ENTREPRENEURSHIP

Detailed explanation-1: -The best entrepreneurs use formal problem-solving model to make decisions. Quantifying a problem helps a business owner determine how much it is worth to them to solve it. The problem-solving process is not complete until the action is evaluated. Entrepreneurs should not be afraid of making mistakes.

Detailed explanation-2: -Entrepreneurial problem solving is the process of using innovation and creative solutions to close that gap by resolving societal, business, or technological problems. Sometimes, personal problems can lead to entrepreneurial opportunities if validated in the market.

Detailed explanation-3: -Those with good problem solving ability will move the business forward more effectively. Those lacking problem solving ability will inevitably recommend ineffective solutions to key business issues, solutions which will either fail to resolve the underlying issue or indeed exasperate it.

Detailed explanation-4: -Step 4: Implement To implement is the step in which the solution to the problem is tested and evaluated. The entrepreneur walks through the planned implementation with the client and tests each part of the solution, if a service, or thoroughly tests a developed good.

Detailed explanation-5: -To make sound decisions As an entrepreneur, having a business plan helps you define and focus on your business ideas and strategies.