"6 Tips on Being a Successful Entrepreneur" by John Mullins from TED
John Mullins discusses "counter-conventional mindsets" that successful entrepreneurs often possess, contrasting them with the best practices typically taught in business schools and used by large corporations. Here are the six mindsets for entrepreneurs: 1. "Yes, we can": This is the willingness to take on customer requests that fall outside of your established core competencies. The example given is Arnold Korea of Atmo Digital, who repeatedly reinvented his business by saying "yes" to new challenges, such as implementing satellite technology for a client despite having no prior experience. 2. "Problem first, not product first": Successful entrepreneurs focus on solving a genuine customer problem, rather than just iterating on an existing product. His example is Jonathan Thorne, who created non-stick surgical forceps to solve a specific problem for surgeons, eventually finding a critical market with neurosurgeons. 3. "Think narrow, not broad": Entrepreneurs often find success by targeting a very narrow, specific market initially, unlike big companies that seek large markets from the start. The founders of Nike, for instance, didn't try to make shoes for everyone; they focused on creating better shoes specifically for elite distance runners. Only after mastering that niche did they expand. 4. "Asking for the cash and riding the float": Cash is the lifeblood of a new venture, and entrepreneurs should find ways to get customers to fund the business's growth. Elon Musk and Tesla famously did this by collecting $10 million in upfront payments for the Tesla Roadster before the first car was even built. They repeated this by taking half a billion dollars in deposits for the Model 3. 5. "Beg, borrow, but please don't steal": Instead of raising huge amounts of capital to buy assets, entrepreneurs should try to borrow what they need. The founders of "Go Ape" wanted to build treetop adventure courses. Instead of buying forests, they partnered with the UK Forestry Commission to use their trees, land, and parking lots, significantly lowering their startup costs.