Originally published: 02/04/2020 18:46
Publication number: ELQ-81756-1
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Entrepreneurial Thinking

Entrepreneurs have to learn how to think differently

Entrepreneurs are not different than other business people, they just have learned to think differently. This course will explore the various elements of entrepreneurial thinking. It is designed for first time entrepreneurs, companies that want to increase their innovativeness, and employees who want to stand out by becoming thought leaders within their companies.

Do entrepreneurs really “think” differently than other business people? The answer is yes, which can be seen in three fundamental aspects of decision making.

First, entrepreneurs view change in the market differently. Change creates disruption in the marketplace. Disruption in the market offers the chance to introduce new products and services to address the outcomes of change.

Second, entrepreneurs view risk differently. Rather than just focusing on the risk of failure, which is a real risk, entrepreneurs view risk from two sides. Entrepreneurs are just as concerned with what is known as “missing the boat” risk as they are with “sinking the boat” risk.

Third, the outcome of the differences in how entrepreneurs view change and risk can be seen in how they approach strategy in their businesses. Existing organizations pursue a defensive strategy to preserve the status quo.

Leaders and managers in corporations can think entrepreneurially. It requires that a company’s culture embraces the inevitability of change, that managers are rewarded for prudent risk-taking, and that companies actively seek to find new solutions for markets in a dynamic economy.

This Best Practice includes
PowerPoint slides, videos

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