The cost of entry to the entrepreneur lifestyle is at an all-time low, but the challenge of winning and success is at an all-time high. Anyone can build a new web site, or publish a smartphone app for a few thousand dollars, but getting market penetration requires a lot more. Customers have come to expect disruptive change, so yet another social network is not the way to get traction.
As an Angel investor, I quickly look behind the idea or solution, to gauge the mindset and the leadership capabilities of the entrepreneur. That's why this new book, "The Leader's Mindset: How to Win In The Age Of Disruption," resonated strongly with me. It was written by Terence Mauri, who has worked extensively with Sir Richard Branson and the London Business School.
Mauri offers some practical, actionable advice for entrepreneurs who want to develop a leader's mindset, on how to spread the right message to potential customers, as well as investors. He outlines three shortcuts for simplifying how we think, how we act, and ultimately how we lead, which I have paraphrased and amplified here:
- Expand your mindset to think better by a factor of ten. Most entrepreneurs think about how they can improve cost or usability by ten or twenty percent. When was the last time you set a challenge for your team that pushed all of you to deliver more than you thought was humanly possible? People who shape the future, like Steve Jobs, do this.
- Push your mindset to tackle the seemingly insurmountable. A bold mindset excels at speed, creativity, and decisive action. Entrepreneurs in this category are real risk takers, such as Elon Musk. He recommends imagining creative solutions to a problem to "cut through the noise and focus on the signal." Take a hard look at SpaceX or HyperLoop.
- Develop a learn-fast mindset to seek the latest and the future. Those who proactively seek knowledge and learn fast build knowledge pools and tap into the wisdom of mentors and industry leaders to raise their game. For them, adapting and stretching their limits is the norm. They learn from their mistakes, and collaborate with well-connected people.
Leadership on ideas is a start, but entrepreneurial leadership requires the ability to deliver on the new reality as well. The best entrepreneurs relish the opportunity to overcome the personal and team obstacles that come with every team contemplating disruptive change, including the following:
- Fear of failure, fear of the unknown, procrastination, and doubt. All these fears can cause flight-fight, freeze behaviors, or a hasty retreat from dreams, goals, and plans for disruptive change. Fear keeps your mindset locked in a state of helplessness and will stop you from reaching your goals.
- Constrained by talent shortages and lack of commitment. A key requirement for every disruptive entrepreneur is to fuel the organization's growth by attracting and nurturing the best and most committed talent. The best leaders find a team and every individual unique strength to do great work and make a difference beyond chasing profit.
- Dragged down by excuses, inertia, and negative energy. A top priority of all entrepreneur leaders is to avoid falling victim to "somebody else's problem (SEP)." Lack of accountability is a mindset that is diametrically opposed to the required leader's mindset. Don't let this contamination infect you, your team, or your disruptive venture.
Overall, the leader's mindset begins with zero compromise on purpose. It demands that you believe in what you are doing from the heart, and that your contribution is essential to the future world you envision. This must be matched with the intellectual courage to change business models multiple times to remain viable, based on real-time feedback from the market.
Becoming an entrepreneur is easy, but winning is still tough. Do you have the leader's mindset required to compete and win?