The Secret of How to Think Like an Entrepreneur | Amy Wilkinson | TEDxPaloAltoSalon

TEDx Talks

31 Jan 201819:24

EducationalLearning

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TLDRThe speaker believes thinking like an entrepreneur is key to thriving in a changing world. She highlights her 101-year-old grandmother as an example of an 'entrepreneur' for her continual learning, overcoming obstacles, and believing tomorrow will be better. The speaker shares three entrepreneurial skills everyone can cultivate: quickly observing, deciding and acting; constructing diverse teams to solve problems better; and 'gifting small goods' - doing small favors for others which builds social capital and attracts opportunities.

Takeaways

😊 The most successful entrepreneurs constantly learn, question, and overcome setbacks while believing tomorrow will be better.
😎 To thrive in a changing world, challenge the status quo and look for something better like entrepreneurs do.
👩‍🎓 Anyone can develop an entrepreneurial mindset by honing key skills like rapidly testing ideas, failing wisely, and helping others.
✈️ Move fast by continually observing, orienting, deciding and acting - like fighter pilots do to outmaneuver competitors.
👫 Solving problems in diverse teams raises everyone's performance more than individual ability or identities.
💣 Set an intentional failure rate to ensure you are trying enough new things - most successful entrepreneurs fail frequently.
🧊 In failure, focus on creative problem-solving rather than sinking into catastrophe (e.g. using Titanic's resources).
😇 Helping others returns benefits to you as information, talent and opportunities flow your way in this transparent age.
🙏 Find and assist allies on your journey as someone likely helped you get opportunities early on.
🌈 Believe in and actively pursue the beauty of your dreams to create the future.

Q & A

What does the speaker believe is the secret to thriving in a changing world?
-The speaker believes the secret is to think like an entrepreneur - to be curious, constantly learning and questioning, overcoming setbacks, and believing tomorrow will be better than today.
Why does the speaker highlight her grandmother Nadine as an example of an entrepreneur?
-The speaker highlights her nearly 101-year old grandmother Nadine because despite her age, aches and pains, and retired status, Nadine continues to challenge the status quo and look for something better in life rather than just complain or become complacent.
What is the OODA loop and why is it important for entrepreneurs?
-The OODA loop stands for Observe, Orient, Decide, Act. It's a decision-making cycle. Entrepreneurs use it to observe data, orient themselves to opportunities, decide on next steps, and act quickly before competitors can react. This speed and agility gives them an advantage.
How can having an outsider on your team help you solve problems more effectively?
-Research shows that having an outsider - someone with a very different perspective - on your team raises the success rate for solving problems from 54% to 75%. It forces each team member to raise their game and articulate their viewpoint more clearly when challenged.
What ratio of failure do successful entrepreneurs target and why?
-Successful entrepreneurs target a failure rate of 1 in 3 or 1 in 5 innovations. A zero failure rate means you haven't taken enough risks and tried new things. Some productive failure helps you learn.
How could the captain of the Titanic have used creative thinking to potentially save more lives?
-The speaker suggests the captain could have used wooden tables, deck chairs and car tires as floating devices, used lifeboats to ferry people to the large iceberg, and found ways to buy more time to move people to safety by failing wisely and being more resourceful.
What are 'small goods' and why should you gift them?
-Small goods are small acts of kindness - 5 minute favors like making an introduction, forwarding a resume, or providing some quick help or advice. Gifting these generously builds your reputation and brings opportunities your way.
How did gifting small goods and helping others contribute to Bob Langer's success?
-Bob Langer is known for his integrity and for bringing along hundreds of students and founding many successful companies. This reputation stems from generously helping others, even when he faced initial setbacks early in his own career.
Who does the speaker credit with giving Bob Langer his first opportunity?
-The speaker credits Dr. Judah Folkman, a cancer surgeon at Boston Children’s Hospital, for giving Bob Langer his first opportunity. This set Langer on the path to all of his pioneering work.
How does the speaker exemplify the message of believing in the beauty of your dreams?
-The speaker has dared to dream big - to learn from visionary entrepreneurs about how to thrive in a changing world. She is actively working to share these lessons with others to help them succeed, bringing her dreams to reality.

