At the International Student Company Festival conference held in Riga on 9th April I shared with 100 leaders from 14 countries some of the essential skills to grow an entrepreneurial mind to launch new companies and innovative projects inside organizations.
Some of the topics we shared:
The difference between a fixed and a growth mindset – People with a fixed mindset believe we cannot improve and that talents and skills cannot be changed. So they look for constant approval and despise feedback, do not want to risk and try to find shortcuts to reach the goal and receive their praises. People with a growth mindset believe we can improve. They love feedback and challenges because they know that a intake today is a lesson for tomorrow.
Risk appetite – people think that entrepreneurs love risk. Not true. They simply accept risk a part of the equation and work hard to lower it. In our organizations we need people accepting risk and that are able to reduce it, supported by processes that let them risk and fail without being punished.
Believing in our idea – when an entrepreneur believes in his/her idea, it means s/he does not have undeniable data proving their idea works and they hope things will work out. Today, before a business plan we need a prototype tons of experiments and feedback, so that we do not have to “believe” in an idea. Because we have already sold the new product.
Being resilient and able to fail – being successful is easy from an emotional point of view – it’s exciting. When we fail, thous, most of us take it personally and get stuck without knowing what to do. Interpreting failure as a lesson to learn from and having a thinking style able to analyze such failure is essential. Being ready with a Plan B also emotionally is one of the skills of Leaders today.