Cory Leonard

Why You Should Run Your Career Like a Startup – Knowledge@Wharton

In career on July 3, 2012 at 6:59 pm

Strategies for making it in a hard-to-break-into career:

Mollick: What about planning for careers where the odds of success are small but very rewarding? For example, choosing to be an entrepreneur, an artist, a video game designer…

Hoffman: The general pattern that we suggest is A-to-Z planning to figure out how to take intelligent risks. [To say to yourself], all right, I want to do this, but it’s a low probability of success. Even if I’m really good, my probability of success might be very low, [or it] might be moderately low. What you want to do is … to [make and keep a] plan…. You [need] a strategy to take a risk for competitive differentiation. Part of having plan B and plan Z is to think about [what will happen] if this doesn’t work: How do I … move around, try it again, try it different ways? If it isn’t really working, how do I reset to grow a plan Z? That allows you [to] try something but [also have the opportunity to replay] it. And you may decide to replay multiple times….

When I came back from Oxford, I told my dad it would take me somewhere between three and five startups to be successful. When I was doing each startup, even though I was putting my all in to try to make each startup successful, I was paying attention to … all the things I was learning: the network that I was building, the skills that I was building, the fact that the next play would be the one that would be more likely to be successful, just because I was learning a bunch of things while doing it. In all the flexible planning, make sure that you are always investigating your network and your skills and your [potential to increase the odds] for the next play. That’s the tight corpus of a mental framework for how to approach low-probability success ventures and careers.

via LinkedIn’s Reid Hoffman: Why You Should Run Your Career Like a Startup – Knowledge@Wharton.

via Why You Should Run Your Career Like a Startup – Knowledge@Wharton.

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