Outlines

00:00

🤔 How to thrive in a changing world: Think like an entrepreneur

The world is constantly changing with new technology and systems. The secret to not just surviving but thriving is to adopt an entrepreneurial mindset of constant learning, overcoming challenges, believing tomorrow can be better, and not becoming complacent.

05:02

😎 Fly the OODA loop - Observe, Orient, Decide, Act faster than competitors

Entrepreneurs move through decision cycles rapidly by observing data, orienting to opportunities, deciding on actions, and acting faster than competitors. This fighter pilot technique was key to PayPal's success.

10:03

👫 Solve problems better with a diverse team who challenge each other

Research shows solving problems in diverse teams leads to 75% success rate, significantly higher than alone or with similar people. Outsiders who challenge the status quo make everyone raise their performance.

15:06

💪 Fail wisely at an acceptable ratio to try new things, but be resourceful

Successful entrepreneurs set failure ratios they find acceptable, usually 1 in 3 or 1 in 5 innovations fail. This pushes boundaries but maintains viability. Even in catastrophic failures, think resourcefully to survive.

😊 Gift small goods with integrity to benefit others and yourself

Do small favors and give value to others. Your reputation spreads rapidly now so helping people benefits you with opportunities and talent attracted. Integrity and assisting others creates possibilities.

Mindmap

Keywords

💡entrepreneur

An entrepreneur is someone who starts a business, takes on financial risks, and innovates in hopes of generating a profit. The speaker argues we should all 'think like an entrepreneur' - be curious, keep learning, question things, and believe tomorrow can be better. Her grandparents are her 'favorite entrepreneurs' because they constantly push beyond their comfort zones.

💡innovation

Innovation means coming up with creative new ideas, products, or ways of doing things. The speaker says entrepreneurs like PayPal succeeded by rapidly innovating - they went through 6 business models before finding one that worked.

💡observe

The first step of the 'OODA loop' is to closely observe what's happening around you. Entrepreneurs constantly observe counterintuitive information and use it to generate new ideas and innovations.

💡failure

Failing at some ideas or ventures is inevitable for entrepreneurs. But they 'fail wisely' - they set expectations that a certain percentage will fail, and they quickly learn from failures.

💡resourcefulness

When catastrophic failures happen, resourcefulness means finding creative ways to solve problems with whatever materials are available. The speaker suggests the Titanic crew could have used tables, chairs, car tires, and the iceberg itself to save more lives.

💡team

Having a diverse team with different perspectives raises everyone's performance because they challenge each other. This leads to solving a higher percentage of problems.

💡reputation

Your reputation spreads quickly in a transparent world. By 'gifting small goods' like sharing knowledge or giving favors, you build a reputation that brings opportunities and talent your way.

💡integrity

Scientist Bob Langer is most proud of helping his students succeed. The speaker admires his integrity and how he creates opportunities for others.

💡allies

No one succeeds alone. The speaker argues that 'life is a search for allies' - with others' help, you can achieve what would be impossible alone, just as her grandmother and Dr. Folkman helped her.

💡action

It's not enough to 'believe in the beauty of dreams', true entrepreneurs take action and turn their dreams into reality through constant effort.

Highlights

The secret is to think like an entrepreneur

Entrepreneurs are curious, constantly learning, questioning, and overcoming setbacks

Entrepreneurs get comfortable being uncomfortable and don't stay in their comfort zone

Entrepreneurs observe, orient, decide and act faster than competitors using the OODA loop

Having an outsider on your team raises everyone's performance

Entrepreneurs set a failure ratio, such as 1 in 5 or 1 in 10 things tried won't work

Fail wisely by being resourceful, even in disastrous situations

Nice guys finish first now due to reputation transparency from technology

Gift small goods - small acts of kindness that create huge opportunity for others

Bring others along and push them forward to create things the world hasn't seen

The future belongs to those who believe in their dreams and take action

Think like an entrepreneur to benefit the world

Entrepreneurs moved through 6 business models for PayPal in 18 months by using the OODA loop

The PayPal founders went on to seed the next wave of internet companies like YouTube and Facebook

Bob Langer creates tremendous opportunity for others while pioneering human tissue engineering and cancer treatments

Transcripts

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