Don't Think

I talked this week with Peter Vesterbacka, entrepreneur and founder from Finland known for building major brands like Angry Birds, Rovio and Slush.

Taking action is critical for entrepreneurs according to him, as learning happens by doing rather than just thinking. Entrepreneurs should execute on ideas through constant action, without fear of failure, to create opportunities and accelerate growth.

Here are three key takeaways on why taking action is critical for entrepreneurs based on Peter’s comments:

1. Learn by doing rather than over-analyzing. Taking action provides practical learning opportunities that thinking alone cannot.

2. Focus on executing ideas rather than just having them. Entrepreneurs make things happen through action.

3. Don't fear failure. Most startups fail, so view it as a normal part of the process and learn from the experience.

"It's very important to actually do. And when you are doing things you are learning. So I'm a big believer in learning by doing." — Peter Vesterbacka

We also talked about how Finland has managed to create a successful startup ecosystem. Here are the top 3 secrets to their achievement:

1. Changing Mindsets - Programs like Slush focused on shifting attitudes towards entrepreneurship, especially among youth. This built a culture of innovation.

2. Empowering Young Leaders - Finland put young people in charge of programs like Slush to give them leadership experience for starting their own companies.

3. Collaboration Over Competition - The startup community was nurtured through collaboration and sharing best practices rather than cutthroat competition.

Common startup founder mistakes according to Peter Vesterbacka:

1. Fail to communicate vision and direction. As startups grow, founders need to over-communicate goals and plans to align the team. Repeatedly sharing the vision is critical.

2. Don't communicate enough. With more people added, constant communication across the organization becomes even more important. Founders should over-communicate even if it feels repetitive.

"Don't be afraid to talk to people. You should always be pitching. And then the thing there is that you should also, then, you know, when you do that, then people will help you. That's kind of like what people want to do." — Peter Vesterbacka