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<\/figure><\/div>\n\n\nThinking Fast and Slow<\/h2>\n\n\n\n
by Daniel Kahneman<\/p>\n\n\n\n
\u23f1 14 minutes reading time<\/p>\n\n\n\n
\ud83c\udfa7 Audio version available<\/p>\n<\/div><\/div>\n\n\n\n
Buy on Amazon<\/a><\/p>\n\n\n\n The first trick we\u2019ve got to share is to jump into action. Take immediate <\/em>steps to tackle this problem. As you know by now, entrepreneurship isn\u2019t a wise career path for people who tend to put things off or procrastinate.<\/p>\n\n\n\n The next time a problem rears its ugly head, tackle it immediately. By \u201ctackling it,\u201d we mean executing our next piece of advice. This is not the same as hurrying <\/em>into a decision, which could possibly make things worse. Being impatient about solving problems means you\u2019re eager to solve them instead of letting things run their own disastrous course.<\/p>\n\n\n\n When they find themselves in a bind, a lot of people go with the first decision or plan of action that comes to mind. While you need to get a jumpstart on solving the problem, you should never make a business decision in a hurry. In order to be a successful entrepreneur, coming up with a system that helps you think critically is a must<\/em>.<\/p>\n\n\n\n The next step is to digest<\/em>, which in this case means thinking critically about the problem. Digesting means not <\/em>immediately going with the first idea. Take the time to digest the problem before you even think about offering a solution.<\/p>\n\n\n\n Critical thinking, the ability to logically digest problems, is vital for your business. It\u2019s going to help you grow your brand. And it works for every aspect of the job, including finances, marketing, and when dealing with employees and investors.<\/p>\n\n\n\n And most importantly, it\u2019s going to ensure that your solution is effective and long lasting– as in, it\u2019s not going to circle back with an additional problem.<\/p>\n\n\n\n Analyze every factor on hand. To avoid procrastination, set a strict deadline for when you need to find a solution.<\/p>\n\n\n\n You know those little kids who constantly bombard people with \u2018why\u2019 questions? They may be on to something. Because answering all those \u2018why\u2019 questions will help you come up with new and innovative solutions.<\/p>\n\n\n\n Today, we want to be that annoying kid. Ask many \u2018whys\u2019 as you want. Be as unsatisfied as that kid is. This is how you\u2019re going to get to the bottom of the problem. With every \u201cwhy,\u201d you\u2019re digging deeper.<\/p>\n\n\n\n Most notably, you\u2019re gaining insight<\/em>. This is also related to not going with the first decision you come up with. Never be satisfied with the first <\/em>solution you find to your first \u201cwhy.\u201d<\/p>\n\n\n\n After solving the first question, continue asking why. Not sure how many \u201cwhys\u201d you need? Here\u2019s an extra trick.<\/p>\n\n\n\n The Five \u201cWhys.\u201d<\/p>\n\n\n\n The technique was created by none other than Toyota– aka, one of the oldest and most reliable car producing companies of all time. The Five Whys were proposed by Japanese inventor and industrialist, Sakichi Toyoda; who was known as the \u201cKing of Japanese Inventors\u201d. He\u2019s the one who started the Toyoda family companies. Later on, his son would establish Toyota, the largest automaker in Japan.<\/p>\n\n\n\n So that king of industry made the 5 Whys part of the Toyota Production System. It goes like this: whenever they encounter a problem, Toyota’s scientific approach is to ask \u201cwhy\u201d a total of five times. Then, not only the solution becomes clear, but also the very nature of the problem.<\/p>\n\n\n\n We\u2019re looking to be problem-solving, analytical business people, and a major part of that is knowing how to make informed <\/em>decisions. The 5 Whys are magic when it comes to clearing that fog.<\/p>\n\n\n\n The first \u2018why\u2019 will reveal a superficial analysis. Being persistent will find the real cause of the problem so that you can find lasting solutions.<\/p>\n\n\n\n Like Toyota, you want to understand what\u2019s happening on the work floor, so you prod and inspect it until a clear reason for that problem is revealed.<\/p>\n\n\n\n The Toyota website states that \u201cwhenever a problem cropped up, Taiichi Ohno encouraged his staff to explore problems first-hand until the root causes were found.\u201d \u201cObserve the production floor without preconceptions,\u201d he would advise. \u201cAsk \u2018why\u2019 five times about every matter.\u201d<\/p>\n\n\n\n There are a lot of ways you can approach this technique. Some people like to hold meetings to brainstorm. Others work alone. Some move past the five question mark and ask as many \u2018whys\u2019 as they want– as many as it takes to get to the root of the problem and clarify the necessary action.<\/p>\n\n\n\n The method depends on following step after step. And we cannot emphasize this enough: don\u2019t hurry. And don\u2019t jump to conclusions.<\/p>\n\n\n\n
\n\n\n\nTrick #1: Be Impatient<\/h2>\n\n\n\n
Trick #2: Digest<\/h2>\n\n\n\n
Trick #3: The Five Whys<\/h2>\n\n\n\n
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