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The Benefits of Thinking Like an Entrepreneur | Reid Hoffman

Oct 27, 2021 52m 8s 11 insights
<p>The advice to "think like an entrepreneur" can, from a certain angle, come off as the kind of rote, tech-bro guidance you'd get from a millennial lifehacker. But Reid Hoffman makes a good case that all of us, whether entrepreneurs or not, can benefit from having what he calls an "entrepreneurial mindset." He says this mindset is a trainable skill, and he believes that capitalism and compassion (two words you don't often hear together) are compatible. </p> <p> </p> <p>Reid Hoffman is the co-founder of LinkedIn, a partner at Greylock, the venture capital company, and the host of <a href="https://mastersofscale.com/" rel="noopener noreferrer" target="_blank"><em>Masters of Scale</em> podcast</a>, which is all about how uber-successful people/companies got where they are. And now he has a new book, also called <a href="https://book.mastersofscale.com/" rel="noopener noreferrer" target="_blank"><em>Masters of Scale</em></a>.</p> <p> </p> <p>This episode explores: how to train for an entrepreneurial mindset; how to live a life that minimizes the odds of burnout; how to network without it feeling icky; the value of curiosity; the importance of "failing fast"; how to deliver feedback in a stressful environment; and how he thinks we can make capitalism more compassionate and equitable.</p> <p> </p> <p> </p> <p>Be sure to listen to our new podcast, <a href="https://10percenthappier.app.link/bIddyPEamkb" rel="noopener noreferrer" target="_blank">Twenty Percent Happier</a>, available exclusively in the <a href="https://10percenthappier.app.link/install" rel="noopener noreferrer" target="_blank">Ten Percent Happier app</a>. </p> <p> </p> <p> </p> <p><strong>Full Shownotes:</strong> <a href="https://www.tenpercent.com/podcast-episode/reid-hoffman-391" rel="noopener noreferrer" target="_blank">https://www.tenpercent.com/podcast-episode/reid-hoffman-391</a></p> <p> </p>
Actionable Insights

1. Develop Entrepreneurial Mindset

Cultivate an entrepreneurial mindset by having a bias to action, learning from what you do, and iterating to improve. This involves taking intelligent risks and asking for critical feedback (“what won’t work about my idea?”) to learn and adjust quickly.

2. Embrace Curiosity Universally

Cultivate curiosity as a fundamental life virtue for continuous learning, imagining a better future, and understanding others’ humanity. It is critical for high-performance careers, enabling adaptation to changing markets and competition.

3. Maximize Learning Quality

Learn effectively through active doing, focusing on the quality of learning per hour rather than just accumulating hours. Prioritize learning what truly matters and is repeatable, especially by engaging directly with prospective customers to understand their needs.

4. Fail Fast, Learn Faster

Adopt a “fail fast” approach by tackling difficult problems early to learn quickly and adjust. The goal is to celebrate learning from failures, not failure itself, enabling rapid iteration and improvement.

5. Prioritize Long-Term Self-Care

Recognize that while short-term sacrifices may be necessary, consistent self-care and happiness are crucial for long-term performance and good decision-making. Treat a demanding career as a “marathon of sprints” requiring sustained well-being.

6. Implement Burnout Prevention

Prevent burnout by prioritizing good sleep, managing your emotional state, and actively seeking ways to minimize suffering and maximize quick happiness boosts. Engage with friends and loved ones, as even brief connections can be hugely charging.

7. Build Ally Networks

Approach networking by seeking mutuality, shared interests, and genuine alliances, treating others as human beings you respect, rather than transactional assets. Proactively diversify your network to include underrepresented minorities, fostering a “life team” for mutual support and high performance.

8. Cultivate Evolving Culture

Design corporate culture based on the problem, talent, and desired health for human beings, focusing on “cultural evolution” rather than mere “fit.” Codify values, onboard new hires, and integrate culture into performance reviews, always inviting positive contributions and challenges to the mission.

9. Deliver Compassionate Feedback

Provide clear, direct feedback by stating performance bars and discussing solutions collaboratively, always respecting the individual. Approach conversations with a positive intention and a forced-ranked list of “goods” (e.g., company success, team, individual) to guide your message, setting aside ego.

10. Fire with Humanity

When firing someone, approach the conversation as one human being to another, showing respect and acknowledging their emotional difficulty. The goal is to allow them to learn and move forward, rather than seeking their agreement or placing blame for personal emotional reasons.

11. Advocate Shareholder Social Impact

To make capitalism more compassionate, advocate for shareholders to agree on and demand common, audited metrics for social impact (e.g., climate, labor, community) from companies. This allows shareholders to make informed choices and pressure companies for positive change.