Society values entrepreneurs as innovators who solve problems. Anyone thinking of entering into a venture to solve problems should consider his or her ability to innovate. Liedtka (2011) performed a case study and determined entrepreneurs wanting to innovate must have an ability to face uncertain conditions and experiment with small trials to deal with new experiences. An entrepreneur must step away from established procedures designed to deal with known conditions and experiment in unknown territory. Lietka revealed an entrepreneur must have a deep empathy for people to satisfy their needs and find solutions to problems they experience. Unlike established firms desiring to exploit existing markets, the innovative entrepreneur puts people first. An entrepreneur has to have the ability to make mistakes and learn from them because solutions to unresolved problems lack a history. Making mistakes is part of the entrepreneurial mindset.
Although entrepreneurs have a mindset attuned to making mistakes, they deal with them by using small experiments to minimize risks. Small mistakes are part of learning, but entrepreneurs avoid larger mistakes by taking small steps. Are you up to the challenge?
Want to know more? Click here.
Liedtka, J. (2011). Learning to use design thinking tools for successful innovation. Strategy & Leadership, 39(5), 13-19. doi: 10.1108/10878571111161480