6 Unconventional Mindsets Driving Entrepreneurial Success

Photo by Seema Miah on Unsplash

In the world of business, traditional wisdom often dictates how companies should operate. However, some of the most successful entrepreneurs think differently. They embrace unconventional mindsets that challenge the status quo and drive innovation. Here are six such mindsets that can help you break the rules and achieve extraordinary success.

1. Yes, We Can!

Big companies are usually advised to stick to what they do best, focusing on their core competencies. If someone asks them to do something outside their expertise, the typical response is, “No, we don’t do that here.”

But entrepreneurs like Arnold Kouria, the founder of Atmo Digital, take a different approach. When a client requested satellite uplinks for real-time training broadcasts across Brazil — a field his company had never explored — Arnold simply said, “Yes, we can.” By accepting challenges outside his core skills, Arnold reinvented his business multiple times, becoming a major player in event management and production services.

2. Problem First, Product Second

Large companies often focus on their products, constantly tweaking them to stay relevant. Think of Coca-Cola’s many variants like New Coke, Diet Coke, and Cherry Coke. However, true innovation isn’t just about changing a product; it’s about solving real problems.

3. Think Narrow, Not Broad

While big companies aim for large markets, entrepreneurs often start with a very specific target. When Phil Knight and Bill Bowerman founded Nike, they focused on creating better running shoes for distance runners — a small, niche market. By solving specific problems like better lateral stability and cushioning, Nike grew from a small company into a global leader in athletic footwear and beyond.

4. Ask for the Cash and Ride the Float

Large companies usually keep their cash in reserves, focusing on things like shareholder dividends and stock buybacks. In contrast, entrepreneurs see cash as the lifeblood of their ventures. Elon Musk and the Tesla team knew they needed money to build their electric cars. They launched roadshows to sell expensive roadsters, quickly raising the cash needed to start manufacturing. This strategy has been key to Tesla’s growth and success.

5. Borrow, Don’t Steal

Traditional business education emphasizes careful investment analysis and long-term returns. However, entrepreneurs often take a different approach by leveraging existing resources instead of acquiring everything outright. By forming strategic partnerships or utilizing available assets, they can expand their ventures more quickly and efficiently. This mindset allows for growth without the heavy burden of initial investments, enabling flexibility and scalability in their businesses.

6. Don’t Ask for Permission

Entrepreneurs often face regulations and red tape that can slow them down. While big companies need to get approvals and go through lengthy legal processes, entrepreneurs like Travis Kalanick and Garrett Camp of Uber didn’t wait for permission. They launched their service quickly, even if it meant bending some rules. While not all of their actions were perfect, this mindset allowed them to disrupt the traditional taxi industry and grow rapidly.

Reflect and Act

These six unconventional mindsets can transform how you approach your entrepreneurial journey. Here’s how you can start applying them today:

1. Identify Your Strengths: Look at your core skills and think about how you can apply them to new challenges. Don’t be afraid to say, “Yes, we can!”
2. Focus on Problems: Instead of just improving a product, ask yourself what real problems you can solve for your customers. This will lead to more meaningful and impactful solutions.
3. Start Small: Choose a specific niche where you can make a big difference. Building a strong foundation in a narrow market can set you up for broader success later on.
4. Manage Your Finances Wisely: Seek out funding opportunities and use your cash strategically to grow your business. Remember, cash is the lifeblood of your venture.
5. Leverage Existing Resources: Look for ways to use what’s already available to you. Form partnerships and use existing assets to expand your business without heavy investments.
6. Take Action: Don’t wait for perfect conditions or approvals. Start moving forward with your ideas and adapt as you go. This will help you stay ahead and innovate quickly.

By adopting these unconventional mindsets, you can break the rules, innovate, and maybe even change the world.