Summary of The Entrepreneurial Mindset Imperative

Today NC IDEA, in conjunction with the Governor’s Entrepreneurial Council (GEC), hosted the inaugural North Carolina Entrepreneurial Ecosystem Summit with the ambition to catalyze entrepreneurship as an economic development strategy for the state of North Carolina. The Ecosystem Summit is an official event of Global Entrepreneurship Week where from November 12-18, as part of GEW, 10 million people in 170 countries will take part in 39,000 events, and activities that help make it possible for anyone, anywhere to start and scale a business.

The Ecosystem Summit brought together the people and organizations who support, encourage and nourish North Carolina’s entrepreneurs to share what is working; address issues and concerns; meet and network with those doing similar work in other communities; and celebrate and promote entrepreneurs and their successes across the state. One of the most interesting presentations was the, The Entrepreneurial Mindset Imperative. In this talk the perception was shared on how the world has changed in ways that now require everyone to be more innovative and entrepreneurial regardless of their chosen path. The theory goes, if we are to adapt and thrive in a rapidly changing world, we must recognize the entrepreneurial mindset as a teachable framework for thinking that can empower anyone to succeed. We enjoyed a great message from Gary Schoeniger, Founder and CEO, The Entrepreneurial Learning Initiative. Here is a summary of some key points shared to support your life and career:

• Rate of technological advancement is starting to exceed our human capacity and human infrastructure (institutions) to adapt. Time for us all to think and act with entrepreneur mindset.
• Entrepreneurial Mindset = Creative, Optimally Engaged, Have Little Fear, Act and make things happen when path not clear, Persevere, Maximize Power of Choice, Proper Smartly Allocate Time, and constantly change and adapt.
• Entrepreneurial Mindset is a Life Path and Prized Life Skill! Its a way of thinking and living!
• What can we learn from entrepreneurs? How can we be more innovative in our own lives?
• Four Buckets Of Entrepreneur Perceptions: First venture backed high growth entrepreneur path like Silicon Valley model. But tiny fraction of a single % of new business is supported by this VC high-growth model. 2nd Model: Small business development centers and bank branches that help new businesses. 94% of all new jobs created by small businesses with 19 employees or less. The challenge is this path focuses on management of assets versus entrepreneurship innovation and growth. Third bucket view is agnostic toward entrepreneurship or carries negative perception thinking is about greed. The fourth bucket thinks entrepreneurship is irrelevant and not important to life per other traditional career paths.
• Most founders of Inc 500 companies today started off with no real big idea or unique IP, did not have much money, and did not have much startup experience. For example: Walmart, Waste Management, Apple, and HP. They started with 3 Fs support and funding: Friends, Fools, and Family.
• Must Read Book for entrepreneur mindset. Who Owns The Ice House? Uncle Cleve presented in book gives 8 key principles to entrepreneurship success. Like:
• 1 CHOICE: “Perhaps the greatest lesson Uncle Cleve left behind is that it is the choices we make that ultimately determine the outcome of our lives.”
• 2 OPPORTUNITY: Smart entrepreneurs are problem solvers. Just like Uncle Cleve, they recognize that problems are opportunities. Identify problems and find solutions for other people, and you will prosper.
• 3 ACTION: “Entrepreneurs …understand that if they do what they have always done, they will get what they have always gotten,” While good ideas are certainly a hot commodity, it’s actually taking action that really counts when it comes to starting a business of your own.
• 4 KNOWLEDGE: While Uncle Cleve never had any formal schooling, “he sure did know how to treat people the right way,” He also always emphasized the importance of seeking knowledge and embracing curiosity. He was a very wise man who was not afraid to learn and who sought information and insight anywhere he could find it. “Knowledge—combined with effort—is the engine that drives entrepreneurs,”
• ​5 WEALTH: As Uncle Cleve used to say, “You gotta save to have,” and “You don’t need everthing your eyes want.” Uncle Cleve made his money, and then he held on to it. He “saw money as a tool to invest in his future, a tool that would enable him to create wealth,”. “He was willing to live beneath his means because he valued financial freedom (his goal) more than he valued the opinions of others
• 6 BRAND: Uncle Cleve’s word was his bond. His integrity as a businessman was rock solid. He treated everyone with the utmost respect, even if they did not return the favor. He made buying from him an enjoyable experience. He left early and arrived on time. While he could never control others’ opinions of him, he could control what they observed of him, and that made a world of difference in his success.
• ​7 COMMUNITY: Uncle Cleve was part of a community that would have encouraged him to settle for the status quo, if he let it. But he didn’t. Instead he chose very carefully how he wanted to respond to his circumstances. Social influence, or so-called peer pressure, can be an extremely powerful deterrent for anyone who wants to break free of the boundaries placed on them by their upbringing, surroundings or social status. But your community does not define you unless you let it.
• 8 PERSISTENCE: 35th President of the United States Calvin Coolidge once said that, “Nothing in the world can take the place of persistence.” He was right, especially where entrepreneurship is concerned. People who are successful in owning their own businesses do not give up. They don’t quit

• We must recognize that there is a teachable cognitive framework to entrepreneurship. Everyone has desire to be engaged and have autonomy for their life that leads to good contribution to world. We must recognize that every worker and student needs entrepreneurship mindset. We need to shift entrepreneurship from the fringe of what we do to the core of education and teaching.
• The entrepreneur spirit is the human spirit. It's not just for some of us, it resides in all of us!

Special thanks to NC Idea, Thom Ruhe leading the charge alongside his team that put on this Summit and GEC for great event. Thanks to the sponsors to who made for a wonderful occasion.