Think Like an Entrepreneur, Act Like a CEO - Book Summary

Unleash your inner entrepreneur and steer your career like a CEO.

Our careers used to resemble a steady ascent, with individuals climbing corporate ladders within a singular company. However, today's career landscape is vastly different. We now navigate through numerous job roles in our lifetimes, marking the importance of adaptability and resilience in managing these shifts. Some individuals naturally possess these skills; others must take the initiative to develop them.

The individuals who master these skills, habitually, cultivate a unique mindset—they adopt the curiosity and innovation of an entrepreneur, combined with the foresight and responsibility of a CEO.

Beverly E. Jones, in her insightful book, offers a compilation of 50 strategies that encourage us to foster this entrepreneurial spirit and CEO mindset. Let's explore some of her powerful insights, specifically those that teach us to manage key transition periods in our careers like a pro.

Through this narrative, we'll discover:

why preparing a plan from the onset is essential;

the importance of leaving with grace and maintaining professionalism when you decide to exit; and

how graciously accepting a compliment can open unexpected doors.

Forge a successful path in a new venture with a solid strategy.

Embracing new opportunities is exhilarating, but a successful start hinges on more than just a sunny disposition. Beverly E. Jones, the author, narrates an experience from her past to illustrate this point.

Three decades ago, on her maiden day at a law firm in Washington, she was met with a frosty reception. A senior partner even shared his skepticism about her hiring, suggesting she would need to prove herself to secure any significant work. That first day found her idle, without any assigned tasks and without any tasks she had prepared for herself.

However, this inauspicious beginning served as a stark reality check: she was the architect of her own success. From the second day, she took charge, devising plans to stay productive, manage clients effectively, and showcase her capabilities within the firm.

The onboarding processes in organizations today may be more streamlined, but it remains crucial to devise your own blueprint for success. And a few strategies can make this easier:

Invest time in understanding your boss's expectations. Pay attention to their communication preferences, their typical routine, and their objectives. How do they usually disseminate information to their team and superiors? Don't expect them to explicitly lay out these details.

As you find your footing, identify feasible short-term goals to aim for. Prioritizing and achieving these goals will help maintain your focus and momentum. These goals can range from high-priority tasks to smaller accomplishments like scheduling meet-ups with new team members.

Invest an intense effort for the first four to six weeks, dedicating extraordinary focus to jump-start your new endeavor. Make room in your schedule to solely concentrate on work during this time. This high-intensity phase isn't meant to be sustainable, but rather serves as a short-term investment that can yield long-term benefits. Transition back to a normal pace after this period, ensuring that your initial hard work has set the stage for future success. Remember, as the CEO of your career, laying a solid foundation for future success is integral.

Simultaneously, keep tabs on your stress levels as you navigate through a new and unfamiliar landscape. Taking ownership of managing your stress is essential — invest in a fitness regime that keeps you calm, energized, and at your best. After all, you are the best protector of your health and optimal performance.

Nurture an entrepreneurial spirit, even within the vast expanse of a large corporation.

When Jones took her first steps into the legal world, she noticed that the most successful lawyers were those who built their own clientele. They thrived within the broader firm by donning an entrepreneurial hat, selling their services, meeting billable work targets, and keeping a sharp eye on their contribution to the firm's profits against their cost to the company.

Gradually, she realized that every colossal organization is, in fact, an amalgamation of smaller entities. These smaller factions prosper when each employee embraces an entrepreneurial mindset. This internal entrepreneurial spirit even has a name—'intrapreneur'.

Intrapreneurs take the lead and get things done, whether they're asked to or not. They possess the drive to refine raw ideas into polished, profitable offerings.

Cultivating an intrapreneurial mentality can infuse a fresh vigor into your existing role. Here are some tips to help you do so:

Firstly, understand your organization's overarching mission. It's essential as an intrapreneur to align your individual goals and plans with the wider strategic objectives.

Secondly, familiarize yourself with the operational aspects of your business. Understand how various departments—like marketing, sales, human resources, and public affairs—contribute to your workplace's operations.

Next, focus on your customers. These include both external clients who purchase your products and internal stakeholders, such as your boss or peers, who rely on your work to perform their jobs. Comprehend their wants, needs, and thought processes.

Lastly, make peace with an entrepreneur's constant companion—failure. Successful entrepreneurs learn from their failures and don't let the fear of failure curb their risk-taking or innovation. Ease your fear of failure by deliberately stepping into scenarios where success isn't guaranteed. If you're not a great dancer, for instance, register for a dance class. Embrace the experience, savor the enjoyable moments, and realize that failure to excel isn't as daunting as it seems.

