Ideas and inspiration for up-and-coming entrepreneurs

Description of the video:

WEBVTT 00:01.616 --> 00:05.116 (bubbly electronic music) 00:08.900 --> 00:12.250 - Innovation; it's a word that conjures up many images: 00:12.250 --> 00:15.660 imagination, ingenuity, creativity. 00:15.660 --> 00:17.520 A recent article in Wired magazine 00:17.520 --> 00:19.350 called it the most overused 00:19.350 --> 00:22.620 and yet the most important word in the world today. 00:22.620 --> 00:24.680 Yet I believe it's fraught with myths. 00:24.680 --> 00:25.930 There's a lotta things that we believe 00:25.930 --> 00:28.250 about innovation that are simply not true. 00:28.250 --> 00:29.510 The ability to innovate, for example, 00:29.510 --> 00:31.490 people think is a location. 00:31.490 --> 00:33.540 In other words, Silicon Valley or Route 6 in Boston, 00:33.540 --> 00:34.990 that if they're in that location, 00:34.990 --> 00:37.440 that automatically innovation happens. 00:37.440 --> 00:39.410 Or they believe it's the environment, 00:39.410 --> 00:41.550 so they get bean bags or food stations 00:41.550 --> 00:43.170 and think by sitting in a bag 00:43.170 --> 00:44.530 or having certain kind of food, 00:44.530 --> 00:46.540 the ideas are just gonna sprout out. 00:46.540 --> 00:49.750 Or worse yet, they think it's only a select few people 00:49.750 --> 00:52.060 that really have the ability to innovate. 00:52.060 --> 00:55.330 Well, the fact is we all have the ability to innovate. 00:55.330 --> 00:57.380 You see, it resides in all of us 00:57.380 --> 01:00.630 in something I call the entrepreneurial mindset. 01:00.630 --> 01:03.530 This mindset is something that we can all tap into, 01:03.530 --> 01:06.140 and we can come up with new ideas and solve problems 01:06.140 --> 01:09.090 and have creative solutions if we only try. 01:09.090 --> 01:11.320 But yet sometimes we believe these myths, 01:11.320 --> 01:13.880 and therefore, we block our ability to do that. 01:13.880 --> 01:15.190 It's really pretty sad when you think 01:15.190 --> 01:17.380 that one of the greatest assets we possess 01:17.380 --> 01:19.420 is our entrepreneurial mindset. 01:19.420 --> 01:21.550 When you look at the world today, 01:21.550 --> 01:24.350 you can see that the gap between what can be imagined 01:24.350 --> 01:27.540 and what can be accomplished has never been smaller, 01:27.540 --> 01:30.320 and so if we are to accomplish some great things, 01:30.320 --> 01:34.080 we need to tap into our own entrepreneurial mindset. 01:34.080 --> 01:36.380 So what exactly is this entrepreneurial mindset 01:36.380 --> 01:38.620 that I believe everyone possesses? 01:38.620 --> 01:40.560 Well, a comprehensive definition states that it's 01:40.560 --> 01:44.400 a dynamic process of vision, change, and creation. 01:44.400 --> 01:47.460 It requires the application of energy and passion 01:47.460 --> 01:49.530 towards the implementation and creation 01:49.530 --> 01:52.100 of new ideas and creative solutions. 01:52.100 --> 01:55.710 It also has a sense to recognize opportunity 01:55.710 --> 01:59.360 where others see chaos, contradiction, and confusion. 01:59.360 --> 02:00.420 Now, that's a long definition, 02:00.420 --> 02:01.950 but people say what do I focus on? 02:01.950 --> 02:05.920 I say, maybe the key words of vision, change, creation, 02:05.920 --> 02:08.990 energy, and passion, because we all possess that. 02:08.990 --> 02:11.350 Everyone has the ability to dream and to vision. 02:11.350 --> 02:14.010 Everyone has the adaptability to change. 02:14.010 --> 02:15.350 Everyone, I believe, has a desire 02:15.350 --> 02:17.460 to create something in their life, 02:17.460 --> 02:18.970 and certainly we all have energy 02:18.970 --> 02:21.440 and passion that we can put to that. 02:21.440 --> 02:23.070 But as I tell all my students, 02:23.070 --> 02:25.440 isn't the one big idea you're looking for, 02:25.440 --> 02:27.520 it's an exploration of many ideas 02:27.520 --> 02:30.460 so you can pivot off those and learn to maybe find the one 02:30.460 --> 02:32.910 that's most passionate and most energetic to you. 02:33.760 --> 02:34.880 Remember, there is no future 02:34.880 --> 02:36.990 believing something can't be done. 02:36.990 --> 02:39.320 The future's in making something happen. 02:39.320 --> 02:41.750 And by tapping into your entrepreneurial mindset, 02:41.750 --> 02:44.190 you have that ability to make tomorrow better 02:44.190 --> 02:46.130 for you and for all of us. 02:47.270 --> 02:49.940 So now that we know what the entrepreneurial mindset is, 02:49.940 --> 02:51.400 why is it so difficult for all of us 02:51.400 --> 02:53.380 to actually use it or delve into it? 02:54.220 --> 02:56.550 Well I believe there's two major reasons. 