In choosing who to date, what job to pursue, or how to invest our money, most people are just looking for a reason to move forward. But according to Professor Ilya Strebulaev (https://www.gsb.stanford.edu/faculty-research/faculty/ilya-strebulaev) , we should be looking for something else: a reason to bail.
"The smartest venture capitalists ask a very different question from what most of us ask," says Strebulaev. Instead of asking “‘Why should we invest?’, venture capitalists approach every new opportunity with [the] question: Why should we not proceed?” This contrarian mindset is at the heart of Strebulaev's new book The Venture Mindset (https://www.gsb.stanford.edu/faculty-research/books/venture-mindset) , which reveals how the strategies of top VCs can help anyone make sharper decisions.
In this episode of Think Fast, Talk Smart (https://www.gsb.stanford.edu/business-podcasts/think-fast-talk-smart-podcast) , Strebulaev joins host Matt Abrahams to discuss how the venture mindset can help anyone — investor or not — weigh alternatives, make decisions, and move forward without looking back.
Episode Reference Links:
• Ilya Strebulaev: Website (https://www.ilyastrebulaev.com/)
• Stanford Profile: Website (https://www.gsb.stanford.edu/faculty-research/faculty/ilya-strebulaev)
• Ilya’s Book: The Venture Mindset (https://www.gsb.stanford.edu/faculty-research/books/venture-mindset)
• Venture Capital Initiative (https://www.gsb.stanford.edu/faculty-research/labs-initiatives/vci)
• Article Ilya & Alex Dang wrote: 3 Things VCs Do That Can Help You Land Your Dream Job After Getting Laid Off (https://www.fastcompany.com/91089737/3-things-vcs-do-that-can-help-you-land-your-dream-job-after-getting-laid-off)
• Ilya’s co-teacher for his Venture Capital class: Brian Jacobs (https://www.gsb.stanford.edu/faculty-research/faculty/brian-jacobs)
• Ep.41 Speak Like a Founder: How Successful Entrepreneurs Communicate to Their Teams YouTube (https://youtu.be/24GX8CgcAYM?feature=shared) / Website (https://www.gsb.stanford.edu/insights/speak-founder-how-successful-entrepreneurs-communicate-their-teams)
• Ep.56 Lean Messaging: How Simple Messages Really Stick YouTube (https://youtu.be/Q6q5Xi51U_4?feature=shared) / Website (https://www.gsb.stanford.edu/insights/lean-messaging-how-simple-messages-really-stick)
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• Matt Abrahams ＞＞＞ LinkedIn (https://www.linkedin.com/in/maabrahams/)
• Stanford GSB ＞＞＞ LinkedIn (https://www.linkedin.com/school/stanford-graduate-school-of-business/) & Twitter (https://twitter.com/stanfordgsb)
Chapters:
(00:00:00) Introduction
Host Matt Abrahams introduces guest Ilya Strebulaev, founder of the GSB's Venture Capital Initiative and professor at Stanford Graduate School of Business.
(00:00:53) The Venture Mindset
Insights into the venture mindset as a new mental model for making smarter, quicker decisions.
(00:02:22) Embracing Failure
How venture capitalists embrace and learn from failure to achieve success.
(00:05:21) Decision-Making in Venture Capital
A unique approach to decision making based on what successful venture capitalists do.
(00:07:34) Applying Venture Principles in Personal and Professional Life
Venture mindset principles that can help individuals in job transitions and personal growth.
(00:10:05) Lessons from Teaching Venture Capital
Ilya outlines key takeaways he hopes his students learn from his class, including thinking differently and networking effectively.
(00:13:25) Passionate Communication
Using descriptive language to engage others, including mixing familiar terms with unique ones to enhance communication about passions
(00:15:29) The Final Three Questions
Ilya shares how he has grown from writing his book, a communicator he admires, and three ingredients for successful communication.
(00:18:59) Conclusion