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Why Critical Thinking Is Crucial For Entrepreneurs
The ability to actively think and solve complex problems is a major differentiating factor between humans and other organisms. Deductive and inductive reasoning are executive functions that can only be performed by the human brain. Though we are naturally equipped to be able to carry out such an activity, it is safe to say that not many people know how to employ this God-given capability to the best level possible in the different areas of life.
Critical thinking, therefore, is not as common or as simple as it sounds as many individuals are yet to understand and take advantage of it. The select few who have been able to identify its benefits and train their minds to perform this function effortlessly have discovered a powerful tool that can be applied to every situation one might encounter in the personal space and in business ecosystems.
The power of being able to critically think when faced with situations that prove difficult, cannot be quantified as the possibilities it offers are endless. Problems are seen as stepping stones – a means to an end, not a barrier. They are objectively viewed as an opportunity to find out something new and to understand the various angles to the challenge and this ability is the tool that enables and fosters the exploration of the issue.
Those who study human behavior in order to implement that knowledge when it comes to driving sales of their products, have to do so with the aid of an objective tool such as critical thinking. Critical thinking helps with analyzing data and quickly identifying what information is really important when it comes to growing a business, getting customers, retaining them, and scaling.
This skill is multifaceted and can be applied to every industry but to put this in context, this article will lay out its importance to an entrepreneur. The first step to running your own business on whatever scale is to first have an idea of what novelty or re-modeling of an existing market or product, you want to proffer but not all ideas are worth paying attention to either because of a lack of demand or target market or the fact that it is simply not feasible. The ability to find out whether or not you should follow through with that idea is thanks to being able to critically weigh all the options.
Many businesses start but only a few succeed – true, it could be due to other factors other than just a lack of patronage, lack of finances could be implicated but it goes without saying that a majority of those enterprises that do not make is as a result of not being able to use this thinking tool.
In the instance where the business is already thriving, owners need to be able to spot and analyze the changes that occur in that sphere in order to re-strategize or re-define priorities, else they face the possibilities of fading out of the market. People change their preferences every other day, some of us get bored with using the same products time and again, as an entrepreneur critical thinking helps you pick out the patterns of what’s hot and what’s not from carefully paying attention to the rack that needs re-stocking every other day and the shelf with products that need frequent dusting.
The people working for you might not be abreast with the happenings of the industry or they are solely focused on performing their specific roles, as the head and the driver of that team, you need to be able to communicate what you need them to prioritize, implement, and totally discard, in line with the direction the business might be taking at every point in time – doing this successfully and effectively follows the principle of critical thinking.
As an entrepreneur, principles and core values should not be negotiated but there are also things that are essential to an organization’s growth that requires one to be malleable. A particular product in your company’s line seems to be moving the slowest, critical thinking if used, brings this to your notice, helps you figure out the ‘why’, and helps you make the best decision possible whether that means a re-branding or re-packaging or removal.
It cannot be over-emphasized that to be a successful entrepreneur the place of critical thinking cannot be ruled out – it is as relevant as monetary resources and human capital.
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