Linda Weinman started the website linda.com in 1995 which later sold to LinkedIn for $1.5 billion and was renamed LinkedIn Learning.
Entrepreneurs often have counter-conventional mindsets that go against common business practices, such as the "Yes, We Can" mindset, "Problem-First, Not Product-First" logic, and "Think Narrow, Not Broad" mentality.
John Mullins prompted the audience to reflect on which of these entrepreneurial mindsets they currently embody, which others they can learn, how to teach them to their teams, and how these mindsets could help address current challenges.
Meeting Notes:
The Story of Linda Weinman
In 1995, Linda Weinman, a graphic design teacher and aspiring entrepreneur, started the website linda.com as a platform to showcase her students' work and experiment with new digital graphic design tools like Photoshop and Illustrator.
Over time, her business grew, and in 2002 she moved all her teaching online.
The business was later sold to LinkedIn for $1.5 billion, where it was renamed LinkedIn Learning.
Counter-Conventional Mindsets of Entrepreneurs
These mindsets go against the "best practices" taught in business schools regarding strategy, marketing, risk management, etc.
A mindset refers to the attitudes, habits, and mental inclinations that guide one's responses to opportunities.
The Six Counter-Conventional Mindsets
"Yes, We Can" Mindset: Example: Brazilian entrepreneur Arnold Correa expanded his event management business into new areas like satellite technology and in-store digital displays, disregarding conventional wisdom of sticking to core competencies.
"Problem-First, Not Product-First" Logic: Unlike big companies focused on developing new products, entrepreneurs like Jonathan Thorne focused on solving specific problems. Thorne developed surgical forceps with a silver-nickel alloy to prevent tissue from sticking, addressing a problem faced by neurosurgeons.
"Think Narrow, Not Broad" Mindset: Initially, Nike focused on designing shoes specifically for elite distance runners, a narrow target market, rather than trying to appeal broadly. This allowed them to develop expertise before expanding to other sports like tennis and basketball.
"Asking for the Cash and Buying the Float" Mindset: Entrepreneurs like Elon Musk and Tesla pre-sell products to customers to generate upfront cash flow to fund their businesses, instead of relying on outside financing. Example: Tesla sold 100 Roadsters for $10 million before building the first car.
"Beg, Borrow, But Please Don't Steal" Mindset: Example: UK treetop adventure business Go Ape partnered with the Forestry Commission to use their land and assets, avoiding heavy investments.
"Just Get on With It, Don't Ask Permission" Mindset: Unlike big companies seeking approval, entrepreneurs like Uber's founders launched without regulators' permission, acknowledging some unethical actions.
Questions for the Audience
John Mullins asked which of these mindsets the audience currently embodies, which others they can learn, whether they can teach these to their teams, and if any current challenges could benefit from applying these mindsets.