02:56.550 --> 03:00.200 One, I think, is what I call the world of paradigms. 03:00.200 --> 03:02.220 We all know what paradigms are, right? 03:02.220 --> 03:03.540 They are the boundaries, the rules, 03:03.540 --> 03:05.430 the perceptions that we live by. 03:05.430 --> 03:08.730 There's nothing wrong with paradigms in and of themselves, 03:08.730 --> 03:10.640 but when we become so wedded to them 03:10.640 --> 03:13.600 that we fail to ask any questions of why they even exist, 03:13.600 --> 03:15.080 we then start to get into what I call 03:15.080 --> 03:19.680 the terminal disease of certainty, paradigm paralysis. 03:19.680 --> 03:22.540 And when that happens, it shuts out all new ideas 03:22.540 --> 03:24.600 and all possible innovations, 03:24.600 --> 03:26.950 so our mindset just cannot work in that. 03:27.810 --> 03:29.270 A second major reason is something 03:29.270 --> 03:32.110 we do to ourselves or others do to us. 03:32.110 --> 03:34.640 I call them the idea stoppers. 03:34.640 --> 03:36.630 It's when we suggest something new, 03:36.630 --> 03:39.390 and people have an inadvertent answer back. 03:39.390 --> 03:42.040 So for example, you suggest something new as an idea, 03:42.040 --> 03:45.660 and the answer you get back is are you kidding? 03:45.660 --> 03:47.510 Or the answer you get back is 03:47.510 --> 03:50.380 we've already tried that years ago. 03:50.380 --> 03:52.950 Or even what I call the guilt trip. 03:52.950 --> 03:54.090 I don't see anything wrong with the way 03:54.090 --> 03:57.220 we're doing it now, do you? 03:57.220 --> 03:59.150 I mean, how do you answer those things? 03:59.150 --> 04:01.580 We have to be careful with idea stoppers, 04:01.580 --> 04:04.850 so I want you to be able to watch what you say to others 04:04.850 --> 04:07.290 and be able to dissect what others say to you. 04:07.290 --> 04:09.600 You need to get away from the idea stoppers, 04:09.600 --> 04:12.880 break through the paradigms, and follow the new ideas, 04:12.880 --> 04:15.860 because that's the way the entrepreneurial mindset works. 04:15.860 --> 04:18.090 Well, now we've had time to ponder the various aspects 04:18.090 --> 04:19.670 of the entrepreneurial mindset. 04:19.670 --> 04:21.290 We've looked at the importance of it. 04:21.290 --> 04:22.900 We've looked at the definition of it. 04:22.900 --> 04:24.340 We've even looked at some of the obstacles 04:24.340 --> 04:25.790 to actually using it. 04:25.790 --> 04:28.400 So, the question becomes what's the next step? 04:28.400 --> 04:30.550 Well, the next step is implementation, 04:30.550 --> 04:32.820 and when we look at implementation, it's really up to you. 04:32.820 --> 04:34.580 As I tell all of my students, 04:34.580 --> 04:36.630 the decision to act entrepreneurially 04:36.630 --> 04:39.070 is and always will remain with you, 04:39.070 --> 04:41.127 so it becomes a personal decision. 04:41.127 --> 04:43.150 As you ponder that decision, 04:43.150 --> 04:44.360 I think about a commercial that was done 04:44.360 --> 04:46.290 years ago by Apple computer, 04:46.290 --> 04:48.150 where the narrator came on TV and said, 04:48.150 --> 04:50.530 "Here's to the crazy ones, to the rebels, 04:50.530 --> 04:52.270 "to those who think differently. 04:52.270 --> 04:55.350 "And while some people see those people as crazy, 04:55.350 --> 04:58.180 "we see genius, because those people who think 04:58.180 --> 05:02.170 "they can change the world are the ones who usually do." 05:02.170 --> 05:03.760 And the reason I like that commercial 05:03.760 --> 05:05.950 is because when you think about it, 05:05.950 --> 05:08.500 it exemplifies the courage and belief 05:08.500 --> 05:10.840 that you have to have with your new ideas. 05:10.840 --> 05:12.530 Another way to look at it is something that I tell many 05:12.530 --> 05:13.960 of my students and corporate clients, 05:13.960 --> 05:15.600 and that is if you really wanna tap 05:15.600 --> 05:16.900 into the entrepreneurial mindset, 05:16.900 --> 05:20.030 you have to expect more than others think is practical, 05:20.030 --> 05:23.100 you have to dare more than others think is wise, 05:23.100 --> 05:25.970 you have to dream more than others think is possible, 05:25.970 --> 05:28.940 and you have to risk more than others think is safe. 05:28.940 --> 05:30.950 And if you tap into those elements, 05:30.950 --> 05:32.700 you've tapped into the essence 05:32.700 --> 05:35.480 of the entrepreneurial mindset, and by so doing, 05:35.480 --> 05:39.002 you will tap into the greatest part of your own true spirit. 05:39.002 --> 05:42.085 (gentle piano music)

