Discover the secrets of entrepreneurship through the lens of behavioral science

In a rapidly changing world where traditional job roles are evolving and the employment landscape is constantly shifting, ATLAS SkillTech University stands at the forefront, preparing its students not just to be job seekers but job creators. Through a focus on future skills and soft skills, as well as an unwavering commitment to encouraging entrepreneurship, the university is nurturing a generation of students who will shape the future. One such initiative took place recently when Sandeep Ohri, a Business Strategy Consultant with over 35 years of experience, conducted a masterclass titled “Do you want to be an entrepreneur? Let behavioural science help you” for our management students.

Sandeep Ohri’s journey as a self-funded entrepreneur and his extensive work in various domains, from enterprise IT to media, defence, homeland security, GIS, plant engineering and retail packaging, made him the ideal guide to unlock the secrets of entrepreneurship through the lens of behavioural science. His session was a treasure trove of insights and wisdom for the budding entrepreneurs at ATLAS SkillTech University.

“People don’t think how they feel, they don’t say what they do and don’t do what they say!”
– David Ogilvy

Understanding Human Behaviour: The First Step

Sandeep commenced his masterclass with a thought-provoking quote by David Ogilvy: “People don’t think how they feel, they don’t say what they do, and they don’t do what they say.” This set the stage for a deeper dive into the world of behavioural science and its profound impact on our lives.

He emphasised that behavioural science empowers individuals to understand and navigate the intricacies of human behaviour effectively. Whether you’re a business leader, marketer or budding entrepreneur, these insights are invaluable for influencing mass behaviour, particularly when considering that the human mind tends to favour quick and easy thinking.

“If I had asked people what they wanted, they would have said faster horses.”
– Henry Ford

The Power of Behavioural Science in Decision-Making

One of the key takeaways from Sandeep’s session was the concept of “information paralysis.” He explained that when our survival is at stake, we tend to think quickly. Behavioural science equips us with the tools to make better choices, develop a deeper understanding of others and foster stronger relationships, both in our personal and professional lives.

Sandeep shared several intriguing examples of how behavioural science is applied in the real world, such as the “Magic of 3.” This principle reveals that combining three words or letters together makes them more memorable, evident in iconic phrases like “Just do it” and brand names like “BBC” or “CNN.”

The Three Stages of Entrepreneurship

Entrepreneurship, as Sandeep discussed, has three distinct stages: apprenticeship, performance and mastery. Successful entrepreneurs, he stressed, innovate by producing something entirely new or discovering novel ways of doing things. They also prioritise the growth and development of their teams, increase wealth across the board and maintain a consistent track record of success.

“Your success will not depend on What or Why. It will depend on How.”
– Sandeep Ohri

The Golden Circle: The Power of “How”

Intriguingly, Sandeep cited Simon Sinek’s “Golden Circle,” comprising “Why” (the purpose), “How” (the process), and “What” (the result). He underscored the notion that true success hinges on “How” – how you present your product, convey your message and build trust with your customers.

Sandeep’s session also delved into the importance of meaningful products and services, referencing the failure of once-market leaders like Kodak, Nokia, HMT, Blackberry and Kingfisher. Meaningful offerings, he emphasised, play a pivotal role in the journey to success.

Understanding Customer Trust and the Role of Context

Trust, Sandeep explained, is a critical factor in any transaction. Whether in personal relationships or business interactions, people buy from those they trust. The ability to build trust, he asserted, is vital for entrepreneurs.

Moreover, Sandeep highlighted the significance of context. Different contexts can alter the meaning of the same data, influencing human behaviour and decision-making. Recognizing and leveraging this fact is crucial for entrepreneurs aiming to make a lasting impact.

Everyone Is a Salesperson

Sandeep dispelled the myth of multitasking, revealing that the human brain is not designed for simultaneous tasks but instead tackles them sequentially. He emphasised that sales is a systematic process that has nothing to do with luck. As he aptly put it, “Every person is a salesperson at work as well as at home.” This includes interactions with parents, children, managers, neighbours, friends, HR departments, and even government officials.

The Power of Perception and Understanding Buying Behaviour

Sandeep’s insights on the reasons people buy were eye-opening. People often make purchases because they perceive a product or service as cheaper, faster or better. The perception is sufficient to drive buying behaviour. Entrepreneurs, therefore, do not need to create the best product or service but must make customers believe that it meets their needs and desires.

Navigating Biases and Prejudices

During the session, Sandeep delved into the numerous biases and prejudices that influence buying behaviour, including priming, anchoring, goldilocks, social proof, acts of commission, scarcity, authority and logical fallacies. These insights into the human psyche are indispensable for entrepreneurs looking to connect with their target audience effectively.

Sandeep Ohri’s masterclass brought to the forefront the incredible potential that lies within behavioural science to unlock the secrets of entrepreneurship. Students at ATLAS SkillTech University gained a wealth of knowledge and wisdom that will undoubtedly shape their entrepreneurial journeys. As ATLAS continues to foster a culture of innovation and entrepreneurship, these insights will serve as a powerful catalyst for our students’ success in the ever-evolving business landscape.