They note a new phenomenon:
Large companies are hiring professors to teach them how to innovate.
The authors assert that it’s misguided:
“What big, process-driven companies need is to learn how to think like entrepreneurs. And it may surprise you that entrepreneurs hate risk, too. Unlike many professors, entrepreneurs feel comfortable not knowing what comes next, but they don’t see this as risk.”
I feel stuck between two worlds – I’ve taught entrepreneurship at our local University for years and I’ve been an entrepreneur even longer.
You have the heart of an entrepreneur, though, George. It’s definitely where your passion lies.
According to the authors, entrepreneurs mitigate risk by:
working for themselves instead of “putting all their eggs in one job basket.” Owning may offer more security than a job.
- failing quickly with little financial risk.
This is great advice for those of you thinking about starting your own business. Contrary to popular myth, successful entrepreneurs are not risk lovers. However, they are excellent risk managers.
They think differently. In business school, we learn that you have to take larger risks to earn a greater return.
Entrepreneurs know this isn’t necessarily the case. They focus on making the downside acceptable and let the upside take care of itself.
Do you have an idea for a business? Could you use some help reducing the risk? Check out our coaching packages.
Image in this post from mzacha