All shook up Emily Holdman, a serial entrepreneur, advises the audience to inject new ways of thinking into their jobs.
Emily Holdman, vice president of venture-capital firm adventure.es, believes there are entrepreneurial principles all executives should adopt to innovate, stay nimble and respond quickly to new opportunities.
And those principles center how to put a good idea into action.
“Genius ideas don’t actually matter,” Holdman told those gathered for the 2015 ISPA Industry Conference. “Implementing ideas is what matters. Everything is dependent on execution. Until it is executed, you never know if it’s a good idea.”
Unlike inventors who “make cool stuff,” professional entrepreneurs create and sell a viable solution for a market gap within a limited time frame. Their focus is on the outcome of innovation.
Two key traits that distinguish an entrepreneurial mindset from that of any smart, strategic professional are conviction and a willingness to take risks, Holdman said. Entrepreneurs are hungry, always on the hunt for an opportunity.
“They say, ‘I see a problem and I’m going to go solve it.’ If your employees see a problem—if somebody can show you why this is a worthwhile effort, ask them, ‘Are you willing to lead this?’ If you give them the opportunity, they will stick around … and they can build value inside your organization and not as a competitor.”
Assessing risk is an important next step. How much money will be needed? What are the possible outcomes? Risk can be taken with small steps. “With risk, take what is necessary but always be taking it,” Holdman advised. “Make it a more of a cultural norm at your company.”
Seek out entrepreneurial employees who are genuinely excited about what they do, Holdman said. Find out what makes them hungry, be it pay, leadership opportunities or something else. And be sure to make “finding opportunities” a part of every employee’s job description.
When it comes to customers, entrepreneurs embed themselves. They know what their customers deal with day to day and how they operate. “Customers are never the ‘other person.’ You need to know what customers care about,” she said.
“This is the kind of culture you want to drive forward.”
