The sharp pinprick of the covid-19 pandemic, upon the thin, delicate film surrounding an already weak and struggling economy, has divulged a glaring systemic weakness. Couple that with the short-sighted and segment centric policies at the federal level cutting the feet off any chance we may have had at preventing such a damaging pandemic, and we have a much less chance of an authentic and timely recovery.
The current circumstances foreshadow calamity and economic devastation on a scale not experienced since the Great Depression; however, history tells us that many massive companies launched during that time.
Today's catastrophe will mimic the past development in foundational thespian fashion, ushering in a new era of planet earth's socioeconomic order. The key to this supposition is the human capacity for seizing opportunity found in the clutches of adversity, the timeless lesson of change vs. chance.
“The only thing that is constant is change.” - Heraclitus of Ephesus
Within every catastrophe lays a silver lining called opportunity, which exists the capacity for positive and progressive change. As the great Ionian Philosopher Heraclitus precludes, change is the only constant, meaning that times of significant change become an opportunity for the dynamic and well-informed entrepreneur. Within the change lays the chance, and from chance, opportunity manifests.
The secret to seizing the moment of opportunity during a system-level catastrophe identifies a significant problem most likely to happen in the future and solving it. To do this effectively, a method of discovery to determine such a solvable problem must be developed and utilized, intrinsically involving historical data and analytics.
The collection of data and analytics allows the decision-maker to consider evidence-based modeling to solve future problems. The conundrum is that the further into the future we attempt to project, the more uncertain and hazy things become due to diminishing data points and data accuracy to base reliable outcomes.
For a more in-depth understanding of developing a viable business model, check out our Business Development Strategy blog.
Solving Problems of the Future... NOW
Problem-solving involves foundational elements forming a methodology. Search for areas of distress – people or businesses that need something or places where there is an existential risk. Then figure out the next-order implications, then how to mitigate that risk and solve future problems today.
First, identify the challenge or challenges at hand by applying historical data and knowledge to the problem. Focus on the significant issues and concerns and generate more challenges from there, as many as possible. Write down each one and clearly illustrate cause and effect, projecting it onto the future scenario.
Second, choose an underlying problem that will have the most significant impact in the future scenario. Look at this underlying problem to develop from a proactive and progressive perspective. Express the possible action or actions to be taken and their motivating purpose and link parameters from the issue to the projected future.
Third, produce solution ideas for the underlying problem. Consider the advancement of technology, where it is today, and what appears to be on the horizon and scrutinize each chosen solution for its applicability concerning the underlying problem. Now, expound in detail the who, what, when, where, how, and why the solutions will be executed.
Fourth, produce and select criteria to evaluate the proposed solutions, write them down in question format, rank them from what you believe is the best, etc.
Fifth, apply criteria to the most appropriate solutions, rank the solutions based on each of the criteria separately, and identify the most promising solution.
Lastly, sixth, develop a plan of action on how to implement the best solution. Write down the plan's logistics and delineate how best you believe the solution should be carried out in a step-by-step procedural methodology.
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