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Building an entrepreneurial mindset

9 April 2019

You can be a passive observer, or an active participant.

When something is changing rapidly, ask yourself how you can participate. When Jeff Bezos heard that Internet usage was growing a 2,300% per year, he thought that was interesting enough to quit his job and start an Internet retailer. He could have thought it was interesting and done nothing1.

If you’re experiencing an inconvenience, ask yourself how you can solve the problem. When Reed Hastings had to pay $40 in late fees for returning a movie rental, he thought there must be a better way. He didn’t rant about it to his friends; he started Netflix2.

When you think you know what will happen, jot it down, and return to see if you were right. We all have opinions about how the world works; we only get better if we put our thoughts on the table and return to them. When billionaire hedge-fund founder Ray Dalio thinks he knows how the world works, he makes a note of it, stress tests it, and comes back to see if he was right. You can’t improve if you don’t hold yourself to account3.

Challenge yourself to convert your observations into active ideas and commitments to change the world.


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Notes

  1. Jeff Bezos’ 1997 interview about Amazon.
  2. Redd hastings on founding Netflix.
  3. A summary of Ray Dalio’s Principles.