6 Tips on Being a Successful Entrepreneur | John Mullins | TED

Summary

The speaker discusses six counterconventional mindsets that enable entrepreneurs to think differently and change the world, contrasting them with conventional big company practices. These include saying 'yes we can' to new ideas, focusing on problems over products, targeting narrow markets, asking for cash upfront, getting creative with assets, and moving fast without permission. He provides examples of entrepreneurs who embodied these mindsets to build innovative, impactful businesses and encourages listeners to apply them to their own challenges.

Takeaways

• 😀 Entrepreneurs often have counterconventional mindsets that allow them to challenge assumptions and see opportunities.
• 👌 Saying 'Yes we can' and taking on new challenges allowed one company to reinvent itself multiple times.
• 🔎 Entrepreneurs focus on solving problems, not just creating products.
• 🚀 Nike originally focused on making better shoes for a narrow target market - elite distance runners.
• 💰 Tesla was able to fund massive growth by pre-selling cars and collecting cash upfront.
• 🤝 The founders of Go Ape borrowed land and resources to build their business on a shoestring budget.
• 👣 Uber didn't ask permission from regulators, they just launched their service.
• 🧠 These entrepreneurial mindsets can be learned and taught.
• ✅ Embracing a "Yes we can" mindset allowed one entrepreneur to repeatedly reinvent his business.
• 💡 Solving narrow problems for narrow target markets, like Nike did, can lead to global success.

Q & A

What are counterconventional mindsets according to the speaker?

Counterconventional mindsets refer to six key mindsets that entrepreneurs have that go against conventional business school teachings about things like strategy, marketing, and risk.

How did Lynda Weinman start Lynda.com?

Lynda Weinman was a graphic design teacher who started Lynda.com in 1995 as a place to showcase her students' work and have a sandbox to play with new graphic design tools being developed at the time like Photoshop and Illustrator.

How did Arnold Correia reinvent his business?

Arnold Correia reinvented his event production business four times by saying yes to customer requests for new services outside his existing capabilities, like building a satellite TV network and in-store displays.

What is the problem-first logic?

Problem-first logic means entrepreneurs focus on identifying and solving problems rather than just developing new products, unlike big companies.

How did Nike start with a narrow target market?

Nike originally focused on making better running shoes specifically for elite distance runners to address problems like ankle injuries and shin splints.

How has Tesla funded its growth?

Tesla has funded growth by taking customer deposits upfront before building cars, raising billions in working capital without taking on as much debt.

How did Go Ape acquire the land to build its business?

Go Ape made a deal with the UK Forestry Commission to use their land for treetop adventure courses in exchange for driving more visitors to the sites.

What is the key lesson around permission versus forgiveness?

The lesson is that entrepreneurs often move fast without asking permission, which can enable innovation, rather than asking permission from cautious regulators.

What are some examples of counterconventional mindsets?

Saying yes to new customer requests, focusing on problems over products, starting with a narrow target market, and not asking permission before innovating.

How can these mindsets be applied?

They can be applied in your own work and innovation efforts to question assumptions, spark new ideas, and overcome obstacles.