John Mullins: Empowering Entrepreneurs Through Education And Expertise

John Mullins, based in the UK, is distinguished Associate Professor of Management Practice at London Business School, well-known for his expertise in entrepreneurship and venture capital. With a solid background spanning over two decades in high-growth retailing firms, with two ventures he founded and one he took public, John brings real-world experience to his teaching and research. He has authored books like “The New Business Road Test” and “Break the Rules,” offering practical insights for entrepreneurs and business leaders. As a keynote speaker and educator, John always inspires audiences with his unique perspectives on entrepreneurship and innovation.

Bridging Entrepreneurship and Academia

John’s journey has blended entrepreneurship and academia, yielding a unique perspective that empowers both worlds. His initial experience in the US retailing industry laid the foundation for his academic career, enabling him to bring real world industry experience into the classroom. As a professor, John distinguishes himself by having practiced what he teaches, lending credibility and depth to his teaching. His entrepreneurial journey also informs his research, empowering him to find pressing issues faced by entrepreneurs, how best to assess entrepreneurial opportunities, how to get your customers to fund your business, and others, to which he can apply his research efforts and, sometimes, write trade books that are accessible to entrepreneurs everywhere.

John’s Core Values

John’s career is guided by the three major values that have helped him to overcome the ups and downs of entrepreneurship and his academic journey. Transparency and honesty are two of the major values. Like many of his fellow Americans, and to the chagrin of some of his British colleagues, John is a straight shooter, unafraid to speak his mind and challenge conventional wisdom. This enables him to write books like Break the Rules!, which reveals six counter conventional entrepreneurial mindsets that run counter to what’s thought to be best practice in large established companies and fly in the face of some of what’s taught in most business schools.

Evolution in the Definition of Success

For John, success means a happy family, aging gracefully with purpose and in vigorous good health, and contributing positively to the world. With time, his definition of success has changed; at present, he is a bit less driven than he used to be. For example, he still plays competitive tennis, but he is not too worried about winning all the time. He finds fulfillment in personal growth and creating a difference.

Balancing Intuition and Data

John believes that gut instinct, rooted in accumulated experience, plays a significant role in entrepreneurial decision-making, particularly in an uncertain environment where data might be limited. While data-driven insights are important, John supports a balanced approach, harnessing data when available but not waiting for perfect information to work on. “We should always ‘lean on data’ when relevant data is available, to be sure. But if we wait to act until all the lights have turned green, we’ll never leave home,” he asserts.

Pitfalls in Entrepreneurship: In the First 100 Days

John identifies two common mistakes that new founders often make in the early stages of their venture. Firstly, they mistakenly view entrepreneurship as a solo sport when most new ventures need a solid team to win. Secondly, they prioritize securing investors’ funding over building customer relationships. John has talked about some of these misconceptions in his third trade book, The Customer Funded Business. By finding and working on these pitfalls, entrepreneurs can launch and grow their business.

The Evolving Role of Business Schools

John witnessed a major shift in the role of business schools in preparing the next generation of entrepreneurs. When he moved from the USA to London and London Business School at the turn of the millennium, he was astonished to see that the word “entrepreneur” was a dirty word in the UK. No one wanted their sons or daughters to pursue a career as an entrepreneur. Fortunately, it has changed over these 25 years, and entrepreneurship has gained acceptance in the UK, thanks in part to shows like Dragon’s Den and the inspiring stories of British entrepreneurs like James Dyson, Richard Branson, and many more.

But business schools like London Business School (LBS) have played a key role in this transformation, offering thriving curricula in entrepreneurship that attract students aspiring to start their own business. Today, numerous students come to LBS explicitly to start a business: identify an attractive opportunity, find a partner or two, and raise some money if necessary. Many top b-schools today have thriving curricula in entrepreneurship, which students are pursuing in droves.

Different Entrepreneurial Mindsets: Developed and Emerging markets

John believes entrepreneurial mindsets are consistent across both markets. Regardless of geography, entrepreneurs share a common drive to make the world better and follow the same mindsets to challenge assumptions, overcome obstacles, and mitigate risk. This universal approach empowers entrepreneurs to make a notable impact and bring change across the world.

John’s Take on Disruption 

According to him, predicting the next industry ripe for disruption is not possible, as disruption comes out of nowhere, here, there, and everywhere. Additionally, AI is increasing the speed and ubiquity with which disruption happens. In the 1960s movie The Graduate, the character played by Dustin Hoffman is advised that the next big thing is going to be ‘plastics.’ John advises his students not to focus on trends; instead, find a customer problem worth solving that aligns with their interests. With this approach, they can create impact and succeed. As the title of Marsha Sinetar’s wonderful 1987 book advises, Do What You Love; The Money Will Follow—a philosophy John endorses for entrepreneurs.

Scalable Idea vs Small Businesses: The Key Difference

The distinction between a scalable idea and a small business lies in the entrepreneur’s vision and willingness to take on hurdles. While a lifestyle business offers livelihoods and satisfaction to people, scaling an idea requires a deliberate choice to strive for growth, overcome hurdles, and manage risk. John notes that even some seemingly localized industries such as residential garbage collection, which, 50 years ago was a locally owned, one-man-with-a-truck business in the US, are now dominated by large firms like Waste Management and others.

The Future of Entrepreneurship: A Quick Glance

John sees entrepreneurs with their unique blend of insight, audacity, and tenacity harnessing AI to accelerate innovation and create major change. Despite the political and geopolitical turmoil that surrounds businesses nearly everywhere today, he expects notable progress in the next 5-10 years, propelled by entrepreneurs who will revolutionize every form of human endeavor. It’s today’s and tomorrow’s entrepreneurs who will make that happen!

A Piece of Advice for Mid-Career Entrepreneurs

John encourages the mid-career professionals to think about entrepreneurship, saying that it’s never too late to leap. “I once read a statistic arguing that more founders over age 50 are funded than founders under age 25. Mid-career professionals’ skills and networks can form the basis of competitive advantage. If they can make a mindset shift, of course, leveraging their strength to drive success,” he concludes.