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6 Strategies For Turning Problems Into Opportunities

Emmanuel Nnaemeka

Kelle Campbel PR Writer

  The world’s leading entrepreneurs and companies are reputed for turning problems into opportunities. Most often, people chicken out anytime they are faced with problems. But this is not so for the 10% of the wealthy owners of the world. One famous billionaire has remarked that problems are opportunities waiting to be explored.
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Where the pessimist sees problems, the optimist sees opportunities. Turning problems into opportunities is the surest way to get out of a problem. In this article, I highlight six ways to turn problems into opportunities.

  1. Understand The Situation

This is the first step of turning problems into opportunities. Be open-minded when approaching problems. Your major concern should be that you can clearly define what is wrong. Accept the problem. Know that the problem of so and so nature exist.

  1. Concentrate On The Solution, Not On The Problem

The second step is to focus on the possible solutions to the problem rather than concentrating more on the problem itself. Does the problem require placing a hold on a continuous process? Does it require the invitation of an expert? Does it require a brainstorming session? For instance, if there is a problem of spoilt farm produce, rather than focusing on the rotten grapes, you should focus on eliminating future occurrences.

  1. Judge The Available Alternatives

The next step is to draw up a list of what you can do to ameliorate the problem. Draft a plan of action. The goal is to have multiple alternatives where you can draw solutions from. For instance, there is a security breach in your company, the list could be either to temporarily shut down operations, get insurance, build new firewalls, or develop a new and stronger site.
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  1. Avoid Blame Game, Take Responsibility

In the midst of problems, the worst thing to do is to play the blame game. This is when teammates point accusing fingers at each other. Blame games worsen everything. The best way to go about it, if someone is at fault, is to solve the problems, and then do a review of what went wrong in the most mature manner.
  1. Identify The Cause Of The Problem
Identifying the cause of the problem will help you solve it without wasting time on frivolous things. It will help you narrow down what you should tackle. This step is one of the most vital steps in turning problems into opportunities. For example, if there is a problem of a security breach of your company’s website, you may identify the problem to be the absence of antivirus. Armed with intelligence reports, you can easily cover the gaps.

  1. Turning It Into An Opportunity

The solutions that you have invented can be marketed to other businesses that are facing similar problems. If yes, then you need to first identify an available market where you can sell them. Secondly, you can also look at problems beyond your niche or look out for prevailing customer complaints, solve them and build a product or solution for sale. Featured Image Source: Kelle Campbell PR Writer
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