Mastering Problem-Solving for Business Success

Zhuangting He, Latin School of Chicago, Sophomore, Spring 2025

Problem-solving is one of the most essential skills to have for leaders, entrepreneurs, and professionals. “Problem-solving is identified as the top 15 skills that can be sought from employers” (Purdue University, 2025). 90% of employers are looking for recruits who possess problem-solving skills (Gray, 2025). Every business will face challenges at some point–so it is important to understand the problem-solving system to effectively achieve business goals.

1. The first step is to formulate a problem statement that addresses the issue, this helps understand what needs to be addressed concisely. Angela Wang, founder of EN+ Wealth, an investment adviser, shares that when she is faced with a challenge, “it is important to view obstacles as a (positive thing), and as an opportunity to learn.” The first step she does is to “define what the (problem) is by thinking about the 5 W’s:Who, What, When, Where, and Why.” The repetition of questions delves deeper into the issue and reveals the root problem.

2. Seek multiple perspectives. While it is easy to jump to solutions, businesses should consider the customer's viewpoint, what they like, dislike or what needs to be changed. Perspectives of stakeholders, suppliers, and investors should also be considered in the problem statement formulation to ensure that all factors of the issue are considered.

3. Prioritize potential solutions. Sometimes, the best answer is the achievable one.  “Go for the solution that solves 80 percent of the problem but that is 100 percent implementable by the team—rather than a 100 percent solution that is unlikely to ever be properly implemented” (Shedd, 2011).

4. Assign responsibilities. Businesses have specialized teams with various roles such as HR, finance, operations, and marketing play a key role in the business success.  Finding the right people to manage different parts of the solution ensures the problem is solved efficiently.

Effective problem-solving is a necessity in the business world. From defining the problem fully, choosing practical solutions, and assigning the tasks, each step contributes to a strategic outcome. Jim Burns, a Business Problem Solving teacher for the Global Online Academy stated, “curious, analytical, adaptable, committed to continuous learning, and open to receiving multiple perspectives (will stand out as leaders).” Embracing obstacles and applying structured problem-solving frameworks consistently sets the foundation for long-term success anywhere.

Sources: 

• Articles: 

• https://business.purdue.edu/master-of-business/online-masters-in-business-administration/posts/problem-solving-techniques-in-business.php

• https://www.naceweb.org/about-us/press/the-attributes-employers-look-for-on-new-grad-resumes-and-how-to-showcase-them

• https://magazine.wharton.upenn.edu/digital/the-eight-fundamentals-of-problem-solving/

• Interviewees:

• Angela Wang - Founder and CIO of EN+ Wealth

• Jim Burns - Global Online Academy teacher for the Business Problem Solving course