Becoming a Profitable Problem Solver
Are you interested in problem solving? This blog is the only resource you would need to understand, hone and tap into your problem solving skills.
Do you desire to develop your ability to generate ideas to meet the pressing needs around you?
Do you know that you possess in you, the painkiller to the killer pain of someone out there who is hurting?
Do you know that problem-solving is a skillset that can be taught, learned and honed? Have you ever thought of creating a good side income that fetches you not just more money but extra satisfaction, while doing the things that come naturally to you?
Do you want to create a business that works for you rather than the other way round? Every problem is a business. Money changes hands when you proffer solutions but not everyone knows how to bring this solution out from within.
In this blog, we’ll delve into the key strategies for becoming a profitable problem solver. To get the best results from this, grab a pen and a notepad. If you cannot get one at the moment, no worries, bookmark this blog post and read on.
Or you can use the note app on your phone. This is necessary because you would need to answer some questions that will be thrown at you to stimulate your critical thinking as you read.
Before we go further, let us understand why problem solving is very important for you as an entrepreneur, professional or student.
Why is Problem solving Important?
According to the World Economic Forum Report, problem-solving, creativity and critical thinking skills are among the top 10 most sought-after skills across industries and geographies projected for 2025. However, we already see these skills taking over the world since the year 2020.
It is therefore imperative that you begin to hone that inherent ability of yours in a profitable way by solving problems in your place of work, industry, home and nation at large.
In a world driven by innovation and complexity, the ability to solve problems effectively is a skill that transcends industries and professions. Problem solvers are the architects of progress, the ones who turn challenges into opportunities and uncertainty into success.
But being a problem solver isn’t just about finding solutions; it’s about being a profitable problem solver – someone who not only creates value through their solutions but also benefits personally and professionally by engaging the right problem solving strategies.
This blog is designed to help you fly your thoughts into the realm of Fourth Dimensional Thinking so that you can become aware that you carry solutions to the problems of this generation.
You will not stop there but will be guided by this material to go ahead, create the solution and monetize your solution easily and profitably.
How to Become a Problem Solver
Below are steps that can help you develop your problem solving skills and open to you doors to innovative solutions and unforeseen possibilities.
1. Develop a Growth Mindset:
A growth mindset is the foundation of profitable problem solving. Embrace challenges, view failures as learning opportunities, and continuously seek to expand your knowledge and skills.
Approach problems with the belief that you can learn and adapt.
2. Hone Your Critical Thinking Skills:
Critical thinking is the ability to analyze, evaluate, and synthesize information to make informed decisions.
To be a profitable problem solver, practice thinking critically about various situations and scenarios.
Ask probing questions, consider alternative perspectives, and challenge assumptions to arrive at well-rounded solutions.
3. Engage Your Creativity
Creativity is the spark that ignites groundbreaking solutions. Cultivate your creative thinking by exploring diverse interests, exposing yourself to different cultures and industries, and engaging in activities that stimulate your imagination.
Creativity allows you to think beyond the obvious and develop innovative approaches to problems. For more insights on how to ignite your creativity, check out my latest book.
4. Master Effective Communication:
Even the most brilliant solutions are ineffective if they can’t be communicated clearly.
Develop strong communication skills – both written and verbal – to articulate your ideas, proposals, and findings to diverse audiences.
Being able to convey complex concepts in an understandable manner enhances your value as a problem solver.
5. Collaborate and Network:
The art of the problem solving process is a collaborative one, you will see that it is not something that is done in isolation most times. Collaborate with individuals from various backgrounds and expertise areas to tap into different viewpoints and knowledge bases. Networking not only exposes you to new ideas but also opens doors to potential partnerships and opportunities.
6. Learn from Feedback:
Feedback, whether positive or constructive, is a valuable tool for growth in the process of problem solving. Actively seek feedback on your problem-solving approaches and solutions.
Constructive criticism helps you refine your skills and adapt your methods, leading to more profitable outcomes over time.
7. Focus on ROI (Return on Investment):
To be profitable, your solutions or problem solving processes should offer a tangible return on investment.
