Entrepreneurs Solve Problems

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by Courtney Mundon1 view·Updated Mar 18, 2021
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  1. in the last video, we talked about the six basic
  2. steps on how to run a business, and we use
  3. our business, a hot dog stand.
  4. As an example in this video, we'll be going a
  5. little bit more into detail about the problems that entrepreneur
  6. space every day, and we'll be talking about how they
  7. solve those problems.
  8. So with entrepreneurs and running a business, they have to
  9. rely on resources to make their products, and they have
  10. to rely on customers to buy them.
  11. This can be challenging, and it caused a lot of
  12. hard decisions.
  13. With those hard decisions, they have to do a lot
  14. of problem solving.
  15. So I want to give you some steps on how
  16. to problem solve.
  17. First, let's go over some terms that will help us
  18. out. Risk is going to be the chance of a
  19. loss or failure.
  20. A reward is going to be something that can be
  21. gained, are obtained.
  22. Um, when you think about risk.
  23. If you were to think about what's the risk of
  24. getting rained on?
  25. If I go outside without an umbrella, the risk would
  26. probably be high.
  27. Um, when it comes to a reward, what is the
  28. likelihood that you would get a reward.
  29. If you did chores at home, it would probably be
  30. likely. So basically, when it comes to running a business,
  31. we want to identify the risks and the rewards from
  32. what we do on our business.
  33. So I want to give you a tool to use
  34. to help you solve problems will be going over five
  35. steps that can be your problem solver.
  36. Let's get started.
  37. Step one is going to be clearly describing the problem.
  38. I'll give you an example.
  39. Let's say that our hot dog stand our supplier wasn't
  40. able to deliver our hot dogs this week.
  41. Well, then, kind of go over just like all the
  42. details of that.
  43. What that would mean.
  44. So, um, think of all the things that could go
  45. wrong with describing that problem, Step two is gonna be
  46. we're gonna brain start brainstorming a list of possible solutions
  47. for that, Um, some things that we can do for
  48. that example of our supplier was unable to deliver hot
  49. dogs or that we could give our customers off coupon
  50. for next time.
  51. Close the stand for about a week or so and
  52. just or even try to find a new supplier.
  53. In the meantime, um, for step three, we're gonna wanna
  54. make a list of risk and rewards.
  55. Remember those words that we went over earlier?
  56. Um, so you want to do that for each solution
  57. that you write down?
  58. Um, a risk again.
  59. It's going to be what can be lost.
  60. And a reward is going to be what can be
  61. gained after you write, uh, each risk and reward for
  62. each solution.
  63. You want to go on to step forward and start
  64. weighing each of those decisions to see which one has
  65. the most rewards and the least amount of loss.
  66. Our risk.
  67. Lastly, Step five is gonna be making a decision after
  68. if you weighed all your risk and rewards and see
  69. which one has the most rewards and the least amount
  70. of risk it.
  71. And just remember that also, successful entrepreneurs face business decisions
  72. daily and, uh, encounter problems all the time, and it's
  73. important to consider potential rewards and risks that you may
  74. have in your own business.
  75. So when going through those decisions, you want to remember
  76. those five steps and you can even use those five
  77. steps to help you solve pretty much any problem in
  78. your life.
  79. So I, uh, encourage you to use that if you
  80. could. And again, I want to thank you so much
  81. for listening.
  82. Take care.