Steps to Growth Capital Investor Readiness Skills

4.3 Identify and Define Problems

Visualize the Solution

Here is a good place to begin solving your problem: Try defining the problem in terms of the expected solution. In other words, how is the situation different from what you want or expect? What's happening that shouldn't be happening and what isn't happening that should be happening?

To help you define your problem, ask yourself questions to explore it from a variety of angles. Here are some questions that help focus on the situation. Notice how they help to clarify and define the sample problem.

Look at the sample answers in the right-hand column. While we're not ready to develop a firm solution yet, don't they begin to suggest a better direction? If the investor isn't returning voicemails left in his or her office during business hours, perhaps another time and method of communicating would be more effective.

Understand the Other Side

If the problem exists between you and another person, be sure to define the different sides of the problem. Put yourself in the other person's shoes and try to understand his/her point of view. Understanding the investor's needs, for example, might play a key role in solving a problem you might be faced with during the investment process.

Once you understand both points of view and have flushed out all the issues, you'll need to determine why each person believes the issue is a problem. If you listen carefully to the other person's explanation, you'll get a better understanding of where those thoughts are coming from. And as you are clarifying your understanding, you will also be showing your willingness to address the problem fairly.

Separate Fact From Feeling

Defining what is fact, as opposed to what is someone's opinion and feeling, is important when identifying problems. It's easy to mix up the way you feel with the facts because emotions often run high during the investment process. Don't act on an issue until you know for sure that it's a fact. Be sure to clarify any issues and confirm your understanding with others.

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