Consider the resources – time, effort, money – required to implement your solutions and weigh them against the potential benefits.
Prioritize solutions that offer the highest value for the resources invested in your problem solving strategy.
8. Stay Tech-Savvy:
In today’s digital age, technology often plays a pivotal role in solving complex problems. Stay updated with technological advancements in your field and beyond. Familiarize yourself with relevant software, tools, and trends to harness technology’s power for effective problem solving.
9. Develop Resilience:
Problem-solving processes are often filled with setbacks and obstacles. Resilience is the ability to bounce back from challenges and continue pursuing solutions with unwavering determination.
Developing resilience ensures you stay committed to profitable problem solving, no matter the difficulties encountered.
10. Continuously Learn and Adapt:
The landscape of problems is ever-evolving. One of the skills the top problemsolving habit successful people have is they, commit to lifelong learning and adaptation.
Stay curious, seek out new challenges, and be willing to adjust your strategies based on new information and changing circumstances.
If you would like to take your learning further, checkout my book titled Fourth Dimensional Thinking on Amazon.
Some Additional Resources:
- What is Creativity? Here is My Powerful 7-Sided Definition!
- 6 Easy Steps to Solve Problems with Mindstorming
- The Creative Power of Questions: 5 Keys to Innovative Discoveries
- How to Brainstorm Ideas and Creative Solutions – 8 Easy Steps
14 Steps to Profit from Your Problem Solving Skills
Solving problems profitably isn’t just about finding quick fixes; it’s a process that involves strategic thinking, innovation, and the ability to harness opportunities.
By following these 14 essential steps, you can transform pain points into lucrative ventures and obstacles into stepping stones to success. These steps are available in a workbook format here if you’d like to have it here: Profitable Problem Solving Workbook.
1. Identify Pain Points:
Start by recognizing the pain points or challenges you or your target audience are facing.
Understand these obstacles in-depth to determine the root causes and potential impact on individuals or businesses.
What problem(s) is your existence supposed to solve in real and practical terms?
(Write the answers on your notepad if you have it handy. Avoid ambiguous answers, the simpler the better!)
2. Apply Remedies:
Once you’ve identified the pain points, explore potential remedies or solutions. These could involve process improvements, technology implementation, or even new approaches to existing issues.
Which of the problems do you think you can remedy or should solve right now, from where you are, with what you have?
3. Seek Opportunities:
Within every challenge lies an opportunity waiting to be seized. Consider how addressing the pain points could open up new avenues for growth, innovation, or market expansion.
What are your plans to solve the problems you identified above right now?
(E.g. Ideas, discoveries, research, collaborations, write a book, propositions, going digital, developing a tech, automating, pricing systems, policies, etc) Be specific. For example, I will schedule a meeting with Mr. XYZ this week.
Or I will research on XYZ today, or I will take XYZ approach from now henceforth, etc. Do not procrastinate the action, pick up that phone and make the calls or do the research now!
4. Explore Benefits:
Analyze the benefits that could arise from solving the identified problems.
These benefits could range from increased efficiency and cost savings to enhanced customer satisfaction and competitive advantages.
Who are the people who will benefit from your solutions?
(Write out specifically the people you already sell to and who you intend to sell your solutions to e.g. students, couples, bankers, mums, young professionals, etc. BE SPECIFIC!)
5. Leverage Your Strengths:
Everyone has something in his immediate possession or environment that can be used as leverage. Leverage helps you achieve more with less.
What kind of leverage do you possess? (Experience, skill, capacity, language, resources, network, etc).
Identify your strengths, skills, and resources that can be leveraged to address the pain points effectively. Your unique qualities will play a significant role in shaping the direction of your problem-solving approach.
Are you satisfied with your leverage? What are you doing to gain a greater advantage in your field in other to position you as the go-to-person?
6. Evolve Your Perspective:
This is a problem solving technique that most people tend to ignore. They want to hold on to their past methods, giving little room for innovation. Don’t limit yourself to conventional solutions. Embrace a creative mindset that allows you to approach problems from various angles, leading to more innovative and profitable outcomes.
