digest
Short Summary
Main recommendation: Adopt six counter-conventional entrepreneurial mindsets that run against typical big-company best practices: "yes we can," "problem first, not product first," "think narrow, not broad," "asking for the cash and riding the float," "beg, borrow, but please don't steal," and getting on with it rather than asking permission. Speaker John Mullins, of London Business School, argues these mindsets, which shape how you respond to opportunities, can help anyone and possibly change the world. He illustrates each with real business cases.
Key Points
- The six promised mindsets: (1) "Yes we can" – say yes to customer requests outside your core competencies; (2) "Problem first, not product first" – solve real problems rather than reformulating products; (3) "Think narrow, not broad" – target a small, underserved market first; (4) "Asking for the cash and riding the float" – secure customer cash up front to fund growth; (5) "Beg, borrow, but please don't steal" – borrow assets and partners instead of investing your own capital; (6) "Get on with it" – act rather than seeking regulatory permission first.
- "Yes we can" in practice: Arnold Korea, of Brazil, repeatedly reinvented his event-management business by accepting unfamiliar requests, eventually becoming Atmo Digital.
- Problem-first example: Jonathan Thorne's surgical forceps, which stopped sticking to tissue, led to a successful business later sold to Stryker, after he shifted from plastic surgeons to neurosurgeons.
- Narrow-market example: Nike began by designing shoes for elite distance runners, a narrow target market, before expanding.
- Cash-first example: Tesla sold 100 Roadsters for $100,000 each before building the first one, and nearly half a million consumers paid $1,000 deposits for the Model 3.
Details Worth Noting
- Concrete instructions:
- Before committing, ask whether a customer's unfamiliar request can be met, and if so, say yes and learn the new skill.
- Start from a specific problem for a defined group (for example, surgeons stuck on tissue), not from a product feature.
- Pick a narrow initial target market and design specifically for its needs before broadening.
- Structure deals so customers or partners pay in advance, creating cash flow to fund the venture.
- Ask partners for existing assets (land, trees, parking lots) in exchange for proving value, and negotiate exclusivity for a set term.
- Test a concept on a small scale, then seek agreements, rather than asking regulators for permission first.
- Linda Weinman's website (linda.com, 1995) became LinkedIn Learning after the business moved online in 2002 and sold for $1.5 billion.
- GoApe, founded by Tristram and Rebecca Mayhew, borrowed trees from the UK Forestry Commission in exchange for a 25-year exclusive, and now has over 30 UK sites plus US sites.
- The speaker explicitly does not condone some of Uber's unethical or probably illegal actions, while citing its willingness to proceed despite unclear regulations.
- Speaker closes with four reflection questions: which mindsets you already have, which you can learn, whom you could teach, and which challenge they might help with.
Bottom Line
The central lesson is to act like an entrepreneur: solve specific problems, accept unfamiliar opportunities, use others' resources and customers' cash, and move forward without waiting for permission.
