Two Things We All Need to do to Think Like an Entrepreneur

Entrepreneurial Mindset with Stephen Carter

A conversation with Dr. Tim Holcomb, the Director of the John W. Altman Institute for Entrepreneurship in the Farmer School of Business at Miami University, yielded some fascinating insights.

Dr. Holcomb began by saying that much of their work, in college-level entrepreneurial studies, is undoing the methods that schools have taught students to adopt.

“We don’t use textbooks and we don’t do tests,” said Holcomb while explaining their approach to “learning by doing.” He explained that often students come in with a standardized test mindset and see everything as multiple choice, but life doesn’t package problems with “A, B, C, D, and E” answers.

“It comes down to giving students more opportunities for shots on the goal,” he said. The first time they take a shot, they miss. The second time, they get closer. The third time, they get closer still. The fourth time, they make it, and by the time the fifth time comes around, they approach the shot with the confidence that comes from experience.

In the end, Holcomb explained, there are two things that all students must learn. First is how to solve problems—and these should be real-world problems, not just case studies. They need to see how problem-solving works and how it can be applied to every area of life.

Second is “getting comfortable with being uncomfortable.” When students get out of their comfort zone, they get into situations where failure is more common and this leads to faster learning and adapting, skills which will serve them well in an uncertain future.