Research has shown that innovators and entrepreneurs don't take more risk than the average person. However, they are more comfortable making decisions in uncertainty. 
They have a set of skills that allows them to navigate in uncertainty. These skills can be learned and practised by anyone to improve their innovation skills.

Innovators don't take more risk

Leadership

<ul>
<li>Risk is when the factors that determine success or failure are out of your control, but the odds of success are known. </li>
<li>Uncertainty is when the factors that determine success or failure are not out of your control but are simply unknown. It is playing a game that you do not entirely know the rules of.</li>
</ul>
Risk analysis is a rational and calculation-driven process, while uncertainty triggers the fight-or-flight response. Innovators don't ignore risk. They are able to maintain their analytical capabilities in the face of uncertainty.

Risk and uncertainty

<ul>
<li>Delivery skills. Skills include quantitative analysis, planning, detail-oriented implementation, disciplined execution. </li>
<li>Discovery skills. Theses skills are more involved in developing ideas and managing uncertain situations. It includes the ability to draw connections between ideas, questioning assumptions and the status quo, understanding a problem before trying to solve it, systematic experimentation, the ability to network and broaden a set of relationships. For innovation, discovery must come before delivery. </li>
</ul>
These skills can be learned through a combination of guidance, practice, and experience.

The two categories of innovation

<ul>
<li>P - assion: Successful innovators are passionate about the problem they are trying to solve and will share the passion with everyone.</li>
<li>E - xperience: Innovators have experience with the problem they are solving, yielding valuable insight and knowledge.</li>
<li>P - ersistence: Growing a business takes persistence. It takes someone willing to push uphill to make it happen.</li>
</ul>

The PEP model of successful entrepreneurs and innovators

Uncertainty and change can create opportunity and a need for innovation. 
The pandemic has revealed many problems that are ripe for innovative solutions. Practices that were until recently on the fringe of acceptance are now accepted by mainstream society, such as telehealth, food delivery, e-sports, and online education.

Innovation now and in the future

<figure><picture><source media="(max-width: 40em)" sizes="calc(100vw - 20px)" srcset="https://images.fastcompany.net/image/upload/w_300, https://www.fastcompany.com/90579818/ar_16:9, https://www.fastcompany.com/90579818/c_fill, https://www.fastcompany.com/90579818/g_auto, https://www.fastcompany.com/90579818/f_auto, https://www.fastcompany.com/90579818/q_auto, https://www.fastcompany.com/90579818/fl_lossy/wp-cms/uploads/2020/11/poster-working-with-uncertainty.jpg 300w, https://images.fastcompany.net/image/upload/w_638, https://www.fastcompany.com/90579818/ar_16:9, https://www.fastcompany.com/90579818/c_fill, https://www.fastcompany.com/90579818/g_auto, https://www.fastcompany.com/90579818/f_auto, https://www.fastcompany.com/90579818/q_auto, https://www.fastcompany.com/90579818/fl_lossy/wp-cms/uploads/2020/11/poster-working-with-uncertainty.jpg 638w"><img srcset="https://images.fastcompany.net/image/upload/w_562, https://www.fastcompany.com/90579818/ar_16:9, https://www.fastcompany.com/90579818/c_fill, https://www.fastcompany.com/90579818/g_auto, https://www.fastcompany.com/90579818/f_auto, https://www.fastcompany.com/90579818/q_auto, https://www.fastcompany.com/90579818/fl_lossy/wp-cms/uploads/2020/11/poster-working-with-uncertainty.jpg 562w, https://images.fastcompany.net/image/upload/w_937, https://www.fastcompany.com/90579818/ar_16:9, https://www.fastcompany.com/90579818/c_fill, https://www.fastcompany.com/90579818/g_auto, https://www.fastcompany.com/90579818/f_auto, https://www.fastcompany.com/90579818/q_auto, https://www.fastcompany.com/90579818/fl_lossy/wp-cms/uploads/2020/11/poster-working-with-uncertainty.jpg 937w, https://images.fastcompany.net/image/upload/w_1153, https://www.fastcompany.com/90579818/ar_16:9, https://www.fastcompany.com/90579818/c_fill, https://www.fastcompany.com/90579818/g_auto, https://www.fastcompany.com/90579818/f_auto, https://www.fastcompany.com/90579818/q_auto, https://www.fastcompany.com/90579818/fl_lossy/wp-cms/uploads/2020/11/poster-working-with-uncertainty.jpg 1153w" alt="You too can be a great innovator, if you just learn to work with this" width="705" height="396"></picture></figure><div dir="ltr"><cite dir="ltr">By Todd Saxton—The Conversation</cite>4 minute Read</div>Madam C.J. Walker, born Sarah Breedlove, was America’s first <a href="https://theconversation.com/netflixs-self-made-miniseries-about-madam-c-j-walker-leaves-out-the-mark-she-made-through-generosity-132848" rel="noopener noreferrer" dir="ltr">female self-made millionaire</a>. She pioneered a line of haircare and beauty products for people of color early in the 20th century, and the recent Netflix series Self Made details the story of this talented innovator and the challenges she overcame on the way to her success.<div>advertisement</div>To accomplish her goals, she had to face overwhelming uncertainties. How would she finance her business? Would her partnerships fail? Would her products sell? Would ruthless competition and racism get in her way? Madame Walker’s future was far from certain when she began her journey, but that did not dissuade her.I am a <a href="https://scholar.google.com/citations?hl=en&amp;user=qxpLL24AAAAJ" rel="noopener noreferrer" dir="ltr">researcher and professor</a> who studies strategy and entrepreneurship. I am also myself an entrepreneur, angel investor, and board member for startups and innovative firms. Pop culture might have you believe it is a tolerance for or even an obsession with risk that makes great innovators. But in fact, research has for decades demonstrated that innovators and entrepreneurs are <a href="https://hbr.org/2009/12/the-innovators-dna" rel="noopener noreferrer" dir="ltr">no more risk-taking than the average person</a>. It is tempting to think that innovators are a breed apart or perhaps lucky to be in the right place and time. But research shows this is not the case. So what characteristics do innovators like Madam Walker have that lead them to the seemingly serendipitous moment? What makes for a successful innovator or entrepreneur?Generally, innovators are much more comfortable making decisions under conditions of uncertainty than the average person. Additionally, innovators tend to have a set of skills that allows them to better navigate this uncertainty. My experience and research has shown that not only are these abilities effective, but they can also be learned and practiced and anyone can improve their innovation skills.<h2>What is risk? What is uncertainty?</h2>Risk is when the factors determining success or failure are out of your control but the odds of success are known–a game of dice, for example. You can’t control whether a 2 or a 12 is rolled, but you know the odds.Uncertainty is when the factors determining success or failure are not necessarily out of your control, but are simply unknown. It is accepting a challenge to play a game that you do not completely know the rules of. Innovators tend to be more willing to venture into the unknown, and therefore are more likely to engage in ambitious projects even when <a href="https://doi.org/10.1177%2F0149206305279486" rel="noopener noreferrer" dir="ltr">outcomes and probabilities</a> are a mystery.Interestingly, risk and uncertainty appear to trigger <a href="https://doi.org/10.3389/fnhum.2013.00927" rel="noopener noreferrer" dir="ltr">activity in different parts of the brain</a>. Functional magnetic resonance imaging has allowed researchers to discover that risk analysis is a largely rational and calculation-driven process, but uncertainty triggers the ancient fight-or-flight part of the brain. This research would suggest that experienced innovators are better able to maintain their analytical capabilities in spite of the adrenaline and instinctual response that arises when confronting uncertainty.<div>advertisement</div>Innovators don’t ignore risk; they are just better able to analyze it in uncertain situations.<h2>Skills of innovation can be learned</h2>The chemical response to risk and uncertainty may be hardwired in our brains, but that doesn’t mean you are either born an innovator or not. Innovative capacity can be learned.Jeff Dyer, Hal Gregersen, and the late Clay Christensen spent years investigating the characteristics of successful innovators and broadly divide the skills of innovation into two categories: <a href="https://hbr.org/2009/12/the-innovators-dna" rel="noopener noreferrer" dir="ltr">delivery skills and discovery skills</a>.Delivery skills include quantitative analysis, planning, detail-oriented implementation, and disciplined execution. These are certainly essential characteristics for success in many occupations, but for innovation, discovery must come before delivery.Discovery skills are the ones more involved in developing ideas and managing uncertain situations. The most notable are:<UL><LI>The ability to draw connections between seemingly disparate ideas and contexts.</LI><LI>A tendency to question assumptions and the status quo.</LI><LI>A habit of looking at what is contributing to a problem before rushing to a solution.</LI><LI>The frequent use of systematic experimentation to prove hypotheses about cause and effect.</LI><LI>The ability to network and broaden a set of relationships, even without an intentional purpose.</LI></UL>Like any skills, these can be learned and cultivated through a combination of guidance, practice, and experience. By asking the right questions, being observant or mindful, experimenting, and networking with the right supporters, innovators will be more likely to identify opportunity and succeed.<div>advertisement</div>My colleagues’ and my own research and experience are summed up in our book <a href="https://www.titaniceffect.com/" rel="noopener noreferrer" dir="ltr">The Titanic Effect</a>. We describe the PEP model of successful entrepreneurs and innovators. It stands for passion, experience, and persistence.Successful innovators are passionate about the problem they are solving and <a href="https://doi.org/10.1002/sej.1212" rel="noopener noreferrer" dir="ltr">share this passion</a> with friends and family, potential customers, supporters, and other stakeholders.Innovators also tend to have personal experience with the problem they are solving, and this yields valuable insight and firsthand knowledge.Finally, innovation takes persistence. As Walker experienced, growing a business—even with proven products—does not happen overnight. It takes someone willing to push the boulder uphill to make it happen, and often, the more disruptive the innovation, the longer society may take to embrace it. Madam Walker amply <a href="https://www.titaniceffect.com/blog/2020/7/17/self-madewhat-can-startups-learn-from-madam-cj-walker" rel="noopener noreferrer" dir="ltr">personifies the PEP model</a>.<h2>Innovation now and in the future</h2>During this pandemic, many people might be inclined to batten down the hatches, tighten their belts, and ride things out by sticking to what they already know.But uncertainty and change create opportunity and a <a href="https://store.hbr.org/product/the-innovator-s-solution-creating-and-sustaining-successful-growth/16444" rel="noopener noreferrer" dir="ltr">need for innovation</a>. The pandemic has created or exacerbated many problems that are ripe for innovative solutions.<div>advertisement</div>Practices that were until recently on the fringe of acceptance—such as <a href="https://theconversation.com/coronavirus-telemedicine-is-great-when-you-want-to-stay-distant-from-your-doctor-but-older-laws-are-standing-in-the-way-134885" rel="noopener noreferrer" dir="ltr">telehealth</a>, food or grocery delivery, <a href="https://theconversation.com/chess-is-taking-over-the-online-video-game-world-and-both-are-changing-from-this-unlikely-pairing-143790" rel="noopener noreferrer" dir="ltr">e-sports</a>, and online education—are now being accepted by mainstream society. As with anything relatively new, there is lots of room for radical improvement.Now is not the time to put blinders on and close your eyes to uncertainty. If you build your discovery skills, you are more likely to create opportunity and persist through uncertainty. Like Walker, anyone can cultivate the abilities to navigate uncertainty and create positive change. Innovators are not a breed apart.<a href="https://theconversation.com/profiles/todd-saxton-301452" rel="noopener noreferrer" dir="ltr">Todd Saxton</a> is an associate professor of Strategy and Entrepreneurship at <a href="https://theconversation.com/institutions/iupui-2368" rel="noopener noreferrer" dir="ltr">IUPUI.</a>This article is republished from <a href="https://theconversation.com/" rel="noopener noreferrer" dir="ltr">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/to-be-a-great-innovator-learn-to-embrace-and-thrive-in-uncertainty-143876" rel="noopener noreferrer" dir="ltr">original article</a>.

A researcher and entrepreneur says that innovators are much more comfortable making decisions under conditions of uncertainty than the average person. 


Career

Madam C.J. Walker, born Sarah Breedlove, was America’s first <a dir="ltr" href="https://theconversation.com/netflixs-self-made-miniseries-about-madam-c-j-walker-leaves-out-the-mark-she-made-through-generosity-132848" rel="noopener noreferrer">female self-made millionaire </a>. She pioneered a line of haircare and beauty products for people of color early in the 20th century, and the recent Netflix series Self Made details the story of this talented innovator and the challenges she overcame on the way to her success.

To accomplish her goals, she had to face overwhelming uncertainties. How would she finance her business? Would her partnerships fail? Would her products sell? Would ruthless competition and racism get in her way? Madame Walker’s future was far from certain when she began her journey, but that did not dissuade her.

I am a <a dir="ltr" href="https://scholar.google.com/citations?hl=en&amp;user=qxpLL24AAAAJ" rel="noopener noreferrer">researcher and professor </a>who studies strategy and entrepreneurship. I am also myself an entrepreneur, angel investor, and board member for startups and innovative firms. Pop culture might have you believe it is a tolerance for or even an obsession with risk that makes great innovators. But in fact, research has for decades demonstrated that innovators and entrepreneurs are <a dir="ltr" href="https://hbr.org/2009/12/the-innovators-dna" rel="noopener noreferrer">no more risk-taking than the average person </a>. It is tempting to think that innovators are a breed apart or perhaps lucky to be in the right place and time. But research shows this is not the case. So what characteristics do innovators like Madam Walker have that lead them to the seemingly serendipitous moment? What makes for a successful innovator or entrepreneur?

Generally, innovators are much more comfortable making decisions under conditions of uncertainty than the average person. Additionally, innovators tend to have a set of skills that allows them to better navigate this uncertainty. My experience and research has shown that not only are these abilities effective, but they can also be learned and practiced and anyone can improve their innovation skills.

Risk is when the factors determining success or failure are out of your control but the odds of success are known–a game of dice, for example. You can’t control whether a 2 or a 12 is rolled, but you know the odds.

Uncertainty is when the factors determining success or failure are not necessarily out of your control, but are simply unknown. It is accepting a challenge to play a game that you do not completely know the rules of. Innovators tend to be more willing to venture into the unknown, and therefore are more likely to engage in ambitious projects even when <a dir="ltr" href="https://doi.org/10.1177%2F0149206305279486" rel="noopener noreferrer">outcomes and probabilities </a>are a mystery.

Interestingly, risk and uncertainty appear to trigger <a dir="ltr" href="https://doi.org/10.3389/fnhum.2013.00927" rel="noopener noreferrer">activity in different parts of the brain </a>. Functional magnetic resonance imaging has allowed researchers to discover that risk analysis is a largely rational and calculation-driven process, but uncertainty triggers the ancient fight-or-flight part of the brain. This research would suggest that experienced innovators are better able to maintain their analytical capabilities in spite of the adrenaline and instinctual response that arises when confronting uncertainty.

Innovators don’t ignore risk; they are just better able to analyze it in uncertain situations.

The chemical response to risk and uncertainty may be hardwired in our brains, but that doesn’t mean you are either born an innovator or not. Innovative capacity can be learned.

Jeff Dyer, Hal Gregersen, and the late Clay Christensen spent years investigating the characteristics of successful innovators and broadly divide the skills of innovation into two categories: <a dir="ltr" href="https://hbr.org/2009/12/the-innovators-dna" rel="noopener noreferrer">delivery skills and discovery skills </a>.

Delivery skills include quantitative analysis, planning, detail-oriented implementation, and disciplined execution. These are certainly essential characteristics for success in many occupations, but for innovation, discovery must come before delivery.

Discovery skills are the ones more involved in developing ideas and managing uncertain situations. The most notable are:

<ul><li>The ability to draw connections between seemingly disparate ideas and contexts. </li><li>A tendency to question assumptions and the status quo. </li><li>A habit of looking at what is contributing to a problem before rushing to a solution. </li><li>The frequent use of systematic experimentation to prove hypotheses about cause and effect. </li><li>The ability to network and broaden a set of relationships, even without an intentional purpose. </li> </ul>

Like any skills, these can be learned and cultivated through a combination of guidance, practice, and experience. By asking the right questions, being observant or mindful, experimenting, and networking with the right supporters, innovators will be more likely to identify opportunity and succeed.

My colleagues’ and my own research and experience are summed up in our book <a dir="ltr" href="https://www.titaniceffect.com/" rel="noopener noreferrer">The Titanic Effec t </a>. We describe the PEP model of successful entrepreneurs and innovators. It stands for passion, experience, and persistence.

Successful innovators are passionate about the problem they are solving and <a dir="ltr" href="https://doi.org/10.1002/sej.1212" rel="noopener noreferrer">share this passion </a>with friends and family, potential customers, supporters, and other stakeholders.

Innovators also tend to have personal experience with the problem they are solving, and this yields valuable insight and firsthand knowledge.

Finally, innovation takes persistence. As Walker experienced, growing a business—even with proven products—does not happen overnight. It takes someone willing to push the boulder uphill to make it happen, and often, the more disruptive the innovation, the longer society may take to embrace it. Madam Walker amply <a dir="ltr" href="https://www.titaniceffect.com/blog/2020/7/17/self-madewhat-can-startups-learn-from-madam-cj-walker" rel="noopener noreferrer">personifies the PEP model </a>.

During this pandemic, many people might be inclined to batten down the hatches, tighten their belts, and ride things out by sticking to what they already know.

But uncertainty and change create opportunity and a <a dir="ltr" href="https://store.hbr.org/product/the-innovator-s-solution-creating-and-sustaining-successful-growth/16444" rel="noopener noreferrer">need for innovation </a>. The pandemic has created or exacerbated many problems that are ripe for innovative solutions.

Practices that were until recently on the fringe of acceptance—such as <a dir="ltr" href="https://theconversation.com/coronavirus-telemedicine-is-great-when-you-want-to-stay-distant-from-your-doctor-but-older-laws-are-standing-in-the-way-134885" rel="noopener noreferrer">telehealth </a>, food or grocery delivery, <a dir="ltr" href="https://theconversation.com/chess-is-taking-over-the-online-video-game-world-and-both-are-changing-from-this-unlikely-pairing-143790" rel="noopener noreferrer">e-sports </a>, and online education—are now being accepted by mainstream society. As with anything relatively new, there is lots of room for radical improvement.

Now is not the time to put blinders on and close your eyes to uncertainty. If you build your discovery skills, you are more likely to create opportunity and persist through uncertainty. Like Walker, anyone can cultivate the abilities to navigate uncertainty and create positive change. Innovators are not a breed apart.

<a dir="ltr" href="https://theconversation.com/profiles/todd-saxton-301452" rel="noopener noreferrer">Todd Saxton </a>is an associate professor of Strategy and Entrepreneurship at <a dir="ltr" href="https://theconversation.com/institutions/iupui-2368" rel="noopener noreferrer">IUPUI. </a>

This article is republished from <a dir="ltr" href="https://theconversation.com/" rel="noopener noreferrer">The Conversation </a>under a Creative Commons license. Read the <a dir="ltr" href="https://theconversation.com/to-be-a-great-innovator-learn-to-embrace-and-thrive-in-uncertainty-143876" rel="noopener noreferrer">original article </a>.

Bite-sized knowledge
to upgrade
your career

You too can be a great innovator, if you just learn to work with this

Innovators don't take more risk

Risk and uncertainty

The two categories of innovation

The PEP model of successful entrepreneurs and innovators

Innovation now and in the future

IDEAS ABOUT

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LIKE

A PRO!

Bite-sized knowledgeto upgradeyour career

You too can be a great innovator, if you just learn to work with this

Innovators don't take more risk

Risk and uncertainty

The two categories of innovation

The PEP model of successful entrepreneurs and innovators

Innovation now and in the future

IDEAS ABOUT

MORE LIKE THIS

Habits of successful Olympians you can use to be more competitive at work

3 defining characteristics of youth-led social innovation

Amazon’s Shift from Presentation Culture to Memo Culture (And What You Can Learn from It)

It's time to

READ

LIKE

A PRO!

Bite-sized knowledge
to upgrade
your career