4 ways to improve your entrepreneurial thinking at MBA school

In our fast-moving, technology-driven and global economy, companies rely on constant innovation just to compete. As a result, entrepreneurial thinking has been increasingly recognized as an important skill not only for those founding their own start-ups, but for anyone involved in business.

What is entrepreneurial thinking? Several definitions are available but some common threads unite them. Entrepreneurs have a unique ability to recognize opportunities in the marketplace that might not be obvious to others, and they understand how and when to effectively capitalize on those opportunities. They are able to identify unexpected problems as they arise, or even before, and think up new and unprecedented solutions. These solutions might not always be perfect and they might not always work, but entrepreneurs know how to operate with this risk and how to correct course as they go. 

In short, entrepreneurial thinking is the ability to see things differently, and often to see what others can’t. While some may have an inherent talent for it, anyone can develop their own entrepreneurial thinking skills with proper training and a willingness to learn.

For students at MBA school who want to improve their own entrepreneurial thinking, here are some ways to do just that.

Instead of avoiding failure, focus on maintaining an acceptable failure rate

For entrepreneurs, failure isn’t something to be afraid of or avoided; it’s something to expect, plan for and learn from. If you want to improve your entrepreneurial thinking, accept the occasional failure as an inevitable consequence of risk. Rather than trying to avoid failure entirely – which can result in stagnation and unoriginal thinking – try to maintain an acceptable failure rate. If seven out of ten ideas fail, that’s okay; the important thing is that three ideas succeed.

Surround yourself with diverse and creative people

Someone from an artistic background is likely to take a different approach to solving a problem than someone from an engineering background or a background in computer science, urban planning or any other discipline. Depending on the problem, one approach isn’t necessarily better than another, but they each contribute something different. During your MBA program, you can gain insights and improve your adaptability by exchanging ideas and viewpoints with as wide a variety of people as possible.

Keep notes during your MBA program to improve your entrepreneurial thinking

Entrepreneurs never know where the next big idea is going to come from. If you want to improve your entrepreneurship skills while studying in MBA school, consider making a habit of taking notes. Whether it’s an interesting observation you make, a stray thought or something you overhear and find interesting – anything at all could turn out to be the spark that lights a successful idea. Keeping notes can only provide you with a reservoir of ideas to draw from and inspire you, but it can also teach you to always be on the lookout for new ones.

Keep Notes during Your MBA Program to Improve Your Entrepreneurial Thinking Entrepreneurs never know where the next big idea is going to come from. If you want to improve your entrepreneurship skills while studying in MBA school, consider making a habit of taking notes. Whether it’s an interesting observation you make, a stray thought or something you overhear and find interesting – anything at all could turn out to be the spark that lights a successful idea. Keeping notes can only provide you with a reservoir of ideas to draw from and inspire you, but it can also teach you to always be on the lookout for new ones.

Develop your entrepreneurial thinking by doing

Entrepreneurial thinking isn’t an abstract thought process but a way of engaging with real problems and opportunities. One of the best ways to develop your entrepreneurial thinking skills is to get out and put your ideas into action, seeing how they do in the real world, and improvising a path forward. Ultimately, one of the best ways to practice your entrepreneurial thinking skills is by putting them into action.

Are you interested in improving your entrepreneurial thinking at MBA school?

Contact WU Executive Academy for more information about our MBA in Entrepreneurship.