We are being bombarded with business advice from every corner attempting to convince us that following it will bring success to our business endeavors.
Yet when we really dive and try out most of these methods, we find out that they are not that successful.
Amy Wilkinson’s Ted Talk about Entrepreneurship titled The Secret of How to Think Like an Entrepreneur is full of amazing content on how to what makes a good entrepreneur.
If you haven’t heard of Amy Wilkinson, she is a well-known author and Stanford lecturer.
She reveals that the key to becoming a successful entrepreneur can be broken down into the following simple traits:
- Feeding your curiosity.
- Embracing your love for learning, questioning, and overcoming setbacks.
- Believing that tomorrow will be better than today.
- Challenging the status quo.
- Getting out of your comfort zone. Pushing forward with resilience.
Fly the OODA Loop:
Amy Wilkinson summarised her formula into simple actionable steps, which she called the OODA loop.
The OODA loop stands for Observe Orient Decide Act.
Her approach states that If you get inside the decision circle, you can decide better than the competitor.
She encourages getting a loyal team with you, as the success rate improves in problem-solving when you have a dedicated team on your side compared to working alone.
She recommends getting someone on board who solves problems differently from the way you do. This is because having an outsider involved in the team or decision-making process makes the team members raise their game, show up prepared, and are more likely to make better long-lasting decisions.
Other important aspects she raises include the following critical actions:
- Be resourceful and fail wisely: start by wisely repurposing parts of the company to minimize the damage.
- Start the act of gifting small goods with the intention of helping those around you: for example a 5-minute favor that won't take too much of your time but will be meaningful and memorable to those around you, such as forwarding a resume or giving a suggestion.
These create huge opportunities for other people, maintain and raises your reputation. These acts of kindness can also bring talented people to you that you might need later on in your work and also help to increase the productivity level overall.
“Chase the vision, not the money; the money will end up following you.”
– Tony Hsieh, CEO Zappos
Are You An Entrepreneur?
Do you want to find out if you are an entrepreneur or not? Unfortunately, in our modern hustle culture, everyone is trying to be an entreprenuer. But the reality is, not everyone can succeed at being an entreprenuer.
“Creators test ideas in low-risk experiments and quickly, creatively, and inexpensively gather insights to determine whether a product or idea will take off. By taking small risks, they avoid catastrophic mistakes. “Failure is something you know only in hindsight,” Handle cofounder and Menlo Ventures partner Shawn Carolan said. As an entrepreneur trying to solve e-mail overload with Handle, a software application, Carolan calls the twists and turns “pivots” that reveal failure only in retrospect. Creators try several approaches to find out what will work and what will not. •”
― Amy Wilkinson, The Creator's Code: The Six Essential Skills of Extraordinary Entrepreneurs : Excerpt taken from GoodReads.com
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About The Author
Noor is a second-year business student at Tredu and an owner of multiple digital businesses since 2016. She is passionate about marketing and content creation. She recently launched her YouTube channel specializing in holistic healing.
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