A captivating fireside chat at the TEDCO 2024 Entrepreneur Expo dove into the inner workings of successful leadership, exploring the powerful connection between mindset, resilience and entrepreneurial success. Taking place between two TEDCO board members, Amita Shukla, founder and CEO of Vitamita, and David Tohn, CEO of BTS Software Solutions, the discussion engaged attendees in a dynamic and insightful conversation around the power of mindset.
Tohn, a seasoned entrepreneur and leadership expert discussed the importance of bringing individual perspectives to each conversation. “I’ve had a chance to see very mature companies, particularly in the defense and health industries. I get to see startups in the Maryland, Austin and Boston ecosystems, as well as a lot of the nonprofit ecosystem, which are startups in and of themselves. So, between all of that and then my background as a retired Army officer, I had a chance to see how leadership and decision making can be applied in so many different areas.”
As the conversation began, it was abundant that the audience had questions of their own – particularly regarding failure. Addressing these questions, Shukla encouraged attendees to frame their perspective through the lens of challenges and struggles, noting the importance of prioritizing failure as a valuable learning opportunity.
“I realized after a decade of interest in capital, I was really becoming an expert at failure more than a success, because I've seen a lot more failure at success,” she explained. “And I noticed that the difference between entrepreneurs who failed and entrepreneurs who succeeded was that the entrepreneurs who ultimately succeeded were the ones who failed more.”
Tohn added, “The word failure implies that there's some objective standard that you're trying to achieve that you haven't achieved. If you didn't achieve it, whatever those conditions are, that's a failure. Maybe next time, you're a little bit more nuanced about what conditions you set. Or maybe you're more nuanced on the things that worked or didn’t work so that you can achieve the conditions. You must constantly reassess, ‘Am I making the right choice?’ or ‘Do I need to do that?’"
Shukla, who is also an author, introduced a framework for understanding different states of mind that is featured in her book “Enduring Edge: Transforming How We Think, Create and Change.” This framework consists of the reactive/impulsive "1D" mind, the analytical "2D" mind, and the intuitive/creative "3D" mind. Understanding and recognizing these three states of mind allows leaders to make more informed decisions and navigate complex situations with greater clarity and effectiveness.
“I decided that the power of mindset is not discussed enough and not taught enough in the world of entrepreneurship,” she recalled, “So I left that world and basically applied the same rigorous methodologies of studying science to process and learn from that.”
The conversation extended to the crucial relationship between entrepreneurs and mentors. Tohn again emphasized the importance of learning from failure. “There's always a question when someone's going to invest in an entrepreneur–are they coachable?” he explained. "Will they listen to experience? Are they open to all kinds of hypotheses? You've got to open your mind. Sometimes it just has to be the school of hard knocks. You have to fail a couple of times.”
As the discussion transitioned to investor relations, Shukla noted the importance of value alignment, noting “I can’t tell you how many stories I know of entrepreneurs who took money in a hurry either because the investor pressured them or they felt fearful, and then it was just the wrong outcome. If you don’t have a good hunch about the person across the table, if you don’t have an alignment on values, that’s a fundamental misalignment.”
In addition, Tohn advised avoiding known shortcuts and instead "working in networks, engaging and spending time meeting the potential investors before it's time to pitch them.” A recommendation that the audience already started taking to heart by joining the Entrepreneur Expo – Maryland’s premier event for entrepreneurial innovation, connections and inspiration.
The fireside chat fostered a vulnerable and engaging dialogue, with attendees sharing their own experiences and insights. By cultivating a growth mindset, developing emotional intelligence, and nurturing authentic connections, entrepreneurs can navigate the complexities of the business world with greater confidence and resilience.