Running a business in a sustainable way might not be an easy task for business owners. Unsolved problems can accumulate and lead to the downfall of a business. Failure is a topic most of us would rather avoid. As per the study “Redefining Small Business Success” by the U.S. Small Business Administration, statistically, roughly 66 percent of new businesses survive two years or more, 50 percent survive at least four years, and just 40 percent survive six years or more.
Startups entail a vast number of problems which may require immediate and sustained attention. Some of the complications are:
Most companies and leaders look to patching up a problem, hoping that it will subside with time and never return. Some may find the time to stop and try to fix the problem, but often struggle to find the root cause of the issue at hand. As a result, the same issue recurrently reappears. The key is to find the issue, recognize the root causes of its occurrence and then using effective and consistent problem-solving strategies to tackle it. Dynamic problems require dynamic solutions.
Problem-solving skills are extremely important both in life and in business. And they are especially important in the first stages of a business and whenever the business is met with obstacles and challenges. Entrepreneurs are individuals who turn ideas into reality, who visualize an opportunity gap — a gap between what exists and what could exist. The course of entrepreneurship is never a predictable, chartered path. The journey is riddled with ups and downs.
Entrepreneurial problem solving is the process of using innovative and creative solutions to close that gap by resolving societal, business, or technological problems. Sometimes, even personal problems can lead to entrepreneurial opportunities if confirmed in the market. The entrepreneur visualizes the prospect or opportunity of filling this gap with an innovative solution that might entail the alteration of a product or the creation of an entirely new product. The entrepreneur can approach the problem-solving process in various ways.
Some important skills in problem-solving are as follows:
1. Critical Thinking
It is important to be patient and letting an idea rest in the mind before acting out on it impulsively.
Critical thinking is the process of taking your time to digest the issue at hand logically and rationally before deciding. With the skills at hand, analyze the different factors pertaining to the problem and then come up with a suitable and satisfactory conclusion.
2. Creativity or Lateral Thinking
It is the ability to think outside the box when solving problems. Entrepreneurs are innovators, they bring about exceptional solutions to common problems. Creativity entails allowing your mind to wander and to delve deep into the problem rather than looking at it from a surface level.
3. Initiative
Taking initiative is not only important in terms of customer acquisition but also helps when you must solve a problem. Proactive entrepreneurs are always looking for new ways to do things, they excel at communication, constantly conduct research on making their service or product better to avert risks or problems in the future. Entrepreneurs focus on perseverance.
4. Adaptability and Resilience
It is the ability to keep an open-mind and be open to new opportunities and can change to suit different situations or circumstances. Not all the solutions that you try out will work out. Some can backfire and leave you feeling frustrated. Resilience helps to bounce back and try again.
5. Self-Discipline
Rigorous work requires focus and self-discipline. Creative intelligence does not substitute grit. Discipline enables one to remain on the right path without being distracted by any external factors. This corresponds to commitment.
What happens when problems are left unsolved? Unsolved problems are something which most distresses businesses face. They not only impact businesses, but business owners as well. Unsolved problems turn into stressors which might makes business owner stressful and anxious, initiating a vicious circle, there by compromising their decision making and problem solving capacity.
I help Business owners running a distressed business to make decisions and take actions that might create a positive impact in their life and business.
As a Commercial Real Estate Associate at Royal LePage Commercial, this blog is where I share insights and advice on navigating the world of commercial real estate. My goal is to provide you with the expertise and support you need, whether you’re buying, selling, or investing in hotel or industrial properties.