Description of the video:

WEBVTT - This file was automatically generated by VIMEO

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This unique course is the Silicon

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Valley Venture Challenge.

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Its nickname is the Ultimate Spine Sweat Experience.

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Now, before you get too scared, let me just explain this

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to you, why it's such a great challenge.

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You're gonna work online like every other course,

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to develop a business plan, a venture plan

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that you're going to actually then present.

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But you're gonna get on a plane, fly to Silicon Valley

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and present this plan to a 20 member advisory board.

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So you leave the academic environment,

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you go into the practical world, you take everything

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that you've learned from the book knowledge,

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and now you apply it for real

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because they're gonna decide you're grade

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and afterwards you're gonna learn who they are

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and why they're really there to help you.

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So while there is the challenge

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of presenting when it's over, you get to meet all of them

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and discuss things with them.

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You build up a network of some very, very powerful people.

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We all get to go out to Silicon Valley at the end

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of the course, and you really start to kind of dig deep

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and understand the fact that this could be life altering,

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life changing moment for you as a founder, to be able

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to present a plug and play was amazing.

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So Plug and Play is a world renowned accelerator

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for startups that have helped out companies like a PayPal.

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The ability to be there with Dr.

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K and the venture capitalists

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and the IU alumni was absolutely amazing.

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Once you're done pitching to the VCs

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and you get your grade, literally about two minutes

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after you're done pitching to the VCs, they,

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they tell you how they graded you.

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You pass or failed, is you have a happy hour

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with all the venture capitalists that that came there.

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And then after that, you have a big celebration

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with your classmates with some

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of the VCs at dinner that night too.

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And to me, that is a complete difference, uh,

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between any other class I've ever taken.

