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Solving applied quantitative problems is both an art and a skill. People often give up early even though they have the ability to solve them. Often, it is because they do not have a clear idea of a few key points of the problem solving method. The three topics below can help you to become more effective with solving these problems.

Expect to be confused and frustrated “I have no idea what to do.”

Confusion and frustration are part of the process of learning. The important point is not to be defeated by them. Everyone in a college course has the ability to do the assigned problems. No exceptions, you have gotten into the college program. The problems may be difficult and require significant effort, but you should be confident that you can do them.

After you work through confusion a few times, confidence (and persistence) will begin to grow.

Experiencing confusion and frustration is similar to weathering a summer storm. The storm often comes on suddenly and strongly, but then it passes and the sunshine returns.

Problem solving is a participatory sport, not a spectator sport. Hearing an explanation, or seeing a worked out problem is different from being able to do it. Make the effort to do the problems, not just follow the explanations.

The explanation is the first step, but you must go beyond it. For exams, you will be asked to solve problems yourself and demonstrate that you can do that. You will not be asked if you can understand the explanation given in class.

Read the problem with the intent to understand the words and content, not to solve it. If you are not clear how to begin, take a step back and find a fact that you do know. The important point is to find a foothold to begin.

It is important that you look and find a starting point to progress, rather than allowing time to go by.

If you have worked examples available, COVER the solution and work it out yourself. If the examples are not understood, it is usually a waste of time to spend much effort on the new problem before understanding this. Go back to the earlier step and find a new starting point.

After doing the example yourself, read the new problem slowly, understand what it is stating and what it is asking. See how the information in the new problem relates to the earlier examples. The examples will show you which formulas or equations are needed. Formulas are the key that turns the words of a problem into symbols. It may help to draw a diagram.

Write slowly and neatly. Sloppy writing leads to errors. Leave plenty of blank space to make it easier to follow. There is the temptation to just write things down and hope for the best. This approach takes more time in the long run. Errors are part of the process and it is much faster to find them when the work can be easily traced back.

Know the units of the final answer to the problem. Keep these in mind so that your solution is consistent.

Every time you write a number or symbol down, include the unit right after it in clear writing. Keep track of the units throughout. Inconsistent units can alert you to logical errors.

Get the logic right before you do the math. Then, substitute the numbers for the symbols of the equation. Set up all of the numbers and units before you do the calculation.

Doing the calculations at the end makes it easier to distinguish between errors in the logic applied to the problem and math errors.

Remember that all of these problems relate to the physical world. In some cases, you may have an idea or estimate of the range that the numerical answer should be. If it is far off, then, you can begin to check.

Keep these points in mind, when you find yourself “losing it” working on a problem. You can surprise yourself by the difference they can make.

Strategies for Difficult Exams may be useful when it comes time for the test.

One of the best advantages to buying an existing business is that the business is already operating and there is no time needed to get established. This drastically reduces or eliminates the start-up time. Most existing businesses will already be viable and functioning.

An existing business will have the business structure and organization in place. Employees are already trained and the process and systems are most likely established. However, an existing business also brings with it the challenges of restructuring, improving and modifying the business. Inherited employees are often nervous about new changes and new management. As a new owner of an established business, it is important to learn the business culture and understand how the employees operate. In many businesses, especially in a service industry, employees may be the real assets of the business.

Goodwill, the reputation associated with the business, can have a tremendous effect on the future of the business. Social awareness brings clients and future employees to the business. Buying a business with goodwill is more costly. A bad reputation spreads quickly so it is vital to know what the community response to the business is. When a business has little history, it may be important to research and confirm that the company is a legitimate business and not a scam.

A major drawback to buying a business is the initial capital requirement. The cost to purchase a business can be inhibiting. Businesses with credibility in history, past sales records, and profitability are often easier to finance than start-up businesses. There is also the possibility that the current owner may provide vendor take-back financing. Finding funding for a well-established business is often easier than with a new business. The purchase cost of an existing business will include items such as the business name and trade name, the legal entity, business licence and permits, established brands, client lists and the goodwill. Much of the foundational work has been done and the start-up costs covered.

Existing businesses will have offerings in place. They may not be the exact products or services that the entrepreneur desires to provide but they are a starting point and can allow an immediate cash flow. It may be possible to make money on the first day of operation.

Buying an existing business is good when:

    * The entrepreneurs lack business knowledge

    * The thought of a start-up is overwhelming

    * The business is a way to purchase expensive specialized machinery or equipment

    * Financing is needed from a financial institution

    * The client base and goodwill are important.