6 Tips on

Being a
Successful
Entrepreneur

M A N AG E M E N T S T U D I E S S O C I E T Y
Ever had a moment
when a brilliant
business idea just
struck you out of
nowhere?
What's your mindset when tackling
challenges or opportunities
in your business journey?
Lynda Weinman
• In 1995, a graphics design teacher named Lynda Weinman, who also had a knack for

entrepreneurship, made a game changing decision.

• She acquired the domain Lynda.com for just $35. Lynda was teaching at the Art Center

College of Design in Pasadena, California, where she helped students master tools like

Photoshop and Illustrator. Frustrated with the overly complex web design books available at
the time, she decided to write her own guide. Despite being rejected by publishers, she

convinced a magazine to publish her book chapters as monthly columns

• Lynda's book, "Designing Web Graphics," was

eventually published and became a global bestseller.

The Lynda.com website gained immense popularity and

ranked among the top 100 websites worldwide. Lynda's
expertise led to numerous teaching and speaking engag
ements on web design. Over time, Lynda.com evolved in
to an online software training platform, ultimately being
acquired by LinkedIn in April 2015 for a whopping $1.5
billion.
• six break-the-rules mindsets’ that allow entrepreneurs to challenge
assumptions, overcome obstacles, and mitigate risk to take advantage
of opportunities that present themselves along the entrepreneurial
path.

• They go against what business schools usually teach about strategy, core skills, marketing
financing, and more.
Saying “yes, we can”
When asked by a prospective customer whether they can do something
promising that’s entirely unfamiliar to them, entrepreneurs say “yes” first,
and then figure out the details later.
• One inspiring Indian example is Ritesh Agarwal, the founder of Oyo Rooms

• . When Ritesh started Oyo, he was just 18 years old and had no prior experience
in the hotel industry

• . When asked if he could create a successful budget hotel chain, he said "yes"
and then figured out the details later

• . Today, Oyo Rooms is one of the largest hotel chains in the world, operating in
over 80 countries
Applying a problem-first,
not product-first, logic
• Applying a problem-first, not product-first,
logic. Entrepreneurs know that their
businesses will thrive if they solve their
customers’ genuine problems.
• Steve Jobs and the creation of the iPhone. Jobs envisioned a revolutionary product that
combined a phone, an iPod, and an internet communicator into one device. His focus was on

creating a groundbreaking product, and he famously said, "People don't know what they want until
you show it to them." The iPhone's success not only transformed the mobile phone industry but also
established Apple as a tech giant.

• There was a significant problem with the glass they had ordered in massive quantities. The initial
material wasn't durable enough and scratched easily. Jobs was not satisfied. Instead of compromising
on quality, he demanded a complete overhaul of the glass.

• Jobs reached out to Corning Inc. and pushed them to restart production of a toughened glass called
Gorilla Glass. Despite having no existing large-
scale production, Corning ramped up manufacturing to meet Apple's demands. This bold move by Jo
bs embodied his product-first philosophy
Thinking narrowly, not broadly.
• Thinking narrowly, not broadly. Once they have successfully established
themselves in a small market, entrepreneurs know that they can learn
from that experience and expand their businesses.
Nike is a great example of
Targeting serious runners and a
this approach. Initially, Nik Once they had a strong By thinking narrowly at
thletes. They established
e focused on the U.S. foothold, Nike began to first and then
themselves firmly with in
market expand globally. They adapted broadening their
this niche, learning from their
experiences and understanding their marketing strategies scope
their customers deeply.
Begging and borrowing (but not
stealing).
• Begging and borrowing (but not stealing). Borrowing the resources
necessary to start something new beats investing in those resources’
hands-down.
• Tesla is a great example of "begging and borrowing" to achieve success. In its
early days, Tesla faced significant financial challenges. Elon Musk, who joined
the company in 2004, invested a large portion of his personal wealth into Tesla1

• . Musk also borrowed money and secured investments from various sources to
keep the company afloat.

• Despite these financial hurdles, Tesla continued to innovate and develop

groundbreaking electric vehicles. Their persistence paid off, and Tesla is now a
leading name in the electric vehicle industry, known for its innovative
technology and sustainable energy solutions.
Ask for cash, Ride the float
Ask for the cash, ride the float – By getting customers to pay in advance, and by paying
their suppliers afterwards, entrepreneurs generate cash for growing their businesses. Elon
Musk and his founding partners at Tesla sold 100 Tesla Roadsters, Tesla’s first model, for
$100,000 each – cash up front! That’s a cool $10m with which to begin building the cars!
Never ask permission; beg forgiveness
later
• When the legal or regulatory landscape is ambiguous or uncertain,
entrepreneurs simply continue with their plans and deal with any necessary
regulatory issues later, begging forgiveness, if necessary.
• .

Had Uber founders Travis Kalanick and Garrett Camp asked San Francisco
regulators whether they would welcome Uber’s new ride-hailing business, Uber
and its imitators Grab, Free Now, and many others – and, indeed, the gig-
worker phenomenon – might not exist today.
 Which of these
mindsets are
embodied in you ?

Which others can

you learn?