Entrepreneurial Thinking PDF

BM2313 ENTREPRENEURIAL THINKING Entrepreneurial Curiosity Curiosity is the impulse to seek out new ideas and experiences. It is crucial to innovation because it moves peop...

BM2313 ENTREPRENEURIAL THINKING Entrepreneurial Curiosity Curiosity is the impulse to seek out new ideas and experiences. It is crucial to innovation because it moves people to look at the world from a different perspective and to ask questions rather than accepting the status quo. Thus, it is an essential tool for fighting conformity. Curiosity is the spark of creativity and innovation, the best long-term investment a person can make. Egon Zehnder, a global management consulting firm, found that as the business environment became more volatile and complex, the firm realized the importance of adapting to unforeseen situations by learning new skills. It began assessing candidates' potential in this area (Gino, 2016). The research created a model that consists of four (4) dimensions: 1. Curiosity – a thirst for new experiences and knowledge; an openness to feedback, learning, and change. 2. Insight – the ability to gather and synthesize information that suggests new possibilities. 3. Engagement – the ability to connect with others and communicate a vision. 4. Determination – the persistence to overcome obstacles and achieve challenging goals. Egon Zehnder’s research showed that curiosity was the most important of the four (4) dimensions and that people who scored high on it were likely to score high on the other qualities. The level of curiosity determines the readiness of a person to exhibit behavior associated with the other traits. Variations in people’s curiosity levels predict variations in their job performance and innovative behaviors (Gino, 2016). Curiosity triggers a direct response to situations that challenge our assumptions and our capacity to question unlocks the potential for change that such situations represent. Focusing on curiosity and potential more broadly can shine a different light on candidates who may seem ill-suited to a given role but excel when faced with new challenges. EXAMPLE: Several years ago, a global energy company asked Egon Zehnder to evaluate its prime internal candidate for CEO. After meeting with the board of directors, Egon Zehnder developed a detailed job description, mapping the competencies required and those likely to be needed in the future (Gino, 2016). Based on the assessments, the internal candidate scored high on all four (4) dimensions of the model, especially curiosity. Egon Zehnder concluded that with mentoring and support from the board, the internal candidate could overcome his weaknesses and adapt to changing situations as the industry continued to evolve. He has surpassed the board's expectations since taking the helm a few years ago. The example shows how insight, engagement, determination, and, most importantly, curiosity helped the internal candidate to succeed. Thus, the four (4) dimensions can be considered essential to entrepreneurial and leadership success. Enhancing Entrepreneurial Curiosity Ask the right questions First, differentiate an excellent question from a bad question. In general, a bad question does not encourage a substantive answer. 03 Handout 1 *Property of STI  [email protected] Page 1 of 2  BM2313 EXAMPLE: If you have just received an order from a new customer, “Shall I send you an invoice?” is a poor question. This question can be answered easily without any detailed information that could help you speed up the entire payment process, not to mention that the answer is quite apparent. The prospect may answer, “Yes.” Of course, you could follow up with another question— “How long will it take for payment?”—but you now sound a bit imposing and impatient. A good question in this situation would be, “What steps must you go through to issue a payment?” This question invokes a much more thorough answer without an imposing follow-up question. Perhaps the client reveals in the response that one of the steps is issuing a check from a third party, which takes at least a week. Knowing this, you can offer suggestions to expedite the payment process, such as encouraging the client to pay with a credit card because you offer a five (5) percent discount (Johnson, 2013). Innovation time (20% rule for cultivating ideas) Google workers are encouraged to spend 20% of their week on new ideas that interest them. It could be the next killer application or something more efficient for business development. Some of Google’s widely-used products, such as Gmail and Google News, were born from this practice. Google has even estimated that as much as 50% of its new product launches originate from innovation time. (Michaels, 2011) The idea for implementing the 20% rule at Google goes to the vision of Brin and Page and the stewardship of CEO Eric Schmidt, a former board member at Apple. Schmidt was brought on to accelerate growth and provide some “parental supervision,” as Sergey once said. Schmidt is often credited with pioneering a 70/20/10 management model that believes innovation is cultivated best when employees spend 70% of their time on core business tasks, 20% on related projects, and 10% on unrelated projects. At some universities, a similar philosophy believes that 70% of learning comes from on-the-job experience, 20% from ongoing work with mentors, and 10% from formal training (Robertson, 2023). Always listen without judgment Curious people have no hidden agenda. They seek to understand the perspectives of others and are willing to sit in ambiguous, open, and curious without being invested in the outcome. According to Kathy Taberner, co-founder of the Institute of Curiosity, curious people are non-blaming, non-shaming, and supportive, working together, focused on exploring options to find the best solution that supports collaboration and leads to innovation. References: Gino, F. (2016, October 25). The Most Important Trait for Rebel Talent: Curiosity. Retrieved from Harvard Business Review: https://hbr.org/2016/10/146326 Johnson, K. D. (2013). The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs. Johnson Media Inc. Robertson, C. (2023, August 1). The 70:20:10 Rule of Innovation to Navigate the Future. Retrieved from ITONICS: https://www.itonics-innovation.com/blog/702010-rule-of-innovation 03 Handout 1 *Property of STI  [email protected] Page 2 of 2