Think Like An Entrepreneur
This month we're thinking about YOU and your development, so this week I'm advocating that you build a new skill.
In a modern corporate world of innovation, growth in competition from FinTechs and digital taking over, how are you building skills that mean you stay relevant?
And how can you contribute to this creative and disruptive thinking?
My view is that the entrepreneurial mindset has never been more relevant to the challenges currently facing corporates.
First, a question for us to deal with - are entreprenueurs born or made? Is it even possible for me to be entrepreneurial?
I just read 'Create Special' by Jim Duffy, which gives Jim's views on how to think and act like an entrepreneur. Jim created Europe's largest equity-free business growth accelerator so knows a thing or two about being an entrepreneur.
One anecdote I'll highlight is where Jim asks a professor at Babson the exact question I've posed - are entrepreneurs born or made? The professor responds 'I don't give a crap'.
Now that is an answer I find inspiring. Why have a vacuous debate about whether you can or can not think entrepreneurially?
My view is that you are in control of what you think about and how you use your brain. If you want to learn entrepreneurial skills, you can.
So now that we've cleared the way for us to all think entrepreneurially, what are some of the component parts that are relevant to the corporate environment?
1) Thinking big
I don't think all entrepreneurial ideas need to be 'new new'. You may have spotted your competition launching a new service that you think will encourage greater customer loyalty (think of supermarkets and loyalty cards).
Why not look at what they're doing, and then do it better? Consider it from a different angle, look at the marketing, identify a different customer need. Take the basic premise and innovate.
Or go for originality. Next week I'll write to you about how to generate fresh ideas (too much content to cover here!). Whichever way you innovate, get creative and push boundaries.
2) Put yourself out there, be resilient
In Jim's book he shares a great analogy about lobsters who have to shed their shell in order to grow larger. Whilst they're forming a new shell they are very vulnerable to predators - but it is a fact of their lives they must be prepared to accept vulnerability in order to grow.
What a great metaphor for personal growth - as Jim would say - "be the lobster" !!
To translate into a corporate setting, the point I take from this is that sometimes you need to be honest,you need to put forward the big idea and be prepared for ridicule. Be prepared for your request to be declined - come back with even better arguments and try again.
Don't let rejection stop you growing, striving, coming up with great ideas.
3) Confidence
In order to get your ideas heard, you need confidence to approach stakeholders and articulate your proposals. In my coaching sessions I find a lot of people experience dips in confidence, which inhibits action.
One of my top tips for maintaining confidence is to STAY WITHIN THE FACTS. Write down a list of your achievements and gather together positive feedback you've had from previous colleagues and bosses. When your self belief takes a knock, look at this list of evidence of how great you are.
It doesn't require much self confidence to stay within the facts of what you've achieved. This will give you the boost you need to drive towards your next challenge.
I believe an entrepreneurial mindset benefits everyone. Today I've shared just 3 examples - I encourage you to think about how you can use these skills in your role.
As Jim says in Create Special "entrepreneurs are just ordinary people capable of doing extraordinary things with great focus".
