Entrepreneurial Mindset Kendrick Hang, Green River College IT Futures Summit 2018 May 18, 2018

Question Who or what comes to mind when you hear the word entrepreneur?

Reality Silicon Valley startup stories are (by far) the exception and not the norm Most successful entrepreneurial ventures Involve no breakthrough technology Have little formal planning Use ad-hoc market research Launch with about $10,000 Are started by people who have little or no experience Entrepreneurship is a discovery process Experiential learning – learn by doing

Entrepreneurship and the Future Academic, business, government, and non-profit leaders around the world have begun to recognize entrepreneurship education as essential for creating societies of the future. In a World Economic Forum report: “It is not enough to add entrepreneurship on the perimeter - it needs to be at the core of the way education operates.” “It is a process that will require new teaching methods, new frameworks, and new models.”

But, I teach IT, not Business! In information technology and other sectors, we have seen Growth of 1099 (contract) employment Growth of the “gig economy” IT/product teams evaluated as independent business units (“intrapreneurship”) Successful technical employees have a mix of: Technical acumen Social acumen Business acumen

Entrepreneurship versus Entrepreneurial Mindset Entrepreneurship education initiatives are popular within colleges, but the understanding of entrepreneurship is limited and narrowly defined Revolves around starting and launching businesses (market research, business plans, pitches, investor funding) Kauffman Foundation report: “The traditional methods of encouraging entrepreneurship are not producing desired results.” Instead of focusing on the “how”, seek understanding of “why” What are the underlying beliefs and assumptions that drive entrepreneurial attitudes, behaviors, and skills? What are the factors that encourage or impede development of entrepreneurial attitudes, behaviors, and skills? Forbes: “Entrepreneurs: It’s a Mindset, Not a Business Model”

Those with an Entrepreneurial Mindset Believe in their ability to succeed and influence their own outcomes, empowering them to take ownership of their lives; Have compelling goals that keep them future-focused and intrinsically motivated, driving them to be self-directed, action-oriented, and highly engaged; Have an optimistic interpretation of adverse events and see problems as potential opportunities, becoming highly resilient, resourceful, and solution-oriented even within highly uncertain, resource constrained environments; Be lifelong knowledge seekers with a focus on micro-experiments as learning opportunities to test ideas, cultivating curiosity, creativity, and critical thinking; Display a high-level of reliability, understanding that following through on simple solutions can lead to unforeseen opportunity; Have a humanistic outlook, being other-focused and understanding that one creates value by looking to solve problems for others; and Surround themselves with an intentional community of positive influence and critical guidance

Entrepreneurial Mindset What kinds of “attitudes, skills, and behaviors”? Initiative and self-direction (goal-driven) Risk-taking and resilient Flexibility and adaptability Creativity and innovation Critical thinking and problem solving Ability to see opportunities, marshal resources, create value Not just for startups, traditional employers look for these attributes! The “horizontal bar on the T” (vertical bar is the depth/technical knowledge)

Focus on the Mindset There is no one-size-fits-all formula for success There is no clear path to success So there has to be focus on mindset that helps enable success Mindset Common set of underlying beliefs and assumptions that drive behavior that enables success Transcends circumstances, socioeconomic status, and culture A “logic” that can be applied in any circumstances, empowering anyone to succeed

Focus on the Mindset Fixed vs Growth Mindset Intelligence/personality is static vs. developed Deterministic view of the world vs. greater sense of free will How does one acquire their mindset? Acquired unconsciously Acquired uncritically Uses the past to navigate the future Operates mostly without awareness Can we shift/change a mindset?

So… How do we teach Entrepreneurial Mindset? Do you currently do any of this in your classroom or program?

Some Ideas to Consider Entrepreneurial Learning Initiative Ice House Entrepreneurship Program Project-Based Learning -- Agile / Scrum Problem-Based Learning -- Lean UX Service Learning Community Engagement (Mentors, Guest Speakers, etc) Work-Based Learning (Internships)

Activity / Discussion / Q&A