Five steps to sharpen your problem-solving skills -- and save time and money, too.

Your ability to make money is directly proportionate to how well you solve problems

for your customers. Problem solving is one of the most highly valued characteristics you can have as an entrepreneur. Hone this skill and you reap the benefits of saving time, making money and finding the next big idea for your business.

There are three myths about problem solving that should be shot before we talk about how to become good at it.

Myth No. 1: Problem solving and critical thinking are the same.
Fact: Problem solving is a sub-set of its larger cousin, critical thinking. Problem solving deals with the immediate issue, and critical thinking is required for long-term strategic issues.

Myth No. 2: Good problem solvers intuitively shoot from the hip.
Fact: Intuition is an important part of the process, but research shows that the more systematic problem solver has a better return with accurate and successful solutions.

Fact: There are five steps to good problem solving, and you need to follow through on each to be deemed a pro at it.

Following these next five steps will help you become a master problem solver.