The Power of Entrepreneurial Thinking Everywhere

Oftentimes people think you have to be a certain type of person in order to become an entrepreneur. I’m here to say they’re all wrong. Being a good entrepreneur requires a specific mindset, and one that anyone can take on.

In this day in age we need entrepreneurial mindsets to be able to create and innovate in situations of great ambiguity. Here at the law studio we use a framework called ET & A (Entrepreneurial Thought & Action), developed by Babson’s College President Len Schlesinger, in its simple form:

The 4 questions you answer are:

Who am I?

What do I know?

Who do I know?

What am I willing to lose?

Once you have answered those questions, the proper entrepreneurial mindset will be yours. Just remember – the next key element is action.

(Photo -- from here).

Deal Day Questions

There are a lot of unknowns in the deal world, but one thing is crystal clear to us: you need to ask the right questions. In September we wrote about some good questions to ask your opponent while at the negotiation table, but those aren’t the questions we’re talking about now. What we’re interested in are the three questions you need to ask yourself before you make a decision on your deal.

BE SURE TO ASK YOURSELF:

1. Is this deal worth my time and effort?

2. What are the key terms in the deal?

3. Can we be successful with those exact terms?

If the answer to numbers one or three are “no” or “maybe,” run far, far away. If the answers are a solid “yes,” then you’re golden.

What questions do you ask yourself before you make your final decision?