Entrepreneurial Mindset

In: Business and Management

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The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty
Rita Gunther McGrath and Ian C. MacMillan

Executive Summary * Successful executives will learn to master uncertainty through the skills of entrepreneurial leadership * This calls for different disciplines than in conventional management * There are five key elements: * Creating a climate supporting continuous search for opportunity * Framing * Stocking an opportunity register * Focus * Promoting adaptive execution

Entrepreneurial leadership: The most important job

Although uncertainty might cause many to freeze, it can be used to your benefit. Uncertain situations are full of new opportunities. Your task is to continuously identify high-potential business opportunities and exploit these opportunities with speed and confidence. Thus, uncertainty can become your ally, not your enemy.

Entrepreneurial leaders are distinguished from other managers by their personal practices. These fall into three categories: setting the work climate, orchestrating opportunity-seeking and moving particular ventures forward personally. * Climate setting practices create a pervasive sense of urgency for everyone to work on new business initiatives. Dedicate a disproportionate share of your own time, attention and discretionary resources to finding and supporting new business models. Gary Wendt, who drove massive growth at General Electric Financial Services, demonstrated this principle. He consistently, predictably made new business development his top priority agenda item - at every meeting and chance encounter. * Orchestrating opportunity seeking involves removing uncertainty from your people by clearly specifying what type of entrepreneurial opportunities are wanted. We call this 'ballparking.' A Swedish…...

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