What are the conventional ways of doing things (e.g. marketing, sales, customer service, recruitment, promotion, production, processing, etc) in your industry?
What are the methods that you need to reinvent in order to meet up or surpass the changing trend of your market, industry or the world?
7. Multiply the Impact:
Consider how your solution can be scaled or expanded to reach a broader audience or address related challenges. The ability to multiply the impact of your solution contributes to its profitability.
What state of the art ideas have you conceived that will help you reach more people in your nation, business or industry? Reflect on this and write this down.
When Henry Ford made mass production possible, he created another problem that also needed a solution. Mass need for workers, mass need for petroleum, he however needed to factor some of these solutions in his plans.
You should think in the same direction! What problems will be created when you multiply and how can you also tackle such problems and their allies? Answering these questions can help you multiply your impact of your problem-solving strategies, ideas and techniques.
If you would like to have speak at your event or conference on profitable problem solving or any creativity related topics, please fill this request form and we can get in touch.
8. Develop a Strategic Plan:
Craft a strategic plan that outlines the steps, resources, and timeline needed to implement your solution. A well-structured plan ensures efficient execution and maximizes your chances of success.
9. Overcompensate for Excellence:
Strive for excellence by overcompensating in your efforts. Deliver more than what’s expected to provide exceptional value and build a reputation as a go-to problem solver.
What can you do to make your solution more than meet the expectation of your audience, clients, market or customers?
10. Identify Limiting Factors:
Recognize potential obstacles or limiting factors that could hinder your progress. Address these challenges proactively to minimize their impact on your solution’s profitability.
With your present finance, resource, personnel, etc, can you begin to execute the opportunities and prospects you identified in step 3?
What have you done and what are you actively doing to avoid the hindrances or sort them out?
11. Deliver Value:
Remember that every problem is a business depending on how it is solved. Your solution should prioritize delivering value to your audience. This value could be in the form of time savings, increased revenue, improved customer experience, or other tangible benefits.
Do the people listed above really need the solutions/remedy you offer?
Why would they need your solutions and why would they pay for it?
In what specific and obvious way does your remedy help make their life better?
Packaging matters! How do you plan to package this solution that you have developed into sellable and revenue generating products or services?
12. Nurture Your Gift:
Everyone has something in his immediate possession or environment that can be used as solution to problems. It needs to be harnessed, processed and nurtured.
What have you done to process this resource until it is ready to meet a high value need? How long have you been at it?
After implementing your solution, monitor its performance and gather feedback. Use this information to refine and enhance your solution, ensuring its long-term profitability.
13. Take Initiative:
An initiative is also known as a new development; a fresh approach to something; a new way of dealing with a problem.
It can be seen as the ability to act first or on one’s own. When you unlock your creativity, you become an initiator.
Be proactive in seeking out opportunities to apply your problem-solving skills. Don’t wait for challenges to come to you; actively search for ways to create value and solve problems.
14. Generate Products and Services:
Think of the different ways you can generate revenue through your solutions.
These different ways represent your merchandise. The more merchandise you can generate, the more profitable you become as a problem solver.
What are the different products and services you can generate from your existing product, service, skill, resource, property, business, and so on?
Cultivate a habit of continuous innovation. Regularly mine your mind for fresh ideas, explore new technologies, and challenge yourself to think outside the box to generate novel solutions.
By following these 14 steps, you can transition from merely solving problems to becoming a strategic thinker who uncovers opportunities, delivers substantial value, and reaps the rewards of profitable problem solving.
Remember, the journey to profitable problem solving is not just about finding answers; it’s about transforming challenges into stepping stones towards a more successful future.
Now over to you! What challenges do you have regarding profiitable problem solving? What step(s) or strategy(s) are you going to implement right away? Let me know your answer in the comment section below.
If you would like to have me hold your hands on a one-on-one coaching program, shoot me an email at info@iredafeowolabi.net. If you are searching for a keynote speaker for your event, you can invite me to speak at your event here.