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Not only you're going to create a life-changing moment

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for yourself or for your company, for your career,

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but you're also able then to have

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that congratulation moment at the end of it too,

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where you have a kind of, all the pressure relaxes

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for a moment, you're able to have those conversations

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and create those deeper relationships.

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The Silicon Valley Venture Challenge is what you make it.

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Dr. K fosters your business ideas

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and opens up his own network to allow you

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to create a real business.

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After I got the feedback from the VCs, I'm now meeting

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with about three of them here over the next few months,

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continue pursuing what this idea can look like.

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I recently graduated with Silicon Valley Challenge was one

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of the last courses

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that I did at the Kelley School of Business.

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It brought together all the concepts

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that I learned throughout my MBA.

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I've been implementing it in bits

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and pieces in my day to Bday work,

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but this course gave me the opportunity to present my idea,

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my dream to the venture capitalist and get their validation.

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This is real. This is the real

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application of all the courses.

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So this was a proof that what you learned during the MBA,

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it's not just some concepts lying here and there,

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and it has true value.

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You know, overall, the Kelly Direct experience really

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delivers because you're taking the very knowledge

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that you're learning and applying it into your own work

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settings, into your own leadership abilities,

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into your own team.

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Really, you're seeing a direct application

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of your knowledge from the Kelly Online MBA in the KD

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program, right to your careers now

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and in future things

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that you're gonna develop in your career.

Description of the video:

Hello, I’m Dr. Don Kuratko, nickname is Dr. K, which was given to me about 28 years ago by students and so that's what I'm known as here at Indiana University. I'm here to tell you a little bit about our major in entrepreneurship and corporate innovation and why I think, from my beliefs, it's a tremendous second major to have with another skilled major that you might be involved in. First of all let me explain to you that all the consulting I do today around the country is with Fortune 500 companies with their managers to try to get them to understand how to be more entrepreneurial or innovative in the way they do their jobs. You see today in organizations they're striving to find that sustainable competitive advantage and the only way they're going to do that is to find it in the innovative spirit of their people so today you have to understand that companies are looking for certainly people that are qualified in in marketing and management and finance and all the different areas that you're studying but remember this they're looking for the distinctive factor of what's going to make them special when it comes to their organization and that is that element of innovation. So if you think about it, no matter what your field of study will be, if you can combine it with the idea of corporate innovation, you're going to be a distinctive standout in the marketplace for the different jobs you may be pursuing. So I think when you look at our major you can find something that's going to be very special for you and something that you're going to find will help you stand out when you interview the companies. Let me give you one example. One of our MBA students had a double major in marketing and the entrepreneurship and corporate innovation area when she went for the interview with 3M and they interviewed all through the Midwest different students she received the job in the marketing strategy area because they told her that while everyone else understood marketing like she did she was the only one that had the corporate innovation side and that was important to their future strategy so remember no matter what field you're looking at this idea of corporate innovation has become huge in moving organizations forward this is why we think we have a major that's ideal for you and also for those interested in the entrepreneurship very specifically we have something called our entrepreneurship lab or ELab for short. And in there we're trying to do a number of things we have a course set up before you can develop a whole business plan and present it to venture capitalists and invest bankers and private equity investors we also have set up in there a partnership with Silicon Valley because we have a Hoosier Hatchery now set up where we can help you incubate your business right here on campus and then be connected to Silicon Valley. So there's a lot involved in this and of course I'm just giving you sort of a thumbnail sketch but when you begin to look it out for some corporate innovation look at it from a number of different angles one look at it from a second major possibility which would make you distinctive second look at the deep dive we can do in entrepreneurship from the standpoint of your own ideas and your own ventures and maybe even taking those forward and finally keep this in mind if you're going to be distinctive while the Kelley School of Business is a tremendous degree to have. Keep in mind that as you move forward you want to be distinctive in the marketplace. I believe our major makes you distinctive. I wish you all the best in your studies at the Kelley School of Business and all of your major fields and then I would hope you'll see this is the second major that's going to be the most powerful for your career.