When you hear the word “entrepreneur,” you probably think of someone like Richard Branson or Steve Jobs. Someone who has started their own business and made a success of it. The competencies and traits of successful entrepreneurs, however, can and should apply to anyone in business – even those working in larger, more established corporations. Why? Because by creating and supporting a culture of entrepreneurship in your company you provide a platform to engage employees in work that is challenging and meaningful.
By encouraging entrepreneurialism in your organisation, you can:
- Foster a positive mindset and a “can do” attitude among employees
- Allow ownership of strategies, problems, issues, challenges, and outcomes
- Encourage innovative thinking
- Encourage people to question the status quo
- Support risk taking
- Improve leadership and inspire others to join in
- Pivot the business to better adapt and respond to changes in the market
- Create a competitive edge
Entrepreneurship has become a survival strategy for some organisations and a critical imperative for others.
Organisations that embrace entrepreneurship can expect to achieve:
- Higher financial returns
- Increased productivity
- Increased innovation
- Higher levels of employee engagement
On an individual level, those with an entrepreneurial mindset are more equipped to deal with the challenges and embrace the opportunities associated with the rapidly changing world of work.
For more information on how to develop your employees’ entrepreneurial mindset contact Stephen Harvey, Director at firstname.lastname@example.org
“The results suggest that corporate entrepreneurship has a positive impact on financial measures of company performance. This effect on performance, which tends to be modest over the first few years, increases over time, suggesting that corporate entrepreneurship may, indeed, be a generally effective means for improving long-term company financial performance. Moreover, the results indicate that corporate entrepreneurship is a particularly effective practice among companies operating in hostile environments.”