Entrepreneurship Section 2.3 -- Essential Question 1

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Problem Solving : 

Chapter 2 Slide 1 Problem Solving Once you own your own business, you will have to make decisions and solve problems every day. Many entrepreneurs make decision casually or base them on intuition As a result, their decisions are based on faulty assumptions or illogical thinking The BEST entrepreneurs use formal problem-solving mechanism to gather information and evaluate different options

The Problem Solving Process : 

Chapter 2 Slide 2 The Problem Solving Process A formal problem solving method that helps business people solve problems in a logical manner. The model consists of 6 steps

USE A PROBLEM-SOLVING PROCESS : 

Chapter 2 Slide 3 USE A PROBLEM-SOLVING PROCESS Define the problem Gather information Identify various solutions Evaluate alternatives and select the best option Take action Evaluate the action

Identify the Problem : 

Chapter 2 Slide 4 Identify the Problem Loretta has a problem Her employees are using the photocopier for their personal use. Despite the sign above the machine indicating that it is to be used for business only, Loretta constantly sees employees photocopying everything from recipes to cartoons.

Gather Information : 

Chapter 2 Slide 5 Gather Information Once the problem has been defined, you need to gather information that could help solve it Relevant information may be obtained from company records, industry data and interview with customers, suppliers and employees

Gather Information : 

Chapter 2 Slide 6 Gather Information Loretta needs to identify how many of his employees ignored the rules She found that 3 of her 13 employees accounted for almost all of the misuse She also talked with other business owners to see if they had similar problems and how they handled them

Identify Various Solutions : 

Chapter 2 Slide 7 Identify Various Solutions Most problems can be solved in various ways Identify all possibilities before you settle on a particular solution

Evaluate Alternatives and Select the Best Option : 

Chapter 2 Slide 8 Evaluate Alternatives and Select the Best Option Consider all your options and alternatives and choose the one that will best solve the problem on hand

Take Action : 

Chapter 2 Slide 9 Take Action Once you have the best solution to the problem take action and implement the solution

Evaluate the Action : 

Chapter 2 Slide 10 Evaluate the Action The problem solving process is not complete until you have evaluated your action Did it solve the problem or not? If not, try another solution!

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