Recap of 6 Tips on Being a Successful Entrepreneur by John Mullins on TED

Mindset #1: "Yes, we can"

In traditional business strategy, companies are advised to stick to their core competencies and not deviate from what they are good at. However, entrepreneurs like Arnold Correia have achieved great success by defying this conventional wisdom. When presented with an opportunity outside of their core competencies, they embrace it and say "Yes, we can." This mindset opens up doors for innovation and growth.

Mindset #2: Problem-first, not product-first logic

Unlike big companies that focus on developing new products, entrepreneurs prioritize solving problems. This approach allows them to identify gaps in the market and create solutions that truly address the needs of their customers. John Thorne, for example, developed a surgical forceps with a new silver-nickel alloy that solved the problem of tissue sticking. By focusing on the problem rather than the product, he was able to build a successful business.

Mindset #3: Think narrow, not broad.

While big companies often target broad markets, entrepreneurs like Philip Knight and Bill Bowerman of Nike understand the power of focusing on a narrow target market. They identified a problem specific to distance runners and created specialized shoes to address it. By catering to the unique needs of a narrow target market, entrepreneurs can differentiate themselves and build a loyal customer base.

Mindset #4: Asking for the cash, and riding the float.

Entrepreneurs recognize that cash is the lifeblood of their ventures. Rather than hoarding cash like big companies, they actively seek opportunities to generate revenue. Elon Musk and the Tesla team, for example, sold 100 Tesla Roadsters for cash upfront before even building the first one. This approach allows entrepreneurs to fund their growth and invest in future innovations.

Mindset #5: Beg, borrow, but please don’t steal.

Entrepreneurs are resourceful and often find creative ways to acquire the assets they need. Tristram Mayhew and Rebecca Mayhew built a successful treetop adventure business called Go Ape by partnering with the UK Forestry Commission. Instead of purchasing land and building their own courses, they borrowed the trees and other facilities from the Forestry Commission. This approach allowed them to minimize costs and focus on their core offering.

Mindset #6: Embrace entrepreneurship, don't ask for permission.

Entrepreneurs are known for taking risks and pushing boundaries. They don't wait for permission to pursue their innovative ideas. Travis Kalanick and Garrett Camp, founders of Uber, didn't ask for permission to disrupt the taxi industry. They simply launched their service and quickly gained traction. While it's important to adhere to regulations and ethical standards, entrepreneurs understand the value of taking action and seizing opportunities.

Conclusion

These counter-conventional mindsets challenge the traditional practices taught in business schools and followed by big companies. Entrepreneurs like Lynda Weinman, Arnold Correia, and Philip Knight have achieved remarkable success by embracing these mindsets. Whether you are an aspiring entrepreneur or an established business professional, adopting these mindsets can empower you to think differently, innovate, and potentially change the world.

watch the full video here - https://www.youtube.com/watch?v=eHJnEHyyN1Y&ab_channel=TED