When faced with personal and/or organizational problems, the steps which one takes to solve these problems are crucial, and is a common act in one's everyday life. Problem solving skills help to determine the outcome of a situation but, more importantly, they will help to ensure that the real problem is identified. "Defining the right problem the right way is both the most difficult and the most critical step in problem solving" ("Defining the Problem: The Critical Step to Realizing Opportunities", http://mycampus.phoenix.edu, p.1). Using a step-by-step problem-solving process, not only will solutions be identified, but the "process also incorporates appreciative inquiry, which helps to reframe the problem into an opportunity and defines success in terms of the desired future end state and success factors ("Problem Solving Based Scenarios: An Approach to Identify Opportunities to Create Value for the Business", http://mycampus.phoenix.edu, p.1). Additionally, key stakeholders and their perspectives can also be identified. Throughout this paper I will use the nine step problem solving model in an effort to analyze Gene One, a biotech company that is looking to become a public entity within the next three years. Situation Background (Step 1)
During the problem-solving process it is important to identify both the challenges and opportunities when describing the situation. During step one of this model one should "describe the situation and provide an initial description of the issue or opportunity, which will become the basis for defining the "right" problem" ("Problem Solving Based Scenarios: An Approach to Identify Opportunities to Create Value for the Business", http://mycampus.phoenix.edu, p.1). Upon examining the Gene One scenario, it is apparent that there are several underlying situations that have led to the decision to go public and to proceed with the plan to secure Initial Public Offering (IPO) capital. Although Gene One has proven profitable over the last eight years, growing into a $400 million dollar company, Gene One is seeking to become a public entity. Gene One, which entered the biotech industry in 1996, did so with groundbreaking gene technology that helped to eliminate the need for the use of pesticides by farmers. Despite this however, Gene One has come to realize that in order to compete with demands and to reach their goal of a 40% yearly growth rate, they need to go public within the next three years. In order to be successful in these endeavors, Gene One's founder and CEO recognizes the importance of the companies IPO opportunity. Although it is the companies hope that implementing the IPO "will help Gene One realize its growth targets, establish the company as a strong competitor and show Wall Street the Gene One has the leadership and organizational capabilities to succeed as a public entity ("Scenario: Gene One Company Overview", http://mycampus.phoenix.edu, p.1), other members of the leadership team are not as confident in the sudden implementation of this plan.
When reviewing the information provided by Gene One, there are many issues that need to be identified before one can effectively provide any type of resolution to this problem. The first issue is that if Gene One pursues the IPO, they will have to meet several requirements set forth by the Sarbanes-Oxley Act (SOA). One requirement in particular involves the level of leadership among IPO Boards. Current regulations require that IPO Boards have not only independent directors, but that they have at least one board member who is serving as a CFO or a CPA. At this time, Gene One does not fully meet these requirements and changes in their board composition will need to be made in order for Gene One to move forward. Not only could this change prove time consuming, but company relations within this close knit company could also be...