November 3, 2015

Problem Solving

Businesses exist to meet human needs and meeting human needs is best characterized as problems to be solved. Consider the history of business and economic development.

As businesses, we’re always trying to push the envelope of innovation to meet human needs better, whether that entails a low-end solution and price reduction, or whether it entails a higher-end solution for which customers are willing to pay a premium. In either case there is one thing you can always count on problems to be solved. In this sense problems are good, not bad as the word implies. There is no escaping problems in a world that changes constantly—in markets and in the strategies and operations of a corporation. Therefore, if there’s one overarching competency for corporations to possess, that competency is problem solving.