The word entrepreneurial is multi-faceted. What was once used as a term to define business acumen can now be used to describe skills and a mindset within an individual that is characterized by traits such as innovation, creativity, and empowerment. Creating this type of entrepreneurial culture within your business gives you increased competitiveness in a business culture that is becoming increasingly difficult, both in terms of retention of quality employees and success in the field.
Lay the Ground Work
Just as a home requires a solid foundation to stand the test of time, so too does your business. If you want to create an entrepreneurial culture, you need to lay the proper ground work for that environment from day one. This includes establishing definite ideas for the environment you want to provide for your employees, such as a safe and comfortable environment that encourages learning, growth, and focus. When you treat your employees with trust and respect, they feel valued and it enables them to achieve great things.
Hire the Right People
Build upon that ground work by hiring the right people to contribute to the environment you desire within your organization. Commitment to the business is an important part of this step. The right person to hire might not always be the most qualified individual. Instead, the right individual is often the person whose personal interests align most closely with those of the business.
There is no function more fundamental to the success of a leader than communication. Your employees aren't going to absorb your vision and goals through osmosis. You have to be able to communicate effectively with every member of the team. Share your information freely with everyone, establish channels for information to flow both up and down the corporate ladder, and encourage people to think outside the box and ask questions about how operations or other aspects of the business might improve.
Fine Tune Your Organization Regularly
Odds are your business doesn't exist in a vacuum. Factors impacting your business internally and your industry as a whole externally are going to change, which means you need to continuously fine tune your organization. Just as your car requires regular maintenance to operate efficiently, so too does your company. Refine the design of your organization, encourage employees to offer new concepts, and test different ideas to see what type of impact they would have on the company.
Be Flexible, and Adapt
When necessary, you need to be flexible as a leader and adapt to changes in both the internal culture of the business and the environment within your industry. If you've laid a good foundation, put together a solid team of employees, and fostered an environment of innovation and open communication, this aspect should be easy to achieve. You need only be receptive to change and willing to discuss openly with your team members to create the type of culture that is flexible over time.
An entrepreneurial culture isn’t built in a day, it is fostered through time and nurturing by all team members. Encourage your employees to contribute effectively to the success of your company, in the near term and the future, by empowering them and believing in their ideas. With the right people and the right communication, your company will benefit in ways you never imagined.
These are the views of Social Advisors, and not necessarily those of the named representative, Broker dealer or Investment Advisor, and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.
Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Richard L Farrar is a registered representative of Lincoln Financial Advisors Corp. Securities offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SICP). Investment advisory services offered through Sagemark Consulting, a division of Lincoln Financial Advisors, a registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. CRN-1323148-101215