6 tips on being a successful entrepreneur | John Mullins | TEDxLondonBusinessSchool

Summary

This video explores six counter-conventional entrepreneurial mindsets that challenge traditional business practices. These mindsets include the 'Yes, we can' attitude, focusing on solving problems rather than products, thinking narrowly for a niche market, securing upfront cash to fuel growth, borrowing resources to reduce initial investment, and acting without seeking permission from authorities. The examples of successful entrepreneurs like Lynda Weinman, Arnold Correa, and Elon Musk illustrate how embracing these mindsets can lead to innovation and business success. The video encourages viewers to reflect on which mindsets they embody and how they can apply them to overcome challenges.

Takeaways

• 😀 Entrepreneurs often challenge conventional business wisdom by saying 'Yes, we can' and embracing new opportunities outside their core competencies.
• 😀 Lynda Weinman’s journey shows the power of creating a space to experiment and evolve, leading to the development of lynda.com and its eventual sale for $1.5 billion.
• 😀 Entrepreneurs focus on solving problems, not just developing products. John Thorne's success came from addressing issues in surgical tools, not just creating new products.
• 😀 The 'narrow market' strategy is often more successful than broad market attempts. Nike's initial success came from focusing on shoes for distance runners before expanding.
• 😀 'Ask for the cash and ride the float' highlights how entrepreneurs can leverage early revenue to fund growth, exemplified by Tesla's use of roadster sales to secure development funds.
• 😀 Entrepreneurs often 'borrow' resources in creative ways. Go Ape, for example, used land provided by the UK Forestry Commission to build their adventure courses.
• 😀 Big companies prioritize stability and risk avoidance, but entrepreneurs embrace risk and flexibility, often reinventing their businesses multiple times to meet new customer needs.
• 😀 Mindsets that challenge norms can help entrepreneurs break through barriers and create innovative solutions, as shown by Arnold Correa's ability to expand into satellite technology.
• 😀 Entrepreneurs are not afraid to operate outside the established systems, as seen in Uber's approach of launching without waiting for regulatory approval.
• 😀 Entrepreneurial success often comes from identifying narrow, specific problems to solve, rather than trying to create broad, generalized products.
• 😀 The entrepreneurial journey requires a mindset that is willing to break the rules, solve specific problems, and take calculated risks to drive innovation.

Q & A

What inspired Lynda Weinman to create lynda.com?

Lynda Weinman created lynda.com in 1995 as a platform to explore new digital graphic design tools, like Photoshop and Illustrator, while also providing her students a place to showcase their work.

What does 'counter-conventional mindset' mean in the context of entrepreneurship?

'Counter-conventional mindsets' refer to entrepreneurial attitudes and approaches that challenge traditional business practices, often focusing on flexibility, creativity, and risk-taking instead of adhering to established norms.

Why does the speaker refer to the mindset of 'Yes, we can' as counter-conventional?

The 'Yes, we can' mindset encourages entrepreneurs to embrace opportunities outside their core competencies, contrary to traditional business wisdom, which advises sticking strictly to what a company is good at.

How did Arnold Correa apply the 'Yes, we can' mindset in his business?

Arnold Correa applied the 'Yes, we can' mindset by repeatedly reinventing his business, Atmo Digital, to meet diverse customer requests, even when they involved unfamiliar technology or expanded services.

What is the difference between 'problem-first' and 'product-first' logic?

'Problem-first' logic focuses on identifying and solving customer problems first, while 'product-first' logic prioritizes developing a product and then finding a market for it.

Can you give an example of an entrepreneur who used 'problem-first' logic?

Jonathan Thorne exemplified 'problem-first' logic by focusing on the issue of surgical forceps sticking to human tissue and later solving it for neurosurgeons, ultimately growing a successful business.

Why is the mindset 'Think narrow, not broad' important for entrepreneurs?

The 'Think narrow, not broad' mindset emphasizes targeting a specific, underserved market rather than attempting to appeal to a broad audience, which is more aligned with big companies' practices.

How did Nike benefit from focusing on a narrow target market?

Nike initially focused on designing shoes specifically for distance runners, a narrow market, which led to their success and eventual expansion into other sports and global markets.

What is the significance of 'Ask for the cash and ride the float' in entrepreneurship?

This mindset emphasizes the importance of securing early cash inflows, like deposits or pre-sales, to fund the development of a product, as demonstrated by Tesla's strategy of selling cars before production.

How did Go Ape exemplify the 'Beg, borrow, but don't steal' mindset?

Go Ape's founders borrowed land and resources from the UK Forestry Commission to build their treetop adventure courses, minimizing their initial investment and risk while growing their business.

What advice does the speaker give regarding permission in entrepreneurship?

The speaker advises that entrepreneurs should not wait for permission, as demonstrated by Uber’s founders, who moved forward with their disruptive business model without seeking regulatory approval.