The Entrepreneurial Mindset | Parvez Abbasi | TEDxSTMU

Summary

In this inspiring talk, the speaker shares their entrepreneurial journey, emphasizing the value of an entrepreneurial mindset in any profession. They highlight how leveraging personal networks, knowledge, and available resources (effectuation theory) helped them succeed, even from a young age. From delivering newspapers to building Mobile Zone in Pakistan, the speaker illustrates how failures and risks led to success. They advise students and young professionals to take action, build networks, and not wait for perfection. The talk concludes with a motivational message: 'You will miss 100% of the shots you don’t take.'

Takeaways

• 😀 Embrace the entrepreneurial mindset not just for starting businesses, but to improve any career, including becoming a better doctor, lawyer, or accountant.
• 😀 Entrepreneurs must understand the effectuation theory, which emphasizes three key elements: who you know, what you know, and what you have.
• 😀 Childhood experiences, like delivering newspapers, can teach entrepreneurial principles such as leveraging relationships, knowledge, and resources.
• 😀 Success in entrepreneurship often comes from using what you already have—like connections, knowledge, and access to resources—not necessarily starting with capital.
• 😀 Early exposure to different industries, such as telecom, can spark passion that leads to successful ventures later in life.
• 😀 Opportunities are everywhere, and you should seize them even in unexpected situations, such as networking with others during everyday activities like getting a haircut.
• 😀 Failure is a crucial step to success. You can fail on someone else's dime and learn valuable lessons without bearing the full financial risk.
• 😀 When creating a business, focus on customer needs and market research. In the case of Mobile Zone, the goal was to bring all telecom products under one roof, providing a better customer experience.
• 😀 Take risks early in life when you have fewer responsibilities. As a young person, you have the freedom to experiment and learn from failures without major consequences.
• 😀 Networking is vital. The more people you know, the more opportunities you have. Build relationships to grow both your personal and professional net worth.
• 😀 Focus on progress over perfection. Don’t wait for everything to be perfect—take action with what you have and improve as you go.
• 😀 Social entrepreneurship is a way to give back to the community while also developing your own skills. Volunteering and community service are powerful ways to grow personally and professionally.

Q & A

What is the core theme of the speaker's journey shared in the script?

The core theme of the speaker’s journey is the entrepreneurial mindset and how it can benefit individuals in various professions, not just for entrepreneurs. It emphasizes that the entrepreneurial mindset helps people to be better in their respective fields, such as law, medicine, or business.

How does the speaker define the entrepreneurial mindset?

The entrepreneurial mindset is about thinking beyond just making money. It's about using who you know, what you know, and what you have to create opportunities and succeed in any profession or business venture.

What is the effectuation theory, and how does the speaker apply it?

The effectuation theory, developed by Dr. Saras Sarasvathy, simplifies entrepreneurship into three key principles: who you know, what you know, and what you have. The speaker applies this theory throughout his life, using his relationships, knowledge, and available resources to create businesses and opportunities.

What lessons did the speaker learn from his childhood experiences?

From his childhood experiences, the speaker learned the value of hard work, leveraging relationships, and using available resources. He started small businesses like delivering newspapers and running a tuck shop, applying the principles of the effectuation theory early on.

What significant realization did the speaker have about his career after being fired?

The speaker realized that being fired was the worst and best day of his life. It was a turning point that led him to pursue entrepreneurship full-time. He understood that his job, car, and possessions weren’t truly his, and that he needed to build something of his own.

How did the speaker transition from a job at British Telecom to entrepreneurship?

The speaker became disillusioned with his job at British Telecom because of its lack of innovation and interest in mobile technology. He then decided to pursue entrepreneurship by combining his passion for mobile phones with opportunities in Pakistan, eventually leading to his involvement in the creation of Mobile Zone.

What role did networking play in the speaker's entrepreneurial success?

Networking played a crucial role in the speaker's success. He leveraged his relationships in the telecom and banking industries to create opportunities, grow businesses, and access critical resources. He emphasizes that 'your network is your net worth.'

What advice does the speaker give to students and young professionals?

The speaker advises students and young professionals to take risks early in life, as they have fewer liabilities and more flexibility. He also encourages them to combine their education with practical experience, whether through work or volunteerism, to develop their skills and network.

How did the speaker adapt during the financial crisis of 2008?

During the 2008 financial crisis, the speaker shifted from trading with low margins to consulting, which had much higher margins. By leveraging his network and offering valuable advice to telecom and banking companies, he was able to adapt to the changing business environment.

What does the speaker say about perfectionism and entrepreneurship?

The speaker advises against perfectionism in entrepreneurship, stating that progress is more important than perfection. He encourages taking action with what you have, rather than waiting for the perfect conditions to start.