Sponsored by University of Bath
The debate around whether entrepreneurship can or cannot be taught is always slightly misleading. We can’t teach drive, passion or curiosity, but we can teach skills and ways of thinking. We can also create experiences that can kindle both in the pursuit of making a positive impact.
This is why entrepreneurship isn’t a one-size-fits-all concept – it’s flexible and incredibly adaptable. So, whether you plan to set up your own business, or help drive your company’s own initiatives, there are a handful of valuable skills which you should bear in mind when it comes to thinking like an entrepreneur.
We spoke to the University of Bath to find out how the city itself has inspired the university’s dedicated online MSc in Entrepreneurship Management and Innovation program which aims to perfect your entrepreneurial mindset.
Lead and learn – don’t ‘boss’
There’s a big difference between leading a team and bossing a team. Although you should be confident in your delegating skills, it’s important to foster commitment and sense of ownership in others. Building and maintaining positive network connections will only ever benefit your ability to pitch propositions and ideas, as well as help you gather backing for your ideas.
To assist with this, the University of Bath’s online MSc in Entrepreneurship Management and Innovation offers modules such as entrepreneurial strategy, ideation, incubation and acceleration, as well as entrepreneurship, innovation and organizations. This is done with the aim of guiding students along the entrepreneurial journey from start (initial idea) to finish (viable venture).
Embrace failure…
… but don’t let it hold you back from trying again. Seeing failure or setbacks as an opportunity to learn and having the resilience to improve are key entrepreneurial traits. Many entrepreneurial startups fail because of relatively straight-forward reasons, such as a lack of market demand, or cash flow issues.
It’s important to realize some decisions you make won’t necessarily pay off, but it’s about how you handle the pushback that’s more important.
Take (calculated) risks
This goes hand in hand with being able to embrace failure. Risks can, and do, pay off, but you’ll need to learn very quickly how to assess them, as well as be prepared to react quickly.
The University of Bath’s program teaches you how to evaluate risks and how to adapt to challenging environments and situations. You’ll also learn to develop particular strategies to mitigate said risks.
Find internal drive
As a self-starter, you should be prepared to work for what you want. Having a meaningful goal in mind can prevent burn outs, as well as help you re-charge and maintain a broader perspective.
Stay one step ahead
Considering the influx of innovators and aspiring entrepreneurs that are making an impact all around the world, it’s not just about keeping up, but also staying one step ahead of the competitive game.
As an entrepreneur, you’re hungry for success, and so it’s critical you’re always able to adapt to whatever comes your way, whether it’s a new business proposition or a decline in market demand.
Be innovative
Understanding the principles of innovation management is key to entrepreneurial success, and possessing a creative flair is also critical.
It’s important you aren’t bound by your own mindset and habits, or afraid to experiment. As an entrepreneur you should possess unconventional thinking tools and seek out every opportunity, working with many ideas, exploring possibilities and creating strategies.
Be analytical
As an entrepreneur, you’ll be constantly anticipating changes and challenges that could come your way. When they do, you should be confident in overcoming them.
Entrepreneurs are critical thinkers, and the online MSc in Entrepreneurship Management and Innovation at the University of Bath shows you how to use particular data and key information when making those important business decisions.
Where to start…
The University of Bath is ranked 25th in the UK in the QS World University Rankings® 2019. Its online MSc in Entrepreneurship Management and Innovation is a flexible, adaptable and engaging learning program that allows you to work on real-life case studies and engage with first-class video content.
Equipped with the latest digital resources, you’ll also have access to an extensive network where you can collaborate with your class colleagues, lecturers and professors, wherever and whenever you need.
