Welcome to this issue of "Dr. T's Timely Tips" by Dr. Tony Alessandra. Please send your feedback to DrTony@Assessments24x7.com!

Resourcefulness

What is it?

Resourcefulness is the ability to cope with new challenges and situations promptly and skillfully as they arise in business. It is the ability to use problem solving methods to creatively channel available resources to meet situations effectively. Typically, being resourceful is a matter of creatively balancing time, energy, effort, capital, and other resources to overcome business obstacles in the most optimal way.

Why is it important?

As a business grows from the infant states throughout all levels of maturity, the demands placed upon the resources of the company are often greater than initially expected. Often these demands require the immediate attention of the entrepreneur. The resourceful entrepreneur will cope with these demands by analyzing the challenges and identifying solutions, often leaving the resources intact.

Resourcefulness allows the entrepreneur to think outside the box when brainstorming solutions to many complicated problems. This 'out-of-the-box' thinking often requires the entrepreneur to overcome engrained thinking patterns that control and limit the effectiveness of many businesses. It requires the entrepreneur to evaluate all of the resources available and determine the best allocation for them to meet all the needs facing the business.

It is through resourcefulness that small businesses are able to compete with large established businesses. It is the manner in which many small businesses seem to make something out of nothing.

How to get it if you don't have it?

Changing thought processes is often difficult and generally takes a significant amount of time. It requires one to retrain the manner in which he or she approaches problem solving opportunities. Each time that a problem is encountered the entrepreneur must take the time to identify as many solutions as possible, often this will require the entrepreneur to ask others for suggestions. As solutions are identified, implement those that will make best use of the resources at hand. Once the solution has been implemented, evaluate the outcome to identify avenues of improvement.

How to develop it if you have it?

Once you have trained yourself to think in a manner that encourages resourcefulness you may further develop this skill by continuing to look for new and different alternatives to your limiting resources. Identifying areas where your resources are not being handled in the most effective manner may aid you in retaining and better utilizing those resources you do have. Begin to log improvements and continue to ask those people around you for suggestions.

 

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This article was adapted, with permission, from the One Minute Entrepreneur book, co-authored by my colleagues and friends, Ken Blanchard and Don Hutson with Ethan Willis. Please visit this site for details about the One Minute Entrepreneur book and be sure to take your complimentary One Minute Entrepreneur Assessment too.
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