Entrepreneurs like making things happen--they are the movers and shakers of the business world. They build something from the ground up, and develop innovative products and services in response to their customers' needs and desires. While doing this, they put a group of people to work who share a similar vision, and in the end--if the stars align--create value for everyone involved.
Wouldn't it be great to harness the creativity, productivity, and motivation of an entrepreneur to create a whole team of entrepreneurs? You can do exactly that by creating an entrepreneurial culture. Here are seven powerful ways to get started:
1. Provide ongoing and constructive feedback.
Whether an employee-led initiative goes right or goes wrong, devote some time afterward to reviewing the results, and then develop a road map based on those lessons. Encourage your people to speak freely and offer ideas.
2. Try new things and experiment.
There isn't a product, system, or procedure that can't be improved, so encourage your employees to seek out and implement changes that will have a positive impact on your company.
3. Think growth, then set up your systems to support it.
Want your workers to think like entrepreneurs? Then ditch the rigid hierarchy and replace it with a structure that lets employees make decisions quickly--and be as close to customers as possible. Position your company for growth by pushing decision making down as far as you can, then get out of the way.
4. Turn your employees into owners of your business.
If workers don't have any equity or ownership stake in the company, it's unlikely they'll think like owners. Instead of hoping your employees feel as strongly as you do, try granting stock based on their performance or create a profit-sharing pool to reward employees for their hard work.
5. Encourage everyone to think like a salesperson.
Instead of building a company where some people do the work and some people sell the work, build a company where everyone sells. From the receptionist who fields customer phone calls to the executive team quoted in the press, everyone should play a key part in this process.
6. Provide your employees with autonomy and independence.
Micromanagement has been out for a long time--freedom reigns. Help your employees set reasonable goals and let them figure out how to reach them. You'll be surprised by all the ideas that crop up.
7. Give employees the authority they need to make decisions.
To get your employees to act like entrepreneurs, you've got to treat them like entrepreneurs. Give them the authority to make decisions that have an impact on their work, and then hold them accountable for what happens next and reward them for home runs.