Dealing with rejection can be challenging, but there are effective strategies to overcome it.

Rejection is an inevitable part of striving for success, but it still takes a toll on most of us.

The author shares the story of a client named Paul who had his eyes on his dream job. Despite being a competent professional with a strong track record, Paul faced rejection from a role that he was confident about bagging. The rejection left him not only deeply frustrated but also guilty for being unable to handle it better.

Jones, however, taught Paul a few techniques to manage his feelings constructively. One such approach involved delving into his emotions through writing. At her behest, Paul penned his feelings in great detail, dissecting the pain he experienced. This act of confronting his emotions through writing created a safe distance between him and the emotional turmoil he was experiencing.

Another technique that can help cope with rejection is maintaining a gratitude journal to combat negative thinking. The process of listing down things you're grateful for even a few minutes each day can be transformative. Not only does it fend off worries, but gratitude also reduces the activity in brain areas associated with anxiety.

Lastly, maintaining a graceful demeanor and a determined front can help keep future opportunities within reach. For Paul, being candid about his disappointment with his close ones — his partner and trusted friends — helped him gain a balanced perspective. However, when interacting with the wider world, especially those involved in the hiring process, he exhibited a professional demeanor. He thanked the selection committee, despite his disappointment. This gesture eventually paid off when one of the committee members approached him later and helped him secure a role that was even better suited to him than his dream job.

Emulating a CEO's mindset, Paul took responsibility for his actions and managed his feelings. His approach not only helped him navigate through a difficult phase but also built his resilience to tackle similar hurdles in the future.

Embrace a CEO mindset to stay steady amid constant change.

Adapting to change while trying to build something substantial can be challenging. However, navigating transitions, mergers, acquisitions, and liquidations is an integral part of professional life.

One of Jones's mentees, Andrea, is a seasoned navigator of uncertain times. Her strategies can provide guidance when you're in the eye of change.

First and foremost, Andrea keeps herself prepared for any change by adopting a CEO's mindset. This mindset enables her to focus on the broader perspective. It helps her comprehend her industry and the various factors that could influence it. She stays attuned to her market, the regulatory backdrop of her industry, political shifts, and impending innovations. Having this understanding enables Andrea to anticipate change and prepare for it.

Moreover, seeing the bigger picture helps Andrea understand that change isn't personal—it's transient and impersonal. This perspective enables her to refrain from taking things personally or resorting to complaints, instead focusing on effectively managing the situation.

Staying balanced is easier when you have a stable personal life. For Andrea, this means balancing her demanding work schedule with her active involvement in her church and maintaining connections with her friends, family, and mentors.

Financial stability also plays a crucial role in handling change. The threat of job loss becomes less daunting when not under financial stress. Following Andrea's example would involve careful consideration before making significant expenditures, such as buying a big house. Other strategies could include exploring additional income channels—like part-time work or consulting—which can reduce financial pressure. Building an emergency fund can also provide a safety net, reducing the stress during challenging times.

Lastly, Jones has observed that clients who venture into a new side business often bring renewed energy to their primary job. Engaging in your own enterprise can stimulate entrepreneurial thinking—a perfect way to boost your capacity for innovative thought.

Handling praise skillfully benefits both the giver and the receiver.

Accepting compliments can be more challenging than one might think. The author once thought that modesty was the most appropriate response to a compliment. As a fledgling professional, she even downplayed her work when praised, attributing her success elsewhere or stating it was insignificant.

However, deflecting praise can undermine your achievements. If you brush off a compliment by saying "it's nothing", it might lead the person complimenting you to reconsider the value of your work.

Furthermore, rejecting praise robs you and the giver of a precious moment. A compliment is more than just positive feedback—it's a shared joy that makes both parties feel good. When you reject a compliment, you deflate the positive energy of the person complimenting you instead of bolstering their good mood.

More importantly, you deny yourself the brain's reward — the compliment. Research indicates that accepting compliments can boost your performance. Leveraging feedback for professional connections is a key entrepreneurial trait and it prevents feelings of isolation while operating independently. So, make sure to embrace the positivity that comes your way!

The silver lining is that the art of accepting praise gracefully can be learned and refined. There are five simple steps.

Start by acknowledging the compliment. Even if you believe you don't deserve it, simply say "thank you".

Next, express your satisfaction with your work. It's not immodest to extend the pleasant exchange initiated by a simple "thank you". You can acknowledge your satisfaction with your work by expressing your pride in the outcome.

The third step is to recognize and credit others. If your achievement was a result of a team effort, be sure to acknowledge it and give credit where it's due.

