The correct approach, as recommended by Google's SRE practices, is to first investigate the problem. If the issue persists, the next step is to appoint an incident commander to oversee the resolution process. This method ensures a structured and efficient response to incidents. Other options like immediately informing your team lead or starting to fix the issue without proper investigation may not address the root cause effectively. Conducting a root cause analysis is important but is typically performed after stabilizing the application. Refer to the SRE book for more details on managing incidents.