Problem solving in business

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I am doing a series spotlighting the wisdom of executives. The first in the series shares Irvine, California-based Tom Fedro's insights on problem solving. To be a successful start-up entrepreneur, problem solving is critical--especially in the technology industry.

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Problem solving in business

  1. 1. Executive Series: Tom Fedro, PSG, Irvine, CA 1/10/2014 ALL BUSINESS IS ABOUT SOLVING PROBLEMS From the earliest trade to the most recent, a problem is identified (or even created) and someone comes along with a solution to solve that problem. This is especially true for start-ups. Photo Credit: Encyclopaedia Britannica, The Cleverness of Crows, 10/07/2013.
  2. 2. Executive Series: Tom Fedro, PSG, Irvine, CA 1/10/2014 VIDEO GAMES CREATED FOR ENTERTAINMENT What problem does a video game solve? About 44% of Americans utilize another device while watching television. NATPE, Jan 2014 Boredom.
  3. 3. Executive Series: Tom Fedro, PSG, Irvine, CA 1/10/2014 THREE CRUCIAL ELEMENTS FOR START-UPS TO SOLVING PROBLEMS
  4. 4. Executive Series: Tom Fedro, PSG, Irvine, CA 1/10/2014 IDENTIFY THE PROBLEM If you’re not looking at your product as the means by which a problem is solved, you’re not in the world of technology. You may have the most beautiful code in the world, but it is useless if it doesn’t solve a problem. It’s hard to create a solution when you’ve no idea what it is you’re trying to solve in the first place or the benefits is will bring.
  5. 5. Executive Series: Tom Fedro, PSG, Irvine, CA SOLVE THE PROBLEM Recognize why the problem exists. For example, if backing up your computer were easy, there would be no demand for automated backup solutions. 1/10/2014
  6. 6. Executive Series: Tom Fedro, PSG, Irvine, CA 1/10/2014 UNDERSTAND THE HUMAN COMPONENT It isn’t enough to identify and solve the problem. A successful start-up must know how to bring the solution to the people. Successful entrepreneurs do all three.
  7. 7. Executive Series: Tom Fedro, PSG, Irvine, CA 1/10/2014 WHAT’S YOUR PROBLEM? Tom Fedro is president and CEO, of Irvine, California-based Paragon Software Group Corporation. Mr. Fedro developed the business strategy and operations plan for the company and hired the team for its execution. Currently recognized as one of the “Best Places to Work” by the OC Business Journal, Paragon is the 3rd fastest growing private company in the region. You can reach Tom Fedro at www.TomFedro.com and www.linkedin.com/in/tomfedro.

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