The Art Of Solving Difficult Challenges As An Entrepreneur

For many, entrepreneurship is about more than starting a company – it’s about finding innovative ways to solve seemingly impossible problems to improve the world. The very essence of entrepreneurship involves tackling these difficult challenges – issues that stretch the imagination require profound innovation, and demand relentless perseverance. While it might feel daunting at times, finding ways to push through and bring the impossible to reality is essential for entrepreneurs looking to make their mark on the world.

In addition to noticeably improving lives, innovation is essential for small businesses looking to grow. 85% of innovative small businesses have grown over the last five years, in contrast to just 67% of non-innovative companies, as reported by Zipdo. The question is how entrepreneurs can solve impossible challenges to benefit the people and communities they serve.

The Power Of A Problem-Solving Mindset

The first step in overcoming daunting challenges is adopting the right mindset. “The entrepreneurs who thrive and make a difference are those who don’t see problems as barriers but as opportunities to innovate and differentiate their business from the competition. This mindset doesn’t always come naturally – you need to have a blend of optimism and realism where you acknowledge the difficulty of a challenge but remain confident in your ability to solve it. It’s about seeing the glass half full, even when others doubt that there’s anything in the glass at all,” explains Gareth Sheridan, CEO of Nutriband (NASDAQ: NTRB), which has developed an abuse-deterrent opioid patch using patented technology.

“Adopting a problem-solving mindset doesn’t mean you won’t face setbacks or that everything will always go your way. Trying to solve impossible challenges inherently involves failure, and you have to be willing to accept that. So entrepreneurs must cultivate resilience. This allows them to come back from failures by learning important lessons so they can charge forward with an even stronger resolve,” adds Sheridan.

“The job of the entrepreneur is to have delusional optimism; that’s how your business succeeds. You are the visionary who believes that without a shadow of a doubt, your business is not only needed but is required, making that vision a reality is the work,” says Jenna Tanenbaum, Founder of Ostrich, a creative ad agency. She advises to start with a really aggressive forecast and focus on bringing that forecast into reality.

Staying Hyper-Focused Is Key

Entrepreneurs often like being busy and have many great ideas to implement. However, they need to find their focus and try to solve only one problem at a time. “The entrepreneur can tackle only one or two opportunities and problems. Therefore, just as a parent should focus more on a toddler’s motor skills than on his or her social skills, the entrepreneur must distinguish critical issues from normal growing pains,” explains Amar Bhidé.

“Focus is essential for gaining a deep understanding of the problem at hand. It allows problem solvers to delve into the specifics of a challenge, scrutinizing details and uncovering underlying causes. Without focus, it’s easy to skim the surface of an issue without ever grasping the roots, which are often hidden beneath layers of complexity,” adds Sheridan. “When you start getting off track, remind yourself of your target goal and redirect your attention.”

Foster A Culture Of Innovation

Innovation is the tool that dismantles the impossible. It inherently requires a level of creativity. “You cannot innovate without creativity. Innovation is the process that combines ideas and knowledge into new value. Without innovation, an enterprise and what it provides quickly become obsolete,” said researchers Sheu-Usman Akanbi and Isaac Aun. Leaders must foster a company culture that encourages creativity and experimentation to create a fertile ground for innovative ideas to flourish. This involves empowering team members to challenge the status quo and bring diverse perspectives.

“As a leader, it’s your responsibility to make sure your team is as fired up as you are about solving one big problem,” says Sheridan. “Our team believes it’s possible to improve and even save lives with technology that reduces overdoses, hospitalizations, and accidental drug exposure. Other entrepreneurs who want to solve a seemingly impossible challenge should encourage a fail-fast approach, where quick, cost-effective trials are conducted to test new ideas to help refine solutions and reduce the risks associated with innovation.”

Tackling impossible challenges is at the heart of entrepreneurship. It requires a unique blend of resilience, creativity, collaboration, and adaptability. By mastering the art of turning obstacles into opportunities, entrepreneurs enhance their chances of success and contribute to innovation and progress in their industries. As they continue to push the boundaries of what is possible, they inspire all of us to rethink our limits and strive for greater heights.