Return the compliment, if you can be genuine about it. Insincere praise benefits no one. However, if the person complimenting you played a role in your success, acknowledge that.

Finally, when the exchange seems to have reached its natural conclusion, avoid dragging it out. If compliments continue beyond a comfortable point, feel free to casually wrap up the conversation—jokingly say you're about to blush, for example, and move on.

Guiding career transitions with the Incremental Change Approach.

In her teenage years, the author developed a hefty tea-drinking habit, always with a generous helping of sugar. She recognized the unhealthy habit, but couldn't imagine savoring her tea without the sugary sweetness.

In a moment of inspiration, she decided to subtract a few sugar grains from her daily spoonful. Over the following days, she continued this trend, reducing her sugar intake bit by bit. After a year, she successfully transitioned to enjoying her tea without sugar.

This technique of gradual modification—dubbed the Incremental Change Approach—became a crucial tool for her in achieving personal and professional goals. She eventually formulated the Five-Step Incremental Change Framework to tackle career transitions.

The first step is to envision your desired career, much like the author imagined her tea without sugar. Make a list of what you desire in your future career chapter, beginning with an honest evaluation of the pros and cons of your current situation.

Step two involves setting some broad, attainable goals that align with your career wishlist. These could be something like "improve stress management" or "develop technical skills". Starting with three goals usually proves manageable.

For the third step, identify "incremental changes" for each goal—small actions that inch you closer to your target. Avoid labeling these as "steps"; the idea is not to create a straight path, but to build momentum by being proactive.

Embrace the idea that one change often sparks another. For instance, if the first change is to attend a networking event and you meet an inspiring individual there, your next change could be reaching out to that person.

Setting your pace is the fourth step. Your end goal should provide insight into how quickly you need to move. If your goal isn't time-bound, there's no need to rush—you could comfortably make one incremental change per week. The key is to choose a pace and maintain it. Consistent progress is what makes this framework effective.

The final step is to document your journey. Keeping a record helps track your progress and often leads to fresh insights and ideas for future incremental changes. As you progress, you'll find the process and the flexible, entrepreneurial mindset it fosters, propelling you forward on their own. You might even find yourself missing these incremental changes once you've achieved your goal!

Exiting with grace can pave the path to future opportunities.

One of the author's consulting clients, referred to as "Bill," was unexpectedly let go from his law firm with minimal notice and a meager severance package. A faction from his firm had departed, taking their clientele with them, causing tumult within the firm and leading to Bill's abrupt dismissal.

Naturally, Bill was stunned and upset, but he also made the effort to perceive the situation objectively. He realized his connections within the firm were limited to his former group, meaning his legacy at the firm would most likely be his sudden termination.

Keen to amend that narrative, he reached out to influential figures and personnel within the firm, expressing sincere gratitude for their contributions—ranging from imparted training to fostering a welcoming work environment. Over the years, he remained in contact with them.

These gestures effectively transformed his exit image. So much so, that he was eventually welcomed back as a partner!

Leaving a lasting positive impression when exiting a role is a skill anyone can cultivate, embodying the swift adaptive response expected from a CEO in challenging situations. Here are some strategies to get you started:

First off, inform your manager promptly once you've decided to pursue a new opportunity. The conversation might be difficult, but it's preferable they hear the news from you directly rather than through the grapevine. Always strive to maintain decorum. While it might be tempting to freely voice your grievances during your departure, it's more beneficial to keep the parting on amicable terms. This extends to your exit interview—bear in mind that your comments could inadvertently spread.

When it comes to your tasks, strive to wrap things up as neatly as possible. Endeavor to complete your assignments or bring them close to completion. Leave comprehensive notes to guide your successor or colleagues as they take over your responsibilities.

Take a moment to express your gratitude. Identify those who have aided you or played a part in your achievements, and acknowledge their contribution. Be genuine and detailed. Handwritten notes or personal visits are excellent ways to convey your appreciation.

Lastly, ensure your contacts can reach you post-departure. Disseminate your contact details widely and connect with colleagues on LinkedIn while you can. If you intend to keep in touch, don't leave it to fate.

Concluding insights

The crux of the matter:

Today's careers defy the traditional "one size fits all" model. It's the norm now to experience several departures and new beginnings in our professional journeys. Consequently, it becomes imperative to adapt to change, cultivate resilience, and remain agile when opportunities knock. Adopting an entrepreneurial mindset fused with a CEO's determination can be our compass, equipping us to remain composed and ready for any scenario. The goal is to maximize all available opportunities, thus constructing a fulfilling and successful career trajectory.