them launch their companies: oral communication to explain a new company's mission and relentless enthusiasm to motivate the troops and believe when no one else does.

Maybe that's why so many entrepreneurs often need to step aside as the company grows. The skills to create aren't necessarily the same skills needed to steer a larger vessel long term.

Did the study get it right?

Readers say:
"All of these skills are needed to be successful. ... The smart CEOs are the ones who realize which of these skills they are weakest in, and hire others to compensate."

"In the 21st [century], senior executives can't get by without both sets. The trick is knowing when to use which combo."

"The single most important trait for a business leader is to be at the right place at the right time with the right resources to take advantage of the opportunity. Sadly, rarely does this have anything to do with skill and everything to do with luck."

Amid the small-business surveys flooding my inbox this week, this missive caught my eye.

"While predictions around consumer spending this holiday season may be modest, small businesses are still planning to spread some holiday cheer. Nearly half of U.S. small business owners surveyed are planning a holiday party for their business, store, or office in 2007, up one percentage point from 2006."

I can't remember the last time I heard about anyone wanting to attend an office party.

Do you think we still need the holiday office party? Are they more fun or important for small companies? Is it really a gesture of goodwill or an anxiety-inducing waste of time and company dough?

Readers say:
"Most holiday parties, I would imagine, serve two purposes — companies do them to show support for the work their staff does throughout the year, and it's an opportunity to build relations with co-workers to build that co-worker bond."

Write to Gwendolyn Bounds at wendy.bounds@wsj.com