Why Some Entrepreneurs Win More than Others

A friend of mine has spent years trying to get a product that he invented to market. He has been close a few times. The main customer for his product would be large utility companies.

He has had few of them do a small batch test order, and they’ve been happy with the product. There have been recent discussions about a possible big order, and they have asked him to install the product because they don’t want to dedicate the manpower to getting the product installed.

This request is exciting but also presents some significant challenges for him, because he already has a full-time job and the installs of his product would be in a different state.

He shared his concerns about how he would be able to hire people to do these installs in remote parts of different states and how he was going to manage all of it.

I said, “Welcome to the exciting world of entrepreneurship” and basically explained how the best entrepreneurs tend to be the best problem solvers. Being a great problem solver often means knowing who to reach out to for advice and solutions.

A lot of good businesses fail because they struggle with situational strategizing and making decisions. Every business will be faced with frequent and unexpected events that could make or break them, and as the owner or leader of the company, they need to commit to “figuring it out.”

Entrepreneurs must have the attitude and resolve to “figure it out” because without that they are destined to fail from indecision and getting consumed with worry in the “what if” trap.

It’s kind of like when your computer or devices start giving you problems.
How do you react to that?

I’ve been labeled in my office and in my family as the person for tech issues. The reason why I’m good at fixing their tech issue is the same reason I’m good at business, as I apply my same “figure out a way to solve the problem, through trial and error,” mantra until I finally figure it out (in most cases).

Over time from performing so many decision, pivot, loops until I find the answer, I can now solve problems faster because I already know the decisions to avoid and proven solutions to try first.

You don’t have to solve problems on your own, but you do have to make the decisions. If you end up being wrong, learn from it, make another decision, and another and so on.

The best entrepreneurs are not necessarily right more often, but rather, they get to the right answer faster by making more decisions.

My friend has always been good at “figuring things out.” He may have concerns about the next steps, but he doesn’t view the oncoming challenge as a reason to throw the towel in the ring and his hands in the air. Instead, he’s strategizing his situation and making decisions on how to put the right team in place. He’s moving forward and adapting to the changing circumstances. In doing so, he’s placing himself on the path to success.

Becoming a better problem solver is simply a by-product of the decision, pivot, loop.