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Expectations VS Reality: What Happens when Failure comes Crashing Down on You?

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A big part of being a successful entrepreneur is having good PROBLEM-SOLVING skills. Undeniably, we face problems on a daily basis. It could be small problems that can be easily solved, such as being rejected during a cold call; or big problems such as having your entire hard disk crash and losing most of your photos and lead information. To own a successful business, it is important to expect the best but prepare for the worst. In the face of problems, here's 6 problem-solving skills to deal with trouble.

Critical Thinking Skills. Napoleon Hill said this, ‘All achievements begin with an idea and ideas are the product of critical thinking.’ Critical thinking skill is important because it enables entrepreneurs to turn the problems they have identified into opportunities. Be creative. As time pass, we tend to grow rigid in our ways, preferring to turn to tried and tested methods to solve problems. However, problems can be turned into opportunities if we spend a little more time and effort in coming up with new solutions. You have the ability to become a great problem solver. 

Understanding the business. This is skill that you would only be able to acquire if you go out there and put yourself on the line. It is also a skill that you must have before critical thinking because only when you understand the workings and root cause of a problem then you would be able to solve it. Do up a SWOT (Strength, Weakness, Opportunity, Threat) analysis to leverage on your strengths and curb your weaknesses. Attending seminars, reading books and analyzing industrial trends can also increase this skill. “The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year” – John Foster Dulles. The key to solving a problem is to not experience the same in future. 

People skills. Business and investing are team sports, only when you learn to think in synergy with your business management team then you would be able to succeed. Furthermore, different people have different ideas. It is always better to listen to other people's opinions in order to solve problems creatively and efficiently.

Faith. The holy bible said this, ‘With faith, you can move mountains’. Similarly, it is only when you have faith then a problem can be solved. Faith keeps the mind focused on looking for a solution rather than lamenting on the problem itself. 

Decisiveness. Often you would find yourself in a situation whereby you would need to arrive at a decision quickly and this requires you to be decisive. Entrepreneurs such as Andrew Carnegie, Richard Branson and Bill Gate only became famous because of their ability to reach decisions quickly. Good preparation is required in order to decide quickly and accurately. Once a decision is made, do not look back and give yourself a chance to regret. One does not really know whether the decision is the correct one until things happen. Regardless, move on and work towards making that decision the correct one. 

Courage. You would need courage to face your problems squarely and to face the consequences of your decision. Courage can only be developed over time through personal mastery.

 

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