All businesses go through ups and downs. Being an entrepreneur requires tenacity, clear focus and betting on the odds wisely. The true measure of an entrepreneur is revealed when challenges in business emerge. 

Let us explore seven creative approaches for problem-solving in business:

1. Get the facts
This is the primary step towards solving a problem. Most of the time we procrastinate and do not get the facts completely to be able to make an informed decision. We tend to rely on heuristics or shortcuts which we have use to proceed ahead. What got us here may not get us ahead. Arm yourself with facts to overcome challenges in business.

2. Look at new sources of interpretation
Make it a habit to look at new sources of gaining knowledge. One of the ways is to go through journals and magazines in one’s chosen field and try to get a deeper understanding of the industry and economy. Sometimes new opportunities come in areas where we are familiar with. It could be a development, a trade pact with other countries or a revision in tax rates that may impact your bottom line.

3. Define the timeline
Understanding the criticality of the problem helps in defining the timeline to resolve the issue. It helps to bridge the gap between expectation and reality. Sometimes it may take more than usual time if it is a new technology in a B2B context or policy support is insufficient.

4. Brainstorm with your team
It helps to brainstorm with your team and see what is happening in the marketplace. It also involves building a set of criteria which help to weed out irrelevant options. It is good to make a matrix which defines short, medium and long-term opportunities proactively and this matrix can be referred to at all levels to make sure everyone is making decisions consistently geared towards growth of the company.

5. Get feedback from stakeholders
Once a course of action is decided and executed, take quick steps to go beyond it. Learning to obtain feedback is an art. It involves having an open mind, and looking at necessary on the ground change on an active basis is important. One of our clients does weekly reviews for his team. Sometimes being a part of your industry association also gives an idea of how things are and what can be and can give you access to best practices in your industry.

6. Take short holidays regularly
Though entrepreneurship is a 24x7 job, business owners must take short breaks. It recharges one’s batteries and keeps one rejuvenated for the next couple of months. It helps in defining what is relevant and helps in converting opportunities into reality.

7. Share knowledge
When you become adept at solving your problems, then sharing knowledge with others helps to learn better and grow.

It is important to enjoy your business journey. Leverage the above approaches to tide over the challenging times. Do share your tips for overcoming the tough times in business.

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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.