After laying the proper groundwork, the final and most important step in the process is fixing the problem. Once you understand the internal and external factors that have led to the problem, you will be better equipped to fix it.
The work does not stop there. Do not allow new ideas and skills to waste away. The skillset, mindset, or a combination of both that help to fix an individual problem need to become part of your entrepreneurial repertoire. Keep on developing these abilities until they become natural.
Now, let’s apply these steps to a real-life example.
The Problem: This is the end of Rob's first year in business. He owns a plumbing company. Throughout the year, he was haphazard about bookkeeping, which he decided to do himself. He told himself that the books could wait. After all, the business was paying all debtors, keeping up with payroll, and had a constant cashflow. At tax time, Rob realizes some of those financial statements were important. Now, he has to find a way to backtrack and make accurate records.
Step 1: Rob acknowledges that there are both mindset and skillset issues that cause his problem. Since failing a math class, he has always doubted his math skills. This is a limiting belief, but the problem does not stop there. Rob has shied away from tackling the books because he is not proficient with the accounting software he purchased for his company.
Step 2: Rob reminds himself of the new skills he learned to become a successful plumber. Though Rob has always been a shy person, he spread the word about his new business. Rob even remembers that throughout the year he has learned plenty of new skills when it comes to the management of his team. He comes to understand that the past does not define his future. He is capable of learning finances, and he is willing to.
Step 3: Rob decides to reach out for help. His friend Susan does all of the accounting for her business. Although her business is in another industry, he remembers that Susan recently had a tax audit. The auditor found that Susan paid all taxes on time. Susan is worthy of imitating, so Rob asks Susan if he can spend a day in her office to see how she handles finances at her business. Susan agrees. Rob takes plenty of notes, and he even signs up for an online class that Susan recommended.
Step 4: After spending a week taking his class, Rob is confident in his abilities to handle his bookkeeping for the year. He knows exactly where in his bank account and the software to find the numbers he needs. It takes several days to finish the process. Rob vows that he will never get himself into this situation again. He marks a two hour period each week to handle his bookkeeping and use his new skills.