Once an entrepreneur is aware that he has ventured on a new area and has taken certain calculated risks, he should anticipate the problem that are bound to come. neither can he shy away from the problems nor can he escape from them. He needs to acquire necessary competencies by which he should be able to face the problems with a sense of confidence and conviction such competencies could be attuned in the following manger:

(i)    Acquiring the necessary mindset that problems are apart of the process and hence have to the be taken and worked out in the context of the process and not from outside.

(ii)    Probing the causes of the problems faced.

(iii)    Understanding the fact that every problem has a solution if at all one wants to seek it.

(iv)    Understanding the fact that there is more than one way of solving the problems and one has to choose the solution, which is relevant, contextual and pragmatic.

(v)    Looking for alternate strategies till the solutions for the imminent problems are found.

(vi)    Looking for resources that would help solve the problems in an amicable way.

(vii)    Generating new ideas, products, services, etc. to deal with the problems.
Like problem solving, the art of decision-making is a crucial competency to the entrepreneur.

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