Entrepreneurship has long been considered a blend of innovation, grit, and timing. But as we head into 2024, the playbook for building a successful business has evolved. Today’s entrepreneurs are navigating a world of rapid technological change, shifting markets, and increasingly complex consumer expectations. While the fundamentals of entrepreneurship remain, becoming a successful entrepreneur in this new landscape requires a mix of creativity, adaptability, and a willingness to challenge conventional thinking.

Entrepreneurship expert and professor John Mullins identifies a key to entrepreneurial success: breaking the rules—strategically. Mullins’ six counterconventional mindsets provide a fresh perspective on how to tackle the entrepreneurial journey in a way that goes beyond traditional business teachings. As he puts it, “Entrepreneurs don’t just follow best practices; they create their own.”

In this deep dive, we explore these unconventional principles and how entrepreneurs can apply them to thrive in 2024.

1. “Yes, We Can” – Embrace Opportunity Outside Your Expertise

One of the first lessons in entrepreneurship is often to focus on your core competencies. Stick to what you know, and don’t stray too far. However, the most successful entrepreneurs tend to break this rule. They recognize opportunity when it arises—even if it means stepping outside their comfort zone.

Take the story of Brazilian entrepreneur Arnold Correia, founder of Atmo Digital. Correia built a successful event management business but didn’t hesitate to say “yes” when a client asked if he could broadcast training sessions via satellite to stores across Brazil. Despite knowing nothing about satellite technology, Correia seized the opportunity, reinventing his business multiple times to meet client needs. Each time, he expanded his offerings, and his business grew.

“Saying ‘yes’ opens doors that you didn’t know existed,” explains Mullins. “If you wait until you’re fully prepared, the opportunity might pass.”

In 2024, where technology constantly reshapes markets, entrepreneurs must embrace opportunities that stretch their skillsets. The willingness to pivot and adapt quickly is often the difference between a stagnant business and a thriving one.

2. Focus on Problems, Not Products

Many businesses focus on refining and promoting their products, thinking innovation means creating a better version of what already exists. But successful entrepreneurs know that true innovation comes from solving problems, not just tweaking products.

Entrepreneur John Thorne built a multimillion-dollar business by focusing on solving a specific problem: the way surgical forceps stick to human tissue during operations. He didn’t start by designing a product; he started by identifying a pain point. Initially, Thorne’s focus was on plastic surgery, but after realizing neurosurgeons faced an even greater problem with tissue adhesion, he shifted his target market, which led to exponential growth.

“Entrepreneurs need to think problem-first, not product-first,” says Mullins. “It’s about finding the pain points in the market and solving them in innovative ways.”

This mindset is crucial for the 2024 entrepreneur. In a world of endless choices, businesses that solve real problems will rise above those that focus solely on product features.

3. Think Narrow, Not Broad

Many entrepreneurs are advised to go after big markets, but successful founders often focus narrowly to achieve initial traction. Targeting a niche allows startups to hone their value proposition and develop deep expertise before scaling.

Consider how Phil Knight and Bill Bowerman built Nike. They didn’t start by creating shoes for everyone—they focused on solving a problem specific to elite distance runners. Their initial product was designed for a small, specialized market of competitive runners. Once they mastered that, they expanded into other categories, from basketball to tennis, eventually becoming the global athletic powerhouse we know today.

“Big companies think broad because they need to move the needle at scale,” says Mullins. “But for entrepreneurs, focusing on a narrow, underserved market allows them to dominate a niche before broadening out.”

In 2024, entrepreneurs should start small but think strategically about how they can expand once they’ve established themselves in a specific segment.

4. Ask for the Cash – Fund Your Business Through Early Sales

In traditional business models, companies often raise capital before going to market. But successful entrepreneurs often fund their ventures by selling before they even have a product ready. This not only generates cash flow but also validates demand.

Elon Musk used this strategy when launching Tesla. Before the company had built its first Roadster, Musk and his team sold 100 cars at $100,000 each, raising $10 million in cash. When Tesla launched the Model 3, they repeated the tactic, securing nearly half a billion dollars in pre-orders from customers.

“Why wait to raise money when you can get your customers to fund your business?” Mullins asks. “Early sales give you the cash to get started while validating your market.”

For entrepreneurs in 2024, leveraging early customer demand as a funding mechanism can be a game-changer, especially in markets where capital is harder to come by.

5. Beg, Borrow, But Don’t Steal – Leverage Existing Resources

Building a business from scratch doesn’t mean you have to own everything. Successful entrepreneurs often find creative ways to leverage existing resources rather than investing heavily upfront.

Tristram and Rebecca Mayhew, founders of Go Ape, built a profitable adventure business without owning land or major infrastructure. Instead, they partnered with the UK’s Forestry Commission, using existing trees and facilities to create their treetop adventure courses. By borrowing most of their assets, they were able to scale without the heavy burden of capital investment.

“Entrepreneurs are resourceful,” Mullins says. “They don’t always own the assets they need—they find ways to borrow them.”

In 2024, with sustainability and efficiency being key business drivers, the ability to creatively repurpose existing resources can be an enormous advantage.

6. Don’t Ask for Permission – Just Do It

In large corporations, new initiatives are often slowed by regulations, legal checks, and approval processes. But entrepreneurs thrive by moving fast and not waiting for permission. This mindset—acting first and dealing with consequences later—has helped disrupt industries across the board.

Take Travis Kalanick and Garrett Camp, co-founders of Uber. They didn’t wait for approval from regulators before launching their ride-hailing service. Had they asked, they would likely have been denied. Instead, they launched, built traction, and dealt with the regulatory challenges as they arose.

“Entrepreneurs aren’t reckless,” Mullins says. “But they understand that if they wait for approval, they may never get started.”

For entrepreneurs in 2024, this mindset is particularly relevant as industries grapple with outdated regulations in an age of digital disruption.

Success in entrepreneurship is never guaranteed, but these six mindsets provide a framework for navigating the uncertainties and challenges that come with building a business in 2024. By saying “yes” to opportunity, focusing on real problems, starting with a niche, leveraging early sales, using existing resources, and moving quickly, today’s entrepreneurs can create value and make their mark in an increasingly competitive landscape.

As Mullins summarizes, “Being a successful entrepreneur isn’t just about having the best idea—it’s about thinking differently and taking action.” For those ready to break the rules, the opportunities in 2024 are endless.