Critical thinking enables entrepreneurs to handle new situations in the business environment. It equips them with the ability to analyze the situation at hand and make amicable decisions. Problems are deemed to arise in different business situations which prompt entrepreneurs to equip themselves with a strategic approach to solving them, one of which is critical thinking. Where entrepreneurs lack basic skill in this realm of thinking, their businesses enterprises are deemed to face gross challenges (Timmons et al, 2010).
Critical thinking does not predictably signify that you must always be the one to come up with ideas and solutions to something. It allows us to source from others and to learn from them too. The reversal theory stipulates that we are not the same and every one of us holds different competencies (Kourdi, 2009). Therefore, it would be beneficial to entrepreneurs to seek the ideas of others since they may be better than them in handling some situations. Where an entrepreneur uses this decision making or problem solving approach, he will be the overall beneficiary. This is because he would be tapping the knowledge of others to make good of his situation. The key weakness with this loom is that one may not know when the contribution of the third party is misleading. However, this approach maximizes an entrepreneur’s ability to take responsibility by giving others a chance to make contributions.