Can a Banker be an Entrepreneur?
There are many debates about whether it is possible to learn how to become an entrepreneur, and it is no different in the world of FinTech. The digital transformation in finance is fast becoming a reality in the banking industry. Many executives now find themselves needing to gain new skills in order to remain relevant within a changing banking system.
For current and future bankers, or anyone with an interest in the finance industry, the landscape is changing fast. The characteristics of an entrepreneur are becoming more relevant than ever in this field. Not everyone needs to be an entrepreneur, but everyone needs to have an entrepreneurial mindset.
This is essential whether you run your own business or innovate in a large organisation. Apart from streamlining processes, the entrepreneurial mindset can help your career progression. In short, this is the vision to strategise and execute in a faster, smarter and more flexible way. Instead of being tied down by protocol and best practices, vision often changes things for the better.
For example, adopting an entrepreneurial mindset means bankers may need to adjust their default mindset. Most will have experience of rigid processes that have not changed for decades, and will not see any reason to change. This can lead to complacency, which results in a lack of change or innovation – typical of many banks in today’s world. There needs to be an urgency to improve and experiment with new ideas. In turn, it will quickly isolate successful processes and tangible improvements while also highlighting inefficiencies.
Similarly, creativity and problem-solving are key skills that bankers will need to thrive as an entrepreneur. Although many organisations keep an eye for CVs that describe “out-of-the-box” thinkers, they often prefer individuals that they can mould to think and take their approach to dealing with problems. When it comes to innovation, limiting thinking and possibilities to a single funnel is a recipe for disaster.
We fully believe that bankers (or anyone for that matter!) can learn how to have an entrepreneurial mindset, and the CFTE Extrapreneurship Programme has been created to respond to this need. The programme allows professionals to experience entrepreneurship by working on a strategic issue of high growth startups (inaugural edition starting on 13 May 2019 with Revolut and Shift Technology).
To read more of our leading new Extrapreneurship programme, please click on the button below!