6 tips on being a successful entrepreneur | John Mullins | TEDxLondonBusinessSchool

TEDx Talks
24 Aug 202316:45
EducationalLearning
32 Likes 10 Comments

TLDRThe speaker discusses six counter-conventional mindsets that enable entrepreneurs to think differently from big companies and successfully innovate. These include being willing to take on new challenges outside one's core competency, focusing on solving customer problems rather than products, targeting narrow specialty markets, aggressively generating cashflow to fund growth, creatively accessing resources from others rather than owning them, and taking initiative without waiting for permission.

Takeaways
  • 😀 Entrepreneurs often have mindsets that contradict conventional business wisdom
  • 👩‍💼 Successful entrepreneurs say "Yes we can" and take on challenges beyond their core expertise
  • 😖 Entrepreneurs focus on solving problems, not just making new products
  • 🎯 Nike founders targeted a narrow market - elite distance runners - then expanded from there
  • 💰 Tesla took customer deposits to fund production - using other people's money
  • 🌲 Go Ape borrowed resources like land and bathrooms to minimize investment
  • 🚦 Uber didn't ask permission from regulators before launching, they just went for it
  • 🤔 Entrepreneurial mindsets can be learned and taught
  • 💡 These mindsets can help overcome obstacles when trying something new
  • 👍 Embracing an entrepreneurial mindset can empower you to change the world
Q & A

  • What does Lynda Weinman's story illustrate about entrepreneurs?

    -Lynda's story shows the 'counter conventional mindsets' of entrepreneurs - how they think differently from big companies in areas like strategy, marketing, and risk-taking.

  • What are the six 'counter conventional' mindsets outlined in the talk?

    -The six mindsets are: 1) Yes we can 2) Problem first, not product first 3) Think narrow, not broad 4) Ask for the cash and ride the float 5) Beg, borrow, but please don't steal 6) Entrepreneurs and permission are like oil and water

  • How did Arnold Correa build his business by having a 'Yes we can' mindset?

    -When customers asked him to do new things outside his expertise like satellite technology and in-store displays, he took on the challenges even though he had never done them before.

  • How did John Thorn build his business by focusing on problems rather than products?

    -He originally tried to solve the problem of surgical tools sticking to tissue in plastic surgery. When growth was slow, he pivoted to solve the bigger problem of tools sticking in brain surgery.

  • How did Nike's founders embody the 'Think narrow' principle early on?

    -They focused on building running shoes explicitly for distance runners - a narrow target market with a specific problem to solve.

  • How did Tesla utilize the 'Ask for cash and ride the float' mindset?

    -They sold Roadsters upfront to fund production. With the Model 3 they took $1,000 deposits from 500,000 consumers to raise funds before manufacturing.

  • How were the founders of Go Ape able to launch their business by 'begging and borrowing'?

    -They got the UK Forestry Commission to let them build treetop courses on their land in exchange for higher visitor numbers - borrowing assets.

  • Why don't entrepreneurs typically ask permission from regulators?

    -Asking permission would often lead to a 'no', so they get on with executing their ideas in legal gray areas before rules catch up.

  • Which of these entrepreneurial mindsets come naturally to you?

    -This allows self-reflection on which mindsets the viewer resonates with based on their own tendencies.

  • How could you apply one of these mindsets to a challenge you currently face?

    -This prompts thinking about practical applications of the principles to the viewer's own situations.

Outlines
00:00
😊 Lynda.com: The Birth of a Digital Learning Business

Graphic design teacher Lynda Weinman created the website lynda.com in 1995 as a place to showcase her students' work. Over time, she moved all her teaching online and grew the business substantially before selling it to LinkedIn in 2015 for $1.5 billion.

05:02
😕 Big Companies Focus Too Much on Products Rather Than Problems

Big companies tend to continuously modify their existing products rather than innovating to solve new problems. True innovation comes from identifying issues customers face and creating solutions for them.

10:06
💡 Tesla Focused on Problem of Environmentally Friendly Transportation

Tesla's business model involves taking customer deposits upfront to fund engineering and manufacturing. This ensures they have ample cash flow to develop affordable, mainstream electric vehicles that reduce automotive emissions.

15:09
❓ Questions to Apply Entrepreneurial Mindsets

The author suggests reflecting on which mindsets you currently embody, which others you can learn, how you can teach them to help colleagues, and how they could help you overcome current obstacles.

Mindmap
Keywords
💡entrepreneurs
Entrepreneurs refer to people who start their own businesses, often taking considerable risks to do so. This video focuses on the unorthodox mindsets that set entrepreneurs apart from traditional corporate strategy. Examples of entrepreneurs mentioned include Lynda Weinman, Arnold Correa, Jonathan Thorn, Philip Knight, Bill Bowerman, Elon Musk, Tristram Mayhew, Rebecca Mayhew, Travis Kalanick and Garrett Camp.
💡mindsets
Mindsets refer to the attitudes, perspectives, and inclinations that shape how entrepreneurs view opportunities and challenges. The video outlines 6 \"counter-conventional mindsets\" that empower entrepreneurs to break rules, disrupt industries, and change the world.
💡opportunities
Opportunities refer to promising business ideas or market needs that entrepreneurs identify and leverage to drive growth. The mindsets outlined in the video predetermine how entrepreneurs respond when opportunities come their way.
💡innovation
Innovation refers to introducing new or significantly improved products, services, business models or processes. True innovation focuses on solving customer problems rather than incremental product changes.
💡target market
Target market refers to the specific group of customers at which a company aims its products or services. The video advocates \"thinking narrow\" - focusing on solving problems for a narrow target market before expanding.
💡funding
Funding refers to the money required to turn a business idea into reality. The video discusses bootstrapping tactics like pre-selling products to finance growth, as opposed to conventional corporate budgeting.
💡float
In business, float refers to the lag between the time payment is received for a product or service and the time costs are paid. Entrepreneurs try to maximize float to sustain cash flow for growth.
💡regulation
Regulations refer to laws that govern business activity. The video argues entrepreneurs should beg forgiveness rather than ask permission when regulations haven't kept pace with innovation.
💡ethics
Ethics refer to moral principles that shape business practices. While entrepreneurs may disrupt industries, the video notes that many of Uber's tactics were unethical or illegal.
💡roadblocks
Roadblocks refer to obstacles or barriers that impede progress. The video advocates using counter-conventional mindsets to overcome roadblocks to innovation.
Highlights

Lynda Weinman built lynda.com as an entrepreneurial sandbox to play with new graphic design tools

Lynda is an example of entrepreneurs exhibiting "counter conventional mindsets"

Entrepreneurial mindsets run counter to best practices taught in business schools about strategy, marketing, and risk

Entrepreneur Arnold Correa grew his business by saying "Yes we can" to customer requests outside his expertise

Entrepreneurs focus on solving problems, not on products

Jonathan Thorn built surgical forceps that don't stick to human tissue by identifying and solving a key problem

Nike founders targeted a narrow market of elite distance runners to develop better running shoes

Tesla sold 100 roadsters for $100k each to fund initial engineering before building roadster #1

Tesla Model 3 deposits provided $500 million to fund factory and production

Go Ape founders borrowed land, bathrooms, parking from UK Forestry Commission to build treetop parks

Uber founders didn't ask permission from SF regulators before launching, knowing they'd be rejected

Which entrepreneurial mindsets do you already exhibit?

Which other mindsets could you learn?

Can you teach these mindsets to help colleagues overcome obstacles?

Which mindset could help you break through current challenges?

Transcripts

Browse More Related Video

How to maximise your potential in 2024

Minimum Viable Product and Pivoting: Crash Course Business Entrepreneurship #6

DISCIPLINE YOURSELF - Best Motivational Speeches by Jordan Peterson

Game Development Caution, Part 2

Seth Godin - How to Get Your Ideas to Spread - Nordic Business Forum

How to Study Physics Effectively | Study With Me Physics Edition

Rate This

5.0 / 5 (0 votes)

Thanks for rating: