Cultivating Future Leaders | Hands-On Learning and Entrepreneurial Mindsets

In today's dynamic business world, hands-on learning isn't just a phrase to generate buzz—it's transforming how we prepare tomorrow's business leaders. At the Indiana University Kelley School of Business Indianapolis, this approach represents the heart of their educational philosophy. By combining active learning with entrepreneurial thinking, Kelley is equipping students to tackle real-world challenges with confidence and creativity.

"Research shows that humans learn best by 'doing' rather than just reading about new concepts such as management and leadership," shares Barb Cutillo, a Kelley faculty member whose expertise spans Management and Leadership, Entrepreneurship and Innovation, and Strategy and Communication. "If you needed to learn how to play soccer, for example, the best way to do this would be to 'practice' it."

This practical philosophy shapes the Kelley Indianapolis curriculum, where students don't just study business—they experience it firsthand through programs like I-CORE and the Evening MBA Capstone course.

"We designed the Evening MBA Capstone course to give students real challenges to solve at small businesses in Central Indiana," Cutillo explains. "They take a problem the business is experiencing, perform research and analysis, and make recommendations to the business owner, much like consultants."

These experiences build crucial skills beyond textbook knowledge: "They learn problem identification, client management, application of business frameworks to solve problems, and communication skills to present the recommendations to the business owners."

Cutillo reminds us that leadership development never truly ends: "Management and leadership are continual learning opportunities – you don't just check boxes and consider yourself 'done' because humans, organizations and the environment are constantly evolving, and leaders and managers must adjust accordingly."

Drawing from her rich background in financial services and real estate, Cutillo highlights how hands-on learning particularly benefits students heading into regulated fields.

"If students have more opportunities to 'practice' in the classroom, they will be more prepared to hit the ground running in all businesses, but perhaps especially regulated businesses like financial services and real estate," she notes. "Regulated businesses operate in rapidly changing environments and need new ideas and innovations that younger workers can bring."

These practical experiences give students compelling stories to share with future employers. "Students can use the hands-on projects they've worked on to demonstrate to potential recruiters and future managers that they understand the regulated nature of the industry and the steps needed to complete projects and add value to an organization," Cutillo points out.

While lectures have their place, Kelley Indianapolis’ active learning approach creates transformative experiences that traditional methods simply can't match.

"For example, an example of active learning in the strategy and communication area would be where student teams develop an idea for a new product or service opportunity and then pitch it to external stakeholders," Cutillo explains. "Rather than reading about other entrepreneurs, watching pitches and discussing the strategies they used, the students are creating and communicating their own strategies to introduce their product in the market and generate returns."

The impact is remarkable. Students consistently report a deeper understanding and appreciation for the challenges of business creation after these experiences. As Cutillo observes, "Students have a greater appreciation for how challenging it can be to launch a business, and how important it is to understand different strategic options, the target market, and best practices for pitching before the business is started."

This approach does require more from students than passive learning. "This type of learning also requires students to do a fair amount of reflection," Cutillo acknowledges.

"This is challenging for students for two reasons: first, many business courses do not include a reflection component, and second, students need to have a basic level of self-understanding and emotional intelligence to generate insights from reflection."

One of Cutillo's favorite stories involves a team from her New Venture Creation course who entered the Jag Starts Pitch Competition. Before the competition, they showed only moderate interest in their business idea. But something magical happened during the event.

"After the pitch competition (in which they did well!)," Cutillo recalls, "they were extremely excited about the process and idea of becoming an entrepreneur and embracing the entrepreneurial mindset. The final pitch in the class was 10x better than their practice pitch, and their confidence was off the charts. By getting out of their comfort zone and putting themselves out there, going the extra mile to make sure their pitch was the best it could be, and learning from other entrepreneurial pitches, they smashed the assignment and had fun, too."

This story perfectly illustrates how taking risks in a supportive environment builds both confidence and resilience. "Having students try something they've never done before challenges them to jumpstart learning," Cutillo points out. "Getting out of your comfort zone forces you to learn and grow in fantastic ways. Sometimes, you crash and burn, but you always learn something about yourself along the way. The great thing is that you can take what you've learned and begin again."

At Kelley Indianapolis, entrepreneurial thinking isn't just for future business owners—it's a powerful framework for lifelong success in any career path.

"At the foundation of an entrepreneurial mindset is a growth mindset,"

Cutillo explains. "I believe that the biggest difference between growth versus a fixed mindset is how failure is managed. With a fixed mindset, failure is devastating and usually the end of progress in a certain area. Entrepreneurs must have a growth mindset to navigate setbacks or failures, learn from them, and then move forward to try again."

This mindset encompasses practical approaches to problem-solving: "Developing an entrepreneurial mindset includes thinking about things differently by practicing effectuation: leveraging what we know, who we know, and who we are to act on an idea."

Even in highly regulated industries, this mindset proves invaluable. "Regulated industries are required to manage compliance and risk at a more diligent level than unregulated businesses, but today's business environment also requires them to be innovative to compete and survive," Cutillo notes. "Having an entrepreneurial mindset will help identify potential market differentiators, develop new ways to get the attention of customers, incorporate lessons learned from failures and help mobilize quickly in the event of a failure or crisis."

The skills developed through entrepreneurial thinking aren't just for startups—they're universally valuable career assets. Cutillo highlights several key benefits:

"Business problems often involve complexity which makes even problem identification itself difficult sometimes," she explains. "Thinking about the problem more holistically, like entrepreneurs, can be very helpful in determining what the real issues are and where to start working to develop solutions."

Adaptability proves invaluable in any career. "Adaptability is being able to change direction or shift focus to meet the demands of the market or situation. Entrepreneurs move quickly to adapt to the changing needs of the environment, which allows them to continue to serve customers and grow their businesses."

Perhaps most valuably, entrepreneurs bring a unique perspective to challenges. "Another clear benefit that entrepreneurs bring is the ability to shift their view of environmental changes from threatening disasters to potential opportunities (or at least a combination of both). Not only does this demonstrate an 'abundance' mindset, but it also represents executive-level strategic skills that might take years for business professionals to develop in a corporate-based setting."

If there's one concept that truly captures the entrepreneurial spirit, it's "failing forward"—turning setbacks into stepping stones for growth.

"'Failing forward' is the cornerstone of the entrepreneurial mindset," Cutillo emphasizes. "Rather than ignore, dismiss, or deny failure, embrace it, learn from it, and incorporate the lessons moving forward."

This perspective transforms organizational culture: "With this mindset, managing people takes on a much different feel—when mistakes happen, people aren't reprimanded or immediately punished, the 'failure' is analyzed, personal attacks are minimized, lessons are documented, changes are made, and the organization is better moving forward."

The beauty of this approach is its versatility: "One can apply this concept to a career, business, or relationship."

Not a natural risk-taker? No problem! Cutillo offers practical advice for developing an entrepreneurial mindset regardless of your starting point:

"Having an entrepreneurial mindset helps you become more comfortable taking risks overall, so the first step is to learn and develop the mindset, and then taking risks will come more easily," she advises.

"Practical skills that help build an entrepreneurial mindset include play, experimentation, empathy, creativity and reflection."

To nurture this mindset throughout your life, Cutillo recommends to "keep pushing yourself outside your comfort zone to try new things, develop new skills, network with different people, and learn new ways to think. Read and follow thought leaders in this area, starting with 'Mindset' by Carol Dweck."

She also emphasizes the importance of your work environment: "Seek out organizations that invest in developing talent in their organizations. Do your best to work for managers and leaders who have this mindset too – ones that will teach and coach versus demand and dismiss. If you don't work for this type of manager – be this type of 'informal' leader to others in the organization."

Kelley Indianapolis is actively nurturing this mindset through several exciting initiatives, including the Venture Creation Certificate, collaboration with IU Innovates, sponsorship of the Jag Starts Pitch competition, and an active Entrepreneurship club.

Looking ahead, Cutillo envisions expanding these concepts beyond traditional boundaries: "Initially, I'd like to see these concepts taught in management and strategy classes across the board. I'd also like to see more collaboration with other schools on campus so we can teach these skills to all students, not just business students."

Her vision extends beyond campus: "There are many 'managers' and leaders in our communities that don't have formal training, much less a business or management degree, and it would be fantastic for them to embrace and practice the principles of the entrepreneurial mindset as well."

By weaving together hands-on learning with entrepreneurial thinking, the Kelley School of Business Indianapolis isn't just preparing students for their first jobs—it's equipping them with the mindset and skills to thrive throughout their entire careers in our ever-changing business landscape.

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In partnership with Indiana University Kelley School of Business Indianapolis