Resourceful Entrepreneurs use a Repertoire of Problem-Solving Strategies

This is the third installment in the series on Entrepreneurial Resourcefulness, an examination of Michael Rosenbaum’s model of learned resourcefulness and how it applies to entrepreneurs.  In the last segment we explored the importance of positive self-statements to help anchor and ready yourself to methodically tackle a challenge.  In this blog we are going to explore the repertoire of problem-solving strategies that resourceful people use.

Resourceful problem-solving is an active process. It requires work to understand the problem and desired solution. It is about searching for the resources available to strategically apply the best methods to address your situation. Three aspects of resourceful problem-solving will be addressed in this blog. They include: 1. education and experience, 2 networking and mentorships, and 3 using the right tools.

Education & Experience:

Resourcefulness and selecting the most effective problem-solving strategy are learned behaviours.  And when it comes to business and entrepreneurship, there is no singular educational pathway or journey to acquire these insights. It is based on your circumstances, background and goals.  Probably the most common and comprehensive pathway is through formal post secondary education, whether it be via college or university. In the classroom setting, a wide breadth of issues that businesses typically face are presented, ways to break down issues, teach perspectives of how to tackle problems. These points can effectively be driven by pairing the teaching environment with case studies, cooperative placements and entrepreneurial clubs or competitions.  One recent business graduate described how it works in this manner.

“The case-based business programs focus not just on gaining knowledge but also applying frameworks and problem-solving strategies in every single class. You also get to work with a local business for each business class to apply what you learned and make recommendations. So, I would say they ingrain the problem-solving mindset in you everyday, and they teach you what stakeholders value when deciding between alternatives.”

For many people, (myself, included), entrance into the world of entrepreneurship was proceeded by post-secondary education in an area other than business.  What I received from this experience was how to think about problems and assess what approach would be most appropriate.  I learned how to identify where problematic issues might arise and recognize assumptions one is making. I learned how to think at a more abstract level, how to incorporate multiple factors or variables into potential solutions.  Over time and through additional experience I honed my ability to apply this way of thinking into the vision and mission of my business as well as the analytic approach and insights I delivered to my clients.

But the formal educational pathway is not the only route.  There are many examples of highly successful entrepreneurs who did not receive a post secondary education. There are also plenty of stories of entrepreneurs who dropped out before completing because they just felt frustrated by having to spend time learning about aspects of business tangentially related to what they wanted to do.  As well, some who have completed their education have also reflected on their experience and felt they could have accomplished everything they wanted to do without spending the time in school.  It is not the case that these individuals did not learn about effective problem-solving strategies, they just acquired these insights through other means.

Whether problem-solving skills are acquired through formal or informal means, it is necessary to apply these lessons into practice in real world entrepreneurial situations.  And how you personally integrate them, is dependent on the work that you do, your circumstances and your own strengths and comfort levels.  But as you encounter situations a resourceful person learns how to approach problems in the best way to suit them.  In other words, tapping into your EXPERIENCE is important.  As time goes on, you build up a personal database of ways to approach problems, you learn to identify similarities and differences in situations that you face.  Whether it be formally or informally, you evaluate how each situation and area of work is progressing and assess how things might be improved with potential tweaks.  All these are part of the experiential data base that a resourceful entrepreneur has at their disposal when problem solving.

Networking & Mentorships:

Given that every entrepreneur has developed a wealth of knowledge and insight through their own education and experience, this level of knowledge and insight increases exponentially when a group of entrepreneurs meet up to share their experiences and insights in group or mentoring situations. The value of attending a business group such as the EDGE (Entrepreneurial Discussion Group Exchange) cannot be underestimated.  To be able to share business experiences, discuss similarities and differences, identify situational factors, and to be able to ask questions to pinpoint exactly what you need to know, is invaluable. This is particularly important when you are actively working on a challenging problem or facing a critical juncture in your entrepreneurial journey. But meeting regularly with mentors and multiple business groups (both formally and informally) should be an essential best practice for every entrepreneur and businessperson. Attending these sessions often lead to proactively identifying potential problems that have yet to arise; provide insights into unique opportunities and make connections with potential customers/clients or lucrative collaborations.

Using the Right Tool for the Job:

The third aspect of problem-solving is that resourceful entrepreneurs acquire the right tool for the challenge they face.  By tools I am referring to knowing where to access the equipment (these days its often in the form of software) or the personnel that carry out the work.  Often finding the right equipment and people can be assisted through advice received through business networks, personal experience or through educational sources. But acquiring the right tools to do the job should not rely on passive trust of others or blind trust in the software you are using.  There is a level of understanding and vigilance of the tools that the resourceful entrepreneur ought to exhibit, so that the work is being done in the way it should be.  It is important to stay somewhat aware of advances in the tools that you frequently rely on in your business.  For myself I maintained a strong ability to use excel, website development tools, software development tools, video editing software, even though I was using experts to produce sophisticated custom-made professional tools that I would use for projects.  By being somewhat familiar with this technology, one can better envision how the tools will be used to deliver a solution.  This allows you to better instruct your development team. You can better assess beta versions of the product and know how to use the developed tool to its fullest extent and be better positioned to identify and understand if unexpected outcomes arise.

The repertoire of strategies that a resourceful entrepreneur uses to problem solve, are all designed to assist in enlighten and help the individual to effectively tackle a significant issue.  A resourceful problem solver does not hope for, nor rely on “a magic pill”. It is all about actively understanding the problem and desired solution. It is about using the resources available to strategically apply the best methods to address your situation. This active participation in the problem-solving process requires you to be informed, in charge and confident that you have undertaken the best tools/approach to meet your challenge. Conveniently, these three characteristics typically resonate well with the entrepreneurial spirit.