One of the best things I’ve ever done for my career in marketing is to start thinking like an entrepreneur. Once you start to think and act like an entrepreneur, your W-2 job starts to pick up steam.
What is Entrepreneurial Thinking?
Entrepreneurial thinking, often referred to as an entrepreneurial mindset, is a way of approaching problems, opportunities, and challenges with the mindset and characteristics commonly associated with successful entrepreneurs. It involves a unique set of attitudes, behaviors, and skills that enable individuals to identify and create opportunities, take calculated risks, and pursue innovative solutions to problems. My favorite aspects of entrepreneurial thinking include:
- Opportunity Recognition: Entrepreneurs are skilled at identifying opportunities in the market or within their organization. They have a knack for spotting gaps, unmet needs, or problems that can be turned into viable business ventures or innovative solutions.
Risk-Taking: Entrepreneurial thinking involves a willingness to take calculated risks. Entrepreneurs understand that not all ventures will succeed, but they are willing to take on challenges and uncertainties to achieve their goals.
Resourcefulness: Entrepreneurs are resourceful and find ways to make the most of the resources available to them. They may bootstrap their businesses, leverage networks, or find innovative ways to fund their ventures.
Vision: Entrepreneurial thinkers often have a clear vision of what they want to achieve. They set long-term goals and work strategically towards them.
Financial Literacy: Understanding financial concepts and managing resources effectively is crucial for entrepreneurial success. Entrepreneurs need to be financially literate to make informed decisions about investments, revenue, and expenses.
Entrepreneurial Thinking MBA Course
During the last semester of my MBA program, I took an Entrepreneurial Thinking course as an elective. Let me start by saying that it was one of the most interesting and inspiring classes I have ever taken to date. This article reflects on what I learned throughout that course and what the material means to me. Not to oversimplify, but the course focused on teaching us how to think like entrepreneurs and develop our own business ideas.
I chose to take the course with the hopes that I could learn the tips and tricks to potentially start my own business or “side hustle” one day. We were taught how to identify problems and opportunities in the marketplace and how to produce innovative solutions to those problems. We learned about the various stages of business development, from ideation and concept development to market research and customer validation. We also studied different business models and discussed the pros and cons of each. But, for me, it was so much more personal than these topics.
At the beginning of the semester, before I gained a deeper understanding of entrepreneurship, I held several false preconceptions about the field. I thought that entrepreneurs were born, not made, and that success in entrepreneurship was solely determined by luck. I also believed that starting a business required a lot of money and resources, and that only certain individuals with a certain background, education, or networks could become successful entrepreneurs.
However, after learning more about the field of entrepreneurship, I realized three important things:
1. Entrepreneurship is a skill that can be developed and honed over time, and that success is achieved through a combination of hard work, perseverance, strategic planning, and lots of practice.
2. Starting a business can be done with limited resources and that anyone with a passion for solving problems and creatively creating value can become a successful entrepreneur.
3. I had already been practicing intrapreneurship in my day job.
Entrepreneurial Thinking Case Studies
My favorite part of the course was the case studies we did on successful entrepreneurs and the businesses that they created. These stories, which for me were Power Rangers and FUBU, really brought the course to life and inspired me to think creatively. It was helpful for me to understand their thought process and the strategies they used to overcome challenges and succeed in their respective industries. I found it especially interesting to learn how they approached risk-taking and decision-making in uncertain situations. I also learned how to spot trends, capitalize on opportunities, and create value in the marketplace. Even if others may have a different opinion on what “value” is. The course truly did teach me how to think in an entrepreneurial way.
Creating the Future vs. Predicting It
Outside of the case studies, we covered a wide range of topics throughout the course, from identifying market opportunities to developing a minimum viable product (MVP). One of the most important things I learned was the difference between creating the future vs. predicting it. This lesson showed me the power of entrepreneurship, and how it can be used to bring about meaningful change and progress in the world through action. You can sit there and plan or conduct surveys all day, but this is typically the path taken by novice entrepreneurs. The text really emphasizes the importance of practice, stating “Entrepreneurship is a method that requires practice, and action trumps everything.“
While entrepreneurship can be accomplished with limited resources, the biggest shock to me about entrepreneurship, specifically in Anchorage, is how many resources are available. Our guest professor, Melanie Lucas-Conwell of 49 State Angel Fund, spoke about the problem she is experiencing in that she has the capital to invest, but nothing to invest it in. In addition to an abundance of capital available to entrepreneurs, there are active startup communities both in real life and online that one can lean on for help and support. The course also taught me the importance of networking and seeking mentorship. We learned that having a supportive network of advisors and peers can make all the difference in the success of a small business or startup. I also discovered that seeking mentorship from successful entrepreneurs can provide valuable insight and guidance in navigating the entrepreneurial journey. It was my first real exposure to practicing entrepreneurs and the value that they provide is priceless.
Throughout the course, the topics of practicing entrepreneurship, activating an entrepreneurial mindset, creating, and recognizing new opportunities, using design thinking, and building business models are some of the essential topics that I considered most interesting in our studies. Through the exploration of these topics, I have learned many valuable lessons that will help me understand the process of starting and running a business.
Learn Something New Every Day
Entrepreneurship is interesting in the sense that it is constantly changing, so there is always something new to learn. For me, as mentioned earlier, the preconceptions I had about entrepreneurship prior to this class were outdated. Entrepreneurship is an exciting field that offers numerous opportunities for personal and professional growth. If you practice, practice, and practice some more, it may be different from what you think. It is an ever-evolving process that involves taking calculated risks to turn ideas into successful businesses.
By practicing entrepreneurship, one can:
- Learn to think freely and be innovative.
- Develop problem-solving skills and learn how to adapt to changes.
- Gain experience in various aspects of business, such as marketing, finance, and management.
- Network with other entrepreneurs and industry leaders.
- Experience the satisfaction of building something from scratch and seeing it succeed.
Through exploring these topics, I have gained a deeper understanding of the process of starting and running a business, as well as the tools and resources necessary for success. Overall, practicing entrepreneurship can be a challenging and rewarding experience that provides a constant source of learning and growth as you create the future. It truly is a life skill. In the dynamic world of marketing, adopting an entrepreneurial mindset has become a game-changer for businesses seeking to thrive and succeed. Entrepreneurial thinking in marketing involves a shift away from conventional strategies, encouraging creativity, risk-taking, and customer-centricity. This approach empowers marketers to identify and seize opportunities with agility and foresight.
Entrepreneurial Thinking was an eye-opening experience that has had a lasting impact on my thinking and approach to business. It is amazing that I have made it 30+ years of life and it has taken me this long to see the potential of entrepreneurship in my own life. The lessons I learned in that class have not only helped in my future entrepreneurial endeavors but also in my personal and professional life.
By the end, it gave me the knowledge and confidence to pursue my own business ideas and put pen to paper on an endeavor I had been mulling over for a long time. Entrepreneurial Thinking motivated me more than ever to make my dreams a reality. Which for me was Marketing